Data protection and privacy a huge imperative for companies

Data professionals from companies across Asia are ramping up their awareness about the importance of data protection and privacy. That is according to a survey conducted by Sia Partners.

As companies increasingly collect and process massive amounts of data, implementing effective data privacy and security programs has become a top concern. The huge role of data in companies’ operations is only bound to grow as digitalization and interconnected operations continues to grow.

The APAC Personal Data Privacy Protection Survey by Sia Partners reveals that 100% of respondents already have a data privacy policy in place that ensures personal data is processed in compliance with various universal obligations.

In addition to that, 80% of data professionals surveyed said that the fast-evolving regulatory landscape is the most serious challenge they face. A similar number of respondents said that data localization and cross-border data transfer requirements is their second biggest challenge.

“The generation and collection of massive amounts of data essentially increase the complexity of data privacy and security, and the implementation of an effective data privacy program is emerging as a top concern and priority for organizations as a result of heightened regulatory pressure and increased awareness among consumers,” said Helina Lo, Managing Director at Sia Partners in Hong Kong.

Many organizations reported difficulties with determining what data could be stored internally and what data could be moved abroad, citing a confusing patchwork of regulatory requirements across jurisdictions.

To overcome this, Sia Partners recommends working with experts that are able to advise teams on the applicable cross-border data transfer rules and requirements, which can then be translated into a viable action plan.

“Given their increasing volume and complexity, it has become difficult to manage regulatory requirements using traditional manual methods,” said Lo. “Organizations can leverage external or internal regulatory watch tools in monitoring, identifying, and assessing rapidly evolving requirements related to data protection that may impact the organization.”