Today businesses need to respond quickly to the rapidly changing competitive and economic landscapes. Cyber threats such as ransomware, complex and aging data protection infrastructure, changing data privacy and protection legislation, require next generation data management strategy to tackle these data risks. To gauge the preparedness of business’ data risk management strategy against legislative compliance, Dell EMC commissioned an information brief in partnership with IDC, titled ‘Data Risk Management Barometer’.
The report revealed the severity of financial penalties for businesses in the situation of non-compliance with data privacy legislation across APJ market. The IDC findings highlighted Singapore, Australia, and Hong Kong as the top markets that incur the harshest penalties for data breaches as a percentage of the country’s gross domestic product (GDP), while Japan, India and Thailand are at the bottom of the scale. Out of the 14 APJ markets, Japan and India levy the lowest fines at JPY 1,000,000 and INR 500,000, respectively, for any breaches in data privacy.
With new threats emerging each day, regulation and legislation are becoming harsher, to ensure organizations handle data responsibly. As more and more organizations across the region become digitally-driven, this will invariably become a high priority for businesses across markets.
The barometer also highlighted how regulatory changes present an opportunity for businesses to drive improved data management. The IDC info brief identifies three key areas of good data management to minimize risk: security, privacy, and business continuity. Security will ensure that data is safely captured and stored, with data integrity. Privacy will ensure that personal identifiable information carries the levels of security, accessibility and ability to be deleted, as defined by the various legislations. Business continuity and risk management planning should also facilitate access to data at all times. Hence, IT infrastructure considerations must prioritize these areas in order to ensure compliance.
Ripu Bajwa, Director and General Manager, Data Protection Solutions, India, Dell EMC, said, “IT infrastructure of businesses are facing persistent challenges to protect and secure their data center against cyber attacks and ransomware. To ensure data recoverability and availability, it is essential for them to keep abreast of the shifts in legislative compliance requirements. Moreover, the breach of any legislations will not just lead to monetary repercussions, it will also damage reputation, invariably affecting the overall business output and performance. India ranking second lowest according to the barometer makes it crucial for us to have a proper legislative framework and policy in place, on priority.”