iWorld
Omidyar Network India, Monitor Deloitte launch report on Indian data privacy landscape
MUMBAI: Omidyar Network India, an investment firm focused on social impact, today launched a new report titled “Unlocking the potential of India’s Data Economy: Practices, Privacy and Governance”, in partnership with Monitor Deloitte. The first of its kind study analyses data practices and governance by private enterprises that are shaping India’s data revolution.
The report also has key recommendations for entrepreneurs, investors and regulators to turn data privacy into a core business and regulatory issue.
“As tech-led investors focused on impact, we believe that technology can drive massive impact in ways that were not possible earlier and have invested in a unique portfolio of enterprises that accelerate the digital journey of India’s “Next Half Billion” to access aspirational services. Equally we now focus on “responsible tech”, recognising the increased vulnerability of individuals and society to harms. This is why we support research and other entrepreneurial efforts to help inform policies, practices and behaviours by policymakers, businesses and users in good data practices, especially in privacy,” said Omidyar Network India MD Roopa Kudva.
The findings of this report encourage entrepreneurs, investors and regulators to take responsible measures that can lead India towards an ideal future of data privacy:
· India is witnessing a personal data revolution: High growth in personal data collection is projected to continue, driven by strong consumer, enterprise and government initiatives.
· Personal data is adding value, but also new risks: Loss of privacy, financial losses, discrimination while unethical use can negatively impact enterprises and investors.
· Personal data proliferation means that behavioural data is used to create detailed personal profiles: Many may find this unsettling.
· Lack of a strong framework in handling data: Private enterprises collect large volumes of data, largely unknown to the consumer as well as share the data with third parties
· Data governance regulations and practices not lagging behind data evolution of big data and business models: Pace of development a framework to ethically collect and process slower than progress of Big Data and AI
· India is at a nascent stage of evolution on privacy issues: As Indian consumers do not yet fully recognize the need for privacy, and the Personal Data Protection bill is awaited, enterprises primarily adopt a “tick the box” compliance lens to data privacy and protection.
· Foundational principles for an ideal future on privacy: Personal ownership of data, fair value in exchange for use of personal data, informed consent, accountability and transparency
· Responsible approaches to big data can lead to innovation driven profitability and growth: The issue need not be one of a tug-of-war between business opportunity and social acceptability. Looking at ethical and societal aspects of data collection and usage can lead to sustainable success in the marketplace
· Collective action towards data privacy and protection: All four stakeholders – enterprises, investors, regulators and civil society — must collectively join hands and work towards pursuing data privacy and protection
· The roadmap for data privacy in India will evolve: From “privacy as compliance”, businesses will focus on privacy to build trust with their customers; eventually new business models will emerge to help individuals assume greater control of their data and narratives.
‘’We recognise that tech is not a silver bullet – the role of non-tech solutions and government, civil society and media in driving social change is vital, and we seek to actively engage and collaborate with them by the way of this report. As next steps, we’ll be working with our own portfolio to develop a deeper understanding and practical implications of these findings and recommendations,” adds Kudva.
The report also has recommended action plans for private enterprises, investors and regulators which will be released as handbooks later this month.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
