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Smart Wearable devices are designed to track several activities in defined parameters and are increasingly becoming a part of everyday life. According to Markets and Markets Report, the global wearable tech market is projected to reach a staggering USD 256.4 billion by 2026. One of the main areas of use of wearable devices is health, including biomedical research, health care, personal health practices and tracking, technology development, and engineering. These wearable devices often include digital health technologies such as consumer smartwatches that monitor an individual's heart rate and step count, and other body-worn sensors like those that continuously monitor blood glucose concentration. 

Wearable devices used by the general population are getting increasingly popular. Health devices like fitness trackers and smartwatches enable continuous monitoring of personal health. Privacy is an emerging concern due to the real-time collection of sensitive data. Vulnerabilities due to unauthorised access or discrimination in case of information being revealed without consent are the primary concerns with these devices. While these concerns are present a lot of related misinformation is emerging due to the same. 

While wearable devices typically come with terms of use that outline how data is collected and used, and there are regulations in place such as EU Law GDPR, such regulations largely govern the regulatory compliances on the handling of personal data, however, the implementation and compliances by the manufacturer is a one another aspect which might present the question on privacy protection. In addition, beyond the challenge of regulatory compliance, the rise of myths and misinformation surrounding wearable tech presents a separate issue. 

Common Misconceptions About Privacy with Wearable Tech

• With the rapid development and growth of wearable technology their use has been subject to countless rumours which fuel misinformation narratives in the minds of general public. Addressing these misconceptions and privacy concerns requires targeted strategies.
• A prevalent misconception is that they are constantly spying on users. While wearable devices collect users’ data in real time, their vulnerability to unauthorised access is similar to that of a non-wearable device.  The issue is of consent when it comes to wearable technology because it gives the ability to record.  If permissions are not asked when a person is being recorded then the data is accessible to external entities.
• There is a common myth that wearable tech is surveillance tool. This is entirely a conjecture. These devices collect the user data with their prior consent and have been created to provide them with real-time information, most commonly physical health information. Since users choose the information shared, the idea of wearable tech serving as a surveillance tool is unfounded.
• Another misconception about wearable tech is that it can diagnose medical conditions. These devices collect real-time health data, such as heart rate or activity levels, they are not designed for medical diagnosis. The data collected may not always be accurate or reliable for clinical use to be interpreted by a healthcare professional. This is mainly because the makers of these devices are not held to the safety and liability standards that medical providers are.
• A prevalent misconception is that wearable tech can cure health issues, which is simply untrue. Wearable tech devices are essentially tracking the health parameters that a user sets. It in no way is a cure for any health issue that one suffers from. A user can manage their health based on the parameters they set on the device such as the number of steps that they walk, check on the heart rate and other metrics for their mental satisfaction but they are not a cure to treat diseases. Wearable tech acts as alerts, notifying users of important health metrics and encouraging proactive health management.

Addressing Privacy and Health Concerns in Wearable Tech

Wearable technology raises concerns for privacy and health due to the colossal amount of personal data collected. To address these, strong data protection measures are essential, ensuring that sensitive health information is securely stored and shared only with consent. Providing users with control over their data is one of the ways to build user trust. It includes enabling them to opt in, access, or delete the data in question. Regulators should establish clear guidelines, ensuring wearables ensure the compliances with data protection regulations like HIPPA, GDPR or DPDP Act, whichever is applicable as per the jurisdiction. Furthermore, global standards for data encryption, device security, and user privacy should be implemented to mitigate risks. Transparency in data usage and consistent updates to software security are also crucial for protecting users' privacy and health while promoting the responsible use of wearable tech.

CyberPeace Insights

• Making informed decisions about wearable tech starts with thorough research. Start by reading reviews and comparing products to assess their features, compatibility, and security standards. 
• Investigate the manufacturer’s reputation for data protection and device longevity. Understanding device capabilities is crucial. One should evaluate whether the wearable meets their needs, such as fitness tracking, health monitoring, or communication features. Consider software security and updates, and data accuracy when comparing options.  Opt for devices that offer two-factor authentication for an additional layer of security.
• Check the permissions requested by the accompanying app; only grant access to data that is necessary for the device's functionality. Always read the terms of use to understand your rights and responsibilities regarding the use of the device. Review and customize data-sharing settings for better control to prevent unauthorised access.
• Staying updated on the tech is equally important. A user should follow the advancements in wearable technology be it regular security updates, or regulatory changes that may affect privacy and usability. This ensures getting tech that aligns with user lifestyle while meeting privacy and security expectations.

Conclusion

Privacy and Misinformation are key concerns that emerge due to the use of wearable tech designed to offer benefits such as health monitoring, fitness tracking, and personal convenience. It requires a combination of informed decision-making by users and stringent regulatory oversight to overcome the issues that emerge due to misinformation about these devices. Users must ensure they understand the capabilities and limitations of their devices, from data accuracy to privacy risks. Additionally, manufacturers and regulators need to prioritise transparency, data protection, and compliance with global standards like GDPR or DPDP to build trust. As wearable tech continues to evolve, a balanced approach to innovation and privacy will be essential in fostering its responsible and beneficial use for all.

References

1. https://thehealthcaretechnologyreport.com/privacy-data-security-concerns-rise-as-healthcare-wearables-gain-popularity/ 
2. https://journals.plos.org/digitalhealth/article?id=10.1371/journal.pdig.0000104
3. https://www.marketsandmarkets.com/Market-Reports/wearable-electronics-market-983.html?gclid=Cj0KCQjwgMqSBhDCARIsAIIVN1V0sqrk6SpYSga3rcDtWcwh8npZ08L0_s4X91gh7yPAa6QmsctB-lMaAlpqEALw_wcB 
4. https://www.cambridge.org/core/journals/legal-information-management/article/health-data-on-the-go-navigating-privacy-concerns-with-wearable-technologies/05DAF11EFA807051362BB39260C4814C

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Introduction

Rajeev Chandrasekhar, Minister of State at the Ministry of Electronics and Information Technology, has emphasised the need for an open internet. He stated that no platform can deny content creators access to distribute and monetise content and that large technology companies have begun to play a significant role in the digital evolution. Chandrasekhar emphasised that the government does not want the internet or monetisation to be in the purview of just one or two companies and does not want 120 crore Indians on the internet in 2025 to be catered to by big islands on the internet.

The Voice for Open Internet 

India's Minister of State for IT, Rajeev Chandrasekhar, has stated that no technology company or social media platform can deny content creators access to distribute and monetise their content. Speaking at the Digital News Publishers Association Conference in Delhi, Chandrasekhar emphasized that the government does not want the internet or monetization of the internet to be in the hands of just one or two companies. He argued that the government does not like monopoly or duopoly and does not want 120 crore Indians on the Internet in 2025 to be catered to by big islands on the internet.

Chandrasekhar highlighted that large technology companies have begun to exert influence when it comes to the dissemination of content, which has become an area of concern for publishers and content creators. He stated that if any platform finds it necessary to block any content, they need to give reasons or grounds to the creators, stating that the content is violating norms.

As India tries to establish itself as an innovator in the technology sector, a recent corpus of Rs 1 lakh crore was announced by the government in the interim Budget of 2024-25. As big companies continue to tighten their stronghold on the sector, content moderation has become crucial. Under the IT Rules Act, 11 types of categories are unlawful under IT Act and criminal law. Platforms must ensure no user posts content that falls under these categories, take down any such content, and gateway users to either de-platforming or prosecuting. Chandrasekhar believes that the government has to protect the fundamental rights of people and emphasises legislative guardrails to ensure platforms are accountable for the correctness of the content.

Monetizing Content on the Platform

No platform can deny a content creator access to the platform to distribute and monetise it,' Chandrasekhar declared, boldly laying down a gauntlet that defies the prevailing norms. This tenet signals a nascent dawn where creators may envision reaping the rewards borne of their creative endeavours unfettered by platform restrictions.

An increasingly contentious issue that shadows this debate is the moderation of content within the digital realm. In this vast uncharted expanse, the powers that be within these monolithic platforms assume the mantle of vigilance—policing the digital avenues for transgressions against a conscribed code of conduct. Under the stipulations of India's IT Rules Act, for example, platforms are duty-bound to interdict user content that strays into territories encompassing a spectrum of 11 delineated unlawful categories. Violations span the gamut from the infringement of intellectual property rights to the propagation of misinformation—each category necessitating swift and decisive intervention. He raised the alarm against misinformation—a malignant growth fed by the fertile soils of innovation—a phenomenon wherein media reports chillingly suggest that up to half of the information circulating on the internet might be a mere fabrication, a misleading simulacrum of authenticity.

The government's stance, as expounded by Chandrasekhar, pivots on an axis of safeguarding citizens' fundamental rights, compelling digital platforms to shoulder the responsibility of arbiters of truth. 'We are a nation of over 90 crores today, a nation progressing with vigour, yet we find ourselves beset by those who wish us ill,' 

Upcoming Digital India Act

Awaiting upon the horizon, India's proposed Digital India Act (DIA), still in its embryonic stage of pre-consultation deliberation, seeks to sculpt these asymmetries into a more balanced form. Chandrasekhar hinted at the potential inclusion within the DIA of regulatory measures that would sculpt the interactions between platforms and the mosaic of content creators who inhabit them. Although specifics await the crucible of public discourse and the formalities of consultation, indications of a maturing framework are palpable.

Conclusion 

It is essential that the fable of digital transformation reverberates with the voices of individual creators, the very lifeblood propelling the vibrant heartbeat of the internet's culture. These are the voices that must echo at the centre stage of policy deliberations and legislative assembly halls; these are the visions that must guide us, and these are the rights that we must uphold. As we stand upon the precipice of a nascent digital age, the decisions we forge at this moment will cascade into the morrow and define the internet of our future. This internet must eternally stand as a bastion of freedom, of ceaseless innovation and as a realm of boundless opportunity for every soul that ventures into its infinite expanse with responsible use. 

References 

• https://www.financialexpress.com/business/brandwagon-no-platform-can-deny-a-content-creator-access-to-distribute-and-monetise-content-says-mos-it-rajeev-chandrasekhar-3386388/
• https://indianexpress.com/article/india/meta-content-monetisation-social-media-it-rules-rajeev-chandrasekhar-9147334/
• https://www.medianama.com/2024/02/223-rajeev-chandrasekhar-content-creators-publishers/

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Introduction

India’s digital growth journey has been moving at a tremendous pace. According to MeitY’s report, India’s digital economy is expected to rise to US$ 500 billion by 2025, up from US$ 200 billion in 2019. The digitisation drive that we are experiencing is likely to foster and boost a favourable business environment that will attract rapid investment and augment economic growth across sectors. This will, in turn, compel businesses to adopt digital platforms as solutions to meet customer expectations. Due to accelerated digitisation, cyber risks often deter business growth. Cybercrimes are becoming more rampant and complex and the costs associated with such breaches are not only increasing but also becoming more systemic.

Development of the Cyber Insurance Landscape

Digitization of businesses started in the 1980s with the use of mainframes. Personal computers entered the game and further modified the landscape from the 2000s along with LANs, the internet and the dot-com boom of the 2000s. In the late 1990s, cyber-insurance was developed as a risk management tool to ensure information security. Coverage was limited, and clients included SMEs in need of insurance to qualify for tenders, or community banks too small to hedge the risks of their online banking operations. The first cyber insurance policy was written in 1997 through AIG, against hacking as a third-party liability policy. 

The current trends in the cyber insurance space are focused on the prevention of cyber risks, which by nature are hard to outline and constantly evolving. The result is that the buyers have limited clarity on the types of cyber risks covered under cyber insurance, and even lesser visibility on the scope and amount of optimum coverage. Unfamiliarity with the claim procedure and resolutions, ambiguous claim thresholds during settlements, and confusion around exclusions and coverage of regulatory fines and penalties under a purchased scheme further discourage potential buyers from seriously investing in cyber insurance products. 

Key Factors in Cyber Insurance Evolution and Its Role in Risk Management

The cyber insurance market in India has three key influencing factors, namely the speed of achieving digital maturity, government initiatives to digitise and enforce stringent cyber laws, and the evolving landscape with technology giants and MNCs entering the cyber insurance domain. The latter  are the catalyst for intensifying competition in this market. 

Advancements in technology in terms of AI, machine learning, big data, robotics, blockchain, augmented and virtual reality, and IoT are expected to reshape the insurance industry and help reach untapped audiences in a more digital-forward manner. With the absence of a standard cyber insurance policy, regulators need to take the following variables into consideration while developing cyber insurance policies: the risk insured against, the scope of the loss covered and the limits/ sub-limits.

Challenges 

With the complexity of cyber risks increasing exponentially the challenges to counter the same are growing too which is leading to gaps in the coverage offered for cyber threats. Resultantly, the compliance regulations are dependent on the risks which exist and cyber threat actors adopt new technologies faster and exploit them to their benefit. A lack of historical data and predictability in future cyber risks, the possibility of large overwhelming loss events, uncertainties among market participants about what is specifically covered under such policies, and legal battles over fundamental issues are some of the challenges identified.

Future Outlook/ Recommendations

India's cyber infrastructure requires a multi-faceted approach that involves collaboration between government, industry, and academia should be developed. Some recommendations are:

• Risk assessments should be a general practice and the cyber insurance policies should be simplified, clearing the mismatch between the premium paid and insurance coverage and there should be standard verbosity across cyber policy language.
• Promoting R&D tailored to India focused on education programs that have public-private partnerships and global collaborations to share threat intelligence, best practices, and expertise in critical infrastructure protection.
• Cyber insurance can also be promoted as compliance with the DPDP Act, which would lead to better development of cyber infrastructure and cyber hygiene practices.
• Regular updates to cyber insurance policies to ensure relevance and effectiveness. Insurers could create and offer holistic cyber insurance risk management plans.

Conclusion

According to a report by Deloitte in 2023, the cyber insurance market in India is expected to grow by 27-30 per cent in the coming years and it is currently valued at USD 50-60 million, while maintaining a steady 27-30 per cent CAGR in the past three years. The Indian cyber infrastructure’s nature is challenging, however, it offers opportunities for growth, innovation, and collaboration. A proactive approach, supported by robust policies, advanced technologies, and skilled professionals, will be essential to building a resilient cyber infrastructure capable of withstanding evolving threats.

Reference

• https://www2.deloitte.com/content/dam/Deloitte/nl/Documents/financial-services/deloitte-nl-fsi-demystifying-cyber-insurance-coverage-report.pdf
• https://www.dnaindia.com/business/report-what-s-cyber-liablity-insurance-and-why-you-may-need-it-2136556‍
• https://economictimes.indiatimes.com/industry/banking/finance/insure/cyber-insurance-gains-momentum-in-india-set-to-witness-exponential-growth-deloitte/articleshow/104189297.cms?from=mdr