Evidency’s Post

🔍 Legal Framework of Digital India: The Information Technology Act, 2000 📜💻 In today's digital age, the Information Technology Act, 2000 stands as a cornerstone of India's legal landscape, providing critical recognition and support for electronic transactions and e-commerce. Let's dive into the key aspects and applications of this pivotal legislation! 📜 Introduction The IT Act, 2000 facilitates electronic filing and communication, extending its jurisdiction to cover offences committed outside India. It also amends several existing laws to integrate digital and electronic practices seamlessly. 💡 Salient Features 🖋️ Electronic Signature: Moving from digital to electronic signatures for broader tech neutrality. ⚖️ Cyber-Crime Penalties: Comprehensive definitions and penalties for cyber offences. 🌐 Cyber Cafes: Defined as public internet access points. 👥 Cyber Regulations Advisory Committee: Established to oversee the act's implementation. 📚 Integration with Existing Laws: Amends the IPC, Evidence Act, Bankers' Books Evidence Act, and RBI Act to incorporate electronic documents and signatures. 📂 Applications Certain documents and transactions are exempt from the Act, including: 💸 Negotiable Instruments (except cheques) ✍️ Powers of Attorney 🏦 Trusts 📜 Wills 🏠 Contracts for sale of immovable property ⚖️ Amendments The IT Act has introduced key amendments across various laws: 📄 Penal Code: Expands the definition of "document" to include electronic records. 📑 Evidence Act: Incorporates electronic documents as evidence. 💾 Bankers' Books Evidence Act: Updates the definition to include electronic data storage. By understanding the IT Act, 2000, we empower ourselves to navigate and leverage the digital world securely and legally. Stay informed, stay protected! 🌐 #lawyers #lawstudents #legalinsights ##cyberlaw #itact2000

I can think of several situations where this could be highly relevant. For instance, if a competitor doesn’t initially present potential customers with a cookie banner when they visit the website, or if they hide details about third-party data sharing, it might make their site and offering more attractive to customers. This could give them an (unfair) competitive advantage. I’m really curious to see how this will play out in Belgium!

(POST 2/2) 4. Tilen Cuk from Fintech Policy EU argued in an academic article that such incidents will only become more prevalent because algorithmisation (the new wave of digitalization, which in itself already happened in the 1980’s) brings specific new issues: 4.1 A large number of players have now become systemically important due to three characteristics of the #algorithmic systems: - #Network effects: Algorithms are interconnected and they form networks; - Speed and scope of shock transmission: When one #algorithm goes down, even if it is not a big player, the repercussions are transmitted automatically to all other players (no human in the loop) and that happens almost instantly; - Difficulty of prevention and resolution: because shocks propagate through automated systems and risks quicky transforms and amplify as they go from one company to many others, the contagion is difficult to prevent, stop, and later resolve. The entire system is affected and the entire system must be stopped temporarily. 4.2 The players that we need to watch out for, are not only dangerous because of their size: - Some really are just too big to fail. - Others are too complex to fail, e.g. in terms of financial instruments in their portfolio that carry risks over to different interconnected markets. - Still others are too connected to fail. Servers as a Service (SaaS), Banking as a Service (BaaS), Network as a Service (NaaS), etc. all mean that risk of systemic failure is concentrated in one or a few players. 5. Some afterthoughts: - Why is there a need to stop using cash, while we know #CBDC systems are vulnerable to such outages? - How can #regtech and #legaltech solutions help with identifying and preventing contagions? - How can #suptech solutions, i.e. the use of data analyticsby regulators, especially #machinelearning #ML #AI systems, help with identifying and preventing contagions? - How to create best practices in #compliance (in either banking, trading and #Mifid2, payments and #PSD2, #MiCA, #AIAct, etc.) prevent such system disturbances? Just having rules is not enough, we need to create a culture of compliance through collaboration and discussions between regulators and regulated entities. CUK, T., KALOKYRIS, N., La gouvernance algorithmique et le fonctionnement automatisé des marchés in de Francquen, V., Grégoire, M. (eds.), Droit bancaire et financier, 2022, pp. 225-314. LINK: https://lnkd.in/dufuCjbV

Yesterday's highly noteworthy decision by the CJEU. Will this open the door for companies to potentially weaponize the GDPR against their commercial competitors? And what would that mean for privacy compliance resourcing and current business approaches to risk-based compliance? Watch developments from this decision carefully . . .

🔍 Legal Framework of Digital India: The Information Technology Act, 2000 📜💻 In today's digital age, the Information Technology Act, 2000 stands as a cornerstone of India's legal landscape, providing critical recognition and support for electronic transactions and e-commerce. Let's dive into the key aspects and applications of this pivotal legislation! 📜 Introduction The IT Act, 2000 facilitates electronic filing and communication, extending its jurisdiction to cover offences committed outside India. It also amends several existing laws to integrate digital and electronic practices seamlessly. 💡 Salient Features 🖋️ Electronic Signature: Moving from digital to electronic signatures for broader tech neutrality. ⚖️ Cyber-Crime Penalties: Comprehensive definitions and penalties for cyber offences. 🌐 Cyber Cafes: Defined as public internet access points. 👥 Cyber Regulations Advisory Committee: Established to oversee the act's implementation. 📚 Integration with Existing Laws: Amends the IPC, Evidence Act, Bankers' Books Evidence Act, and RBI Act to incorporate electronic documents and signatures. 📂 Applications Certain documents and transactions are exempt from the Act, including: 💸 Negotiable Instruments (except cheques) ✍️ Powers of Attorney 🏦 Trusts 📜 Wills 🏠 Contracts for sale of immovable property ⚖️ Amendments The IT Act has introduced key amendments across various laws: 📄 Penal Code: Expands the definition of "document" to include electronic records. 📑 Evidence Act: Incorporates electronic documents as evidence. 💾 Bankers' Books Evidence Act: Updates the definition to include electronic data storage. By understanding the IT Act, 2000, we empower ourselves to navigate and leverage the digital world securely and legally. Stay informed, stay protected! 🌐 #lawyers #lawstudents #cyberlaw #technology #innovation #law #itact2000

I agree with Nagaraja Bengaluru Subbarao © ®👨🏻⚖️⚖ LL.M, Certified DPO. I was also going through India's DPDPA Rules (Draft) leaked version. There is no mention of Significant Data Fiduciary definition or whom it is applicable. It only talks about class of Data Fiduciary like social media or Online Gaming or Ecommerce with not less than 2 crore registered users. I am shocked: When data principals exercise one of their rights, the data fiduciary must respond within 72 hours of receipt of the request. Adv (Dr.) Prashant Mali ♛ [MSc(Comp Sci), LLM, Ph.D.] What is Digital Locker Tecnology Framework -Verifiable Parental Consent under India's DPDPA? See https://lnkd.in/evdjh5Ac. What is "Consent Artifact" under India's DPDPA? https://lnkd.in/eM56wTZF. Abha Tiwari

Discover the newest updates to the UCC that address the entitlements of individual entities in voluntary exchanges concerning new digital innovations. Dive into the details here: https://lnkd.in/exH3NXGx #ucc #transactions #tech #compliance

According to DPDPA Rules (Draft) leaked version, the Consent Artifact shall be consistent with the technical specifications for a consent artifact, as contained in the Electronic Consent Framework published by the MeitY. Update: Concur - Consent Manager, "The format provided here is for consent collection within the Accounts Aggregator ecosystem, as licensed by the Reserve Bank of India (RBI). In contrast, Consent Management for Data Principals under DPDPA compliance has different requirements and mandates."

Discover the newest updates to the UCC that address the entitlements of individual entities in voluntary exchanges related to burgeoning digital innovations. Find out more: https://lnkd.in/ecxmzDXH #ucc #transactions #tech #compliance

Discover the recent updates to the UCC that address the entitlements of individual entities in voluntary exchanges featuring new digital innovations. Gain deeper understanding here: https://lnkd.in/eCe2CnRv #ucc #transactions #tech #compliance