Question

what are ways to manage the impact of Personal Data Protection Act 2010 on banking industry?

Answer 1

Data privacy and protection has been quite an important or one of the most itmportant aspects iwn terms of a buusiness. I believe that in any professional or business transaction protection of personal data is very important in order to avoid discrepancies in the future. The impact of this act on the customers is that the act in order to protect personal data makes it mandatory for commercial transaction to follow various guidelines. Hence, the guidelines need to ensure that personal data is safeguarded at any cost. In order to manage the impact, the commercial transactions should be made based on the rules and regulations of the law. it should be ensured that the personal data shared is volatile and will get removed once the transaction is over. It should also be made possible that any transaction should not record the personal data and sell it to vendors.

It is believed that creating an impact is difficult but can be craeted if the organizations are serious about the law and it's impact.