VIXIO’s impact index dropped 10 points in August, below the 2022 average but 30 points higher than August 2022.
In August, global impact continued to fall, dropping 10 percent from July 2023. This was largely driven by an equivalent fall in global regulatory activity. In particular, the number of actional updates was the lowest since February 2023. The drop came largely as expected during the typically quieter summer months; however, we expect this to increase from September going into December.
The UK continues to be by far the most active jurisdiction in 2023, and the EU and Australia have also been busy.
There was not such a large drop from July to August 2023 as there was for July to August 2022, as a result of higher than usual activity in certain countries. For example, Australia, which is going through a regulatory refresh and a new government. Activity also increased in the United States and Asia, which have both seen higher than usual activity compared with Europe.
India’s Digital Personal Data Protection Act
In August, India passed the Digital Personal Data Protection Act 2023. The act provides comprehensive regulations on the collection, storage, processing and transfer of personal data, including provisions for reporting data breaches and penalties for contravention of the act.
The act also establishes a new data protection board as the principal data regulatory authority in India.
The act signifies the end of a five-year process and establishes India’s first comprehensive data protection framework.
The act is expected to have an impact on the majority of organisational areas, including legal, human resources, procurement, sales and marketing, finance and information security because of the type and volume of personal data that is collected, stored, processed, retained and disposed of in India.
As a result of this, organisations in these and related sectors will have to develop a strong data privacy and protection implementation programme in view of the incoming legislation.
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VIXIO Regulatory Impact Index combines the volume of regulatory events with a weighted classification, according to informative (1), indicative (2) and actionable (3). In February 2023, the Impact Index was rebased, so the average impact score of 2022 was equal to 100.