Connect with us

Hi, what are you looking for?

Economy

Security of data touted as possible competitive edge

By Jenina P. Ibañez, Reporter

THE ABILITY of companies to keep data secure could emerge as a competitive advantage during the migration to online business processes, now that businesses can devote more time to privacy issues after exiting from survival mode during the early days of the lockdown, according to Singapore technology company Straits Interactive Pte. Ltd.

“Business leaders or the top of the organization should have undergone a paradigm shift and look at data privacy and data protection as a business enabler and a competitive advantage moving forward, especially in the turbo-accelerated digital transformation that is happening now,” Straits Interactive Country Manager Edwin A. Concepcion said in an online interview last month.

Contact tracing measures imposed during the pandemic increased data privacy awareness among organizations, he said.

More companies are also looking into mitigating data privacy risk as they shift to digital, he said. Firms started accelerating their digital transition during the strictest part of the lockdown as more employees worked from home.

“(Data privacy) awareness has been heightened because consumers are demanding protection and data privacy,” he added.

Mr. Concepcion identified the healthcare and education sectors as top priorities for data protection.

“We have a lot of hospitals or healthcare institutions that still probably are just starting to implement their data protection management programs. We also need to train and change some behaviors or habits, especially on the employees on how to securely or more appropriately handle information relating to the health of individuals,” he said.

“(In healthcare and education), the personal info they are processing are more valuable and at the same time the sectors are more vulnerable. The individuals are more vulnerable to identity theft and risk.”

The National Privacy Commission last year flagged “dismal” privacy standards in the health sector, raising concerns about their management of contact tracing during the pandemic. The commission said that the sector’s poor compliance with data privacy standards is the main cause of breaches.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

REPORTS of significant attacks against two Russian air bases are a new and dangerous twist in the Ukraine war. One of the explosions was...

Economy

The COVID-19 pandemic dealt a blow to the Philippine economy and exposed many gaps and weaknesses in our system that had been present for...

Economy

In 2016, several art scholars and museums embarked on a project to digitally produce 17th century artist Rembrandt’s next work, by using a computer...

Economy

Southeast Asia is adjusting to a new normal with the welcome return of travel and in-person gatherings, be it at work, with family and...

Economy

SINGAPORE — Jollibee Foods Corp, the biggest fast-food operator in the Philippines, is in advanced discussions to sell a minority stake in its Vietnamese...

Economy

INDONESIAN lawmakers have passed a contentious criminal code that outlaws extramarital sex and raises penalties on abortions as part of legislation that sparked violent...

You May Also Like

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.