Alarming Truth on Data Privacy and Security Claims Report by Silence Laboratories
FinTech BizNews Service
Mumbai, 3 Oct 2024: Silence Laboratories, a leading privacy tech company, and Scaling Trust, a think tank dedicated to bridging trust gaps, have released a comprehensive report with 1520 filtered respondents (Out of approximately 2500) that has laid bare a staggering crisis in data privacy and user control. The findings reveal a colossal gap between perception and reality that threatens the very foundation of digital trust. At the heart of this crisis lies a startling disconnect: while approximately 75% of respondents believed they had control over their shared data however only 1 out of 20 respondents were found to have real control over critical aspects of their data sharing.
The study reveals a big contrast, While 80% of respondents felt well-informed by consent notices, only 42% grasped data refresh policies, and a mere 26% understood their right to revoke consent.This alarming gap isn't just a statistic—it's a ticking time bomb in our increasingly digital world. With over 1.14 million cybercrimes in the financial sector leading to staggering losses of INR 7,400 Crore, the implications of this misplaced trust are both immediate and far-reaching.
In the digital realm, a dangerous disconnect has emerged, 73.5% of individuals recognize that financial institutions gather more data than necessary, yet 71% continue to place their trust in consent mechanisms for secure data sharing. This contradiction exposes a critical vulnerability in our digital ecosystem that threatens to undermine the very foundations of data privacy. Against this backdrop of misplaced confidence, a groundswell of change is building. An overwhelming majority—86.7% of users desire more granular control over their data sharing.
India's financial landscape stands at a critical juncture, balancing the dual imperatives of inclusion and data privacy. While challenges persist - from low financial literacy to cybersecurity gaps - technological innovations have proven transformative. The remarkable success of UPI and Aadhaar in driving financial inclusion and economic growth serves as a powerful testament to the impact of well-implemented solutions. This success story sets a compelling precedent, highlighting the urgent need for similar bold steps in addressing privacy concerns. The timely adoption of Privacy Enhancing Technologies (PETs) emerges as a crucial next step.
Abhishek Rathi, Program Director at Scaling Trust, emphasizes, "Changing society's view on privacy requires time, sustained effort & a blend of education, technology, and policy, especially in a rapidly digitizing country like India. The diverse tech skills & access levels means a single approach won't work. While education & awareness are crucial, they alone can't keep up with India's fast digital growth. We need technologies that strengthen encryption and data minimization, empowering users with control over personal data sharing”.
Dr. Jay Prakash, Co-Founder & CEO at Silence Laboratories comments, "The survey highlights a critical need for stronger data protection in India. We advocate for enhanced cryptographic safeguards using Privacy Enhancing Technologies (PETs) to ensure transparent and auditable consent, empowering customers to control their data. Processing should occur without data exposure, exchanging only inferences, with programmability linking consent and computation - ensuring that what customers consent to is precisely what is extracted, backed by mathematical guarantees”
As the digital landscape continues to evolve, companies must prioritize data privacy and security to protect their customers from the growing threat of fraud and scams. Given the increasing reliance on digital services, businesses have a responsibility to ensure the security of their customers' personal information and safeguard them from potential vulnerabilities
