Mumbai, August 6, 2024: In an era where artificial intelligence (AI) is transforming industries and societies globally, a pivotal question arises: How can India navigate the delicate balance between harnessing AI’s potential and safeguarding data privacy? As India positions itself as a global AI frontrunner, the intricate interplay between data innovation, sovereignty, and robust privacy safeguards has become paramount. To address this critical challenge, the Consulate General of the United States in Mumbai in partnership with Data Dynamics convened a high-level roundtable on “The Future of Data Privacy and Security in the Era of AI.”
Hosted by Consul General Mike Hankey, the event brought together a distinguished gathering of government officials and industry leaders. Sujata Saunik, Home Secretary of Maharashtra, and Yashasvi Yadav, Special Inspector General of Police, Maharashtra Cyber, lent their expertise
to the discussions.
Key decision-makers from India’s corporate landscape, including top-tier CISOs, CIOs, and CTOs from BSE, LIC, HSBC, Citi Bank, HDFC Life Insurance, CAMS, ICICI Lombard, Glenmark Pharmaceuticals, Apollo Hospitals, Alkem Laboratories, Kenvue, L&T Technology Services, and Hitachi Vantara, participated for in-depth discussions on data privacy for AI, data sovereignty, consumer trust, the evolving regulatory landscape, and the practical implications for businesses.
U.S. Consul General Mike Hankey delivered the keynote address stating, “As AI technology rapidly advances, safeguarding data privacy and security becomes increasingly crucial. The roundtable highlighted the need for robust frameworks that foster innovation while ensuring the ethical development and deployment of AI solutions. Through international cooperation and adherence to ethical standards, we can empower societies and economies to fully leverage AI’s potential while protecting individual rights and freedoms.”
“Ensuring Digital Trust is foundational to our nation’s digital aspirations. This is defined by a commitment to data privacy, ethical AI, data sovereignty and security, while complying with social and environmental regulations. It is imperative that we build a data ecosystem that is not just secure but also equitable and inclusive. This requires a collaborative effort between the government, industry, and civil society to establish India as a global leader in data governance and innovation while safeguarding the interests of its citizens. India has the potential to be a global data powerhouse, but realizing this potential requires a delicate balance between fostering innovation and protecting individual privacy rights,” said Piyush Mehta, CEO, Data Dynamics.
The roundtable delved into the complexities of navigating India’s data landscape, where the potential to harness data for economic growth is immense. According to an Ericsson Mobility Report, India is set to become the world’s largest mobile data consumer by 2028, surpassing even developed nations. With average monthly data consumption projected to reach 62GB per user, India’s data appetite will outpace that of the US, Western Europe, South Korea, and China. This surge is fueled by exceptionally low data costs, rapid 5G expansion, and increasing smartphone affordability.
A Nasscom-BCG report further highlighted that India’s AI market is expected to touch USD 17 billion by 2027. This growth creates an urgency for enterprises to balance data innovation, usage, accessibility, and privacy while ensuring regulatory adherence and digital trust. However, a key challenge lies in managing this data—given that 80% of enterprise data today is unstructured (Gartner)—which will continue to grow due to AI’s advent.
Key topics discussed included the implications of AI-driven data processing, the importance of consent management under the Digital Personal Data Protection (DPDP) Act, and the necessity of building a trust-based digital ecosystem. The discussions highlighted the need for industry-wide best practices and standards, emphasizing that cybersecurity measures must evolve to address emerging threats like ransomware and supply chain attacks. Data sovereignty and localization were underscored as critical to India’s digital future. Participants emphasized the need for a strategic approach to data localization that balances national security with fostering a vibrant data economy. By establishing clear and predictable data governance policies, India can position itself as a global leader in data management while safeguarding its digital autonomy.
The roundtable closed with a renewed resolve to foster open dialogue and collaboration, laying the groundwork for a robust data ecosystem in India. With a shared commitment to responsible data management and privacy, India is poised to emerge as a global leader in the AI era.
Data Dynamics remains dedicated to empowering organizations with data-driven insights while upholding the highest standards of privacy and security. With a proven track record of serving over 300 enterprises—including 28 Fortune 100 companies—for the past 12 years, Data Dynamics has established itself as a trusted partner in driving data democratization and digital trust.
