The evolving landscape of data governance in banking emphasizes the critical need for continuous data management, with organizations encouraged to adopt key practices to enhance data protection. Among these practices is the importance of minimizing the volume of data collected, obtaining explicit consumer consent, and ensuring that consent is restricted to specific, rather than broad, purposes. Additionally, the operationalization of the DPDP Act underscores the necessity of classifying personal data (PII) of banking consumers, which serves as a crucial step in identifying potential threats and laying the foundation for effective security measures.
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