81% Financial Services Industry Ready to accept PDPA law !!!
81% Financial Services Industry Ready to accept PDPA law !!!
Deloitte reveals the results of a survey of Thai businesses and their preparation for adoption Personal Data Protection Act B.E. 2562
(PDPA)” states that 81% of the financial services industry is ready by the deadline for entry into force in June 2022. Deloitte Thailand, a leading professional service provider Auditing Management, finance, risk, tax and law and other related matters for both public and private customers in various industries. Publication of the results of a survey of Thai businesses on the preparation for the Personal Data Protection Act of 2019 (PDPA) due to the increase in data collection and use of personal data. The management and privacy of data is therefore a growing concern for businesses of all sectors.
more importantly is that the enforcement of the Personal Data Protection Act of Thailand B.E. 2562 will officially come into effect in June 2022 after a two-year postponement from the original schedule. To make the handling of personal information more transparent and verifiable Although delays in law enforcement give businesses more time to prepare for compliance with new regulations But the Personal Data Protection Act will dramatically change the way we think about privacy for businesses.
In October 2021, Deloitte Thailand conducted a Personal Data Protection Act B.E. How do you prepare to comply with the Act? What steps does the organization have to cover? And what are the challenges that may be faced during the process? The vast majority of respondents were from the consumer industry (40%), followed by the financial services industry (27%). In conclusion, more than half of the respondents consisted of large companies with 500 employees. go up
The results of the survey indicated that speed of operation And the action plan to be in accordance with the said Act is different in each industry. From the survey, it was found that Currently, the financial services industry is making more progress than any other sector. which operates in full compliance with the Act And with the deadline to go into force in June 2022, 81% said they had fully complied. Or expect full compliance with the statute by March 2022 due to strict regulations in the industry. Including the Bank of Thailand’s support in the protection of personal information of bank customers.
The main factors driving the implementation of the Act is the fear of being prosecuted if personal data breaches followed by the loss of reputation and loss of consumer confidence. Most of the drivers are regulatory rather than related interests. Failure to comply with the law on such issues may result in the organization having to face high costs.
45% of survey respondents expected significant benefits from compliance with the Act. However, by industry comparison, approximately 80% of businesses in the financial services and life sciences and healthcare industries expected results. limited benefit or do not expect benefits other than compliance with regulations This is because both industries are dealing with sensitive data that already have strict requirements.
Integration of new policies and processes in business operations. followed by the interpretation of the provisions of the said Act was chosen as the top challenge of all industry groups During the implementation of the Personal Data Protection Act B.E. 2562 (PDPA)
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