Posted by Bangalore: Skyflow has announced the launch of its data privacy vault in India to help organisations to meet RBI’s tokenisation and data residency order.
Skyflow has hosted its data privacy vault on virtual private clouds running on servers located in India. It provides security and compliance features, including a tokenisation solution that allows companies storing data in India to comply with the Personal Data Protection (PDP) Bill of 2019.
The PDP Bill comes into effect on December 31, 2021 and it restricts the storage, transfer and processing of personal data in India. This bill mandates companies in India storing data to implement a solution or face a severe restriction of features and functionality.
With encryption, de-identification and data governance features, the Skyflow vault can localize and tokenize data in India in full compliance with the new legislation.
Skyflow’s tokenisation features help organisations comply with new regulations from the Reserve Bank of India (RBI) around the handling and storage of payment card data.
To address customer needs to store personal data in a specific region, the company said it creates a data privacy vault for that customer within an in-region virtual private cloud. This allows the customer to use the Skyflow API to handle the collection, storage, encryption, and processing of all personal data, ensuring compliance with residency regulations.
Spoon, an Indian fintech company stores its customers’ personal data in Skyflow’s privacy data vault located in Mumbai.
“Spoon’s mission of educating young adults about money and helping them access financial services requires us to be guardians of their sensitive data. Skyflow makes this easy,” said Kurian George, Founder and CEO, Spoon.
“Skyflow also makes complying with new regulations from the Reserve Bank of India — like those around managing payment card data or data residency — straightforward and simple,” added George.
The data privacy vault is designed to accommodate the changing data residency landscape. The vault limits its access to individual customers and isolates the storage, protection, and processing capabilities as per the customer’s selected region.
And it provides businesses with a fast and cost-effective way to satisfy any data residency requirements, whether it is India’s PDP Bill, EU’s GDPR, Brazil’s LGPD, or South Korea’s PIPA.
“Any company that has customer data will benefit from using Skyflow’s Data Privacy Vault. Skyflow’s robust features make it easy to meet new regulatory requirements, from network tokenisation of payment card data to data residency, and beyond,” said Anshu Sharma, CEO and Co-Founder, Skyflow.