Only a third of India’s IT services firms are compliant with a European data protection law to be effective in May, say analysts, warning that potential damages of any breach of privacy of user data from the continent could cost companies as much as 4per cent of their revenue. The sweeping new-data protection law — general data protection regulation (GDPR) being rolled out on May 25 — is the most comprehensive set of rules being put forward globally to strengthen data protection and privacy of users. Industry analysts suggest even though the GDPR norms will be applicable across all industries, firms that deal with BFSI, retail, utilities and healthcare are likely to invest in greater compliance as they deal with health and financial data of users to provide service on behalf of their clients.

(Economic Times)