Seventy-two per cent of respondents believe that financial institutions collect more data than required in India, said a survey conducted by Silence Laboratories, a Singapore-based deep tech company.
The survey further added that a resounding 86 per cent of users express a desire for granular control over data sharing.
The report also pointed out that in India, about 80 per cent found these notices by financial institutions clear, and about 75 per cent of respondents felt in control over the data they want to share. However, trust in data-sharing practices has also grown, particularly with the implementation of formal consent mechanisms, with about 71 per cent of respondents expressing assurance in consented data-sharing practices.
Abhishek Rathi, program director at Scaling Trust, said, “Changing society’s view on privacy requires time, sustained effort, and a blend of education, technology, and policy, especially in a rapidly digitising country like India. The diverse tech skills and access levels mean a single approach won’t work. While education and awareness are crucial, they alone can’t keep up with India’s fast digital growth. We need technologies that strengthen encryption and data minimisation, empowering users with control over personal data sharing.”
The report further highlighted that there is also widespread confusion between privacy, data security, and consented sharing, all of which are exacerbated by the increasing prevalence of cybercrimes.
Over 1.14 million cybercrimes in the financial sector have led to losses amounting to Rs 7,400 crore, painting a far less optimistic picture, according to the report.
Jay Prakash, co-founder and CEO at Silence Laboratories, said, “We advocate for enhanced cryptographic safeguards using Privacy Enhancing Technologies (PETs) to ensure transparent and auditable consent, empowering customers to control their data. Processing should occur without data exposure, exchanging only inferences, with programmability linking consent and computation—ensuring that what customers consent to is precisely what is extracted, backed by mathematical guarantees.”
Silence Laboratories conducted a survey of a filtered set of 200 users who have had past experience with consent notices and mechanisms in digital financial services in India.
First Published: Aug 30 2024 | 4:07 PM IST
