Data protection, privacy and monetization

Abstract

The project aims to explore the aspects of data protection, privacy, and monetization in wake of the data protection bill 2019 drafted in India and the implications of the bill on businesses. DPB bill was drafted in India in similar lines with the GDPR in EU region in order to safeguard and protect consumer data from being exploited and used without user consent. The bill has various legal implications pertaining to data usage, storage, processing, consent, location, and penalties for noncompliance. The norms laid out in the bill lead to profound implications on business operations due to compliance costs, procedures and policy changes for data tracking, organizational changes to enforce compliance, and repercussions of data breach. Data Monetization refers to method of extracting the monetary benefits from the data collected by the organization. Retail, finance and banking, services, organizations are the first to adopt data monetization. Data Monetization enables extraction of economic benefits from data either by direct selling or by indirect means such as identifying new opportunities for growth, optimizing costs and operations. The global data monetization market is expected to grow from USD 2.3 billion in 2020 to USD 6.1 billion by 2025, at a CAGR of 21.7% during this period. The highest impact of data monetization has been in the sales and marketing function of the energy and high- tech industries. The financial services and professional services business practices have also been largely impacted by the data analytics techniques. Data analytics related businesses are transforming the way of competition in the Industry. In future with the advent of new technologies and increasing adoption of artificial intelligence the data monetization value chain is expected to undergo a complete paradigm shift.