OpRisk Asia: Data privacy laws 'will be cumbersome and costly' for industry

Data security

Banks and financial institutions will face new and demanding challenges with the spread of data privacy laws, delegates at the OpRisk Asia conference in Singapore heard today. Parag Deodhar, chief risk officer and head of programme management and process excellence at Bharti Axa General Insurance in Bangalore, warned: "Data privacy acts will be cumbersome and costly for companies to implement. Any user will be able to ask you what data you hold on him: can you tell him? He will also have the