A significant part of our #NAMAprivacy session on data collection was dedicated to the kind of approach businesses should take if there was data misuse and the implications of the same. Mrinal Sinha, chief operating officer at MobiKwik, wanted harsh punitive action on companies which cause harm due to data misuse. "The moment you find any sort of misdemeanor, you need to come down so heavy on them that it acts as a deterrent for anybody else doing it," he said. Sinha was against overregulation on data collection as it could potentially kill future use cases for businesses. "I would err more on the side of better implementation rather than regulation. That’s where we are more effective and that’s where we are weak. There’s a reason why I am saying that: all the ways that data can be misused, no regulator even knows about it. Nor can around 80% of the use cases get together and say “these are the ways that data can be misused let’s create regulation around it.” I think the human mind is highly creative and people who want to misuse it can misuse it in a lot of ways. So to figure out proactively the ways that data can be misused and create regulations around it, that’s not a good way for things to proceed and is self-defeating," he said. Sinha also pointed towards overregulation in a microfinance sector which virtually killed the industry. MobiKwik is also looking to build credit profiles of its users and introduce…
