While digital commerce and mobile connectivity are changing lives in positive ways, they also bring significant risks. From a regulatory perspective, the Asia-Pacific region is taking a different approach from Europe. Governments throughout Asia—such as Australia, the Philippines and South Korea—are implementing new laws aimed at the protection of personal data, observes Paul Jackson of risk consultancy Kroll. However, companies should not wait for governments to act, however, but should develop effective cyber-resilience strategies that go beyond technical cyber-security.
A Mastercard-commissioned Economist Intelligence Unit (EIU) report titled Cyber-resilience in the age of digital has identified key questions and challenges in the cybersecurity space that are preventing people in Asia from going digital and holding back the region’s digital economy.
The interconnectivity revolution has resulted in regulators across Asia Pacific have enthusiastically and firmly adopted ‘digital nation’ agendas, further driving digitalization across the region. Cheap smartphones, robust telecom infrastructure and thriving technology platforms, coupled with IoT and AI are further changing the way we live and do business. However, there are still large segments of consumers and institutions that haven’t gone digital, and much of this has to do with concerns around cybersecurity.
In response to these challenges, Mastercard believes there are 3 areas that business, people, and governments need to work on to find a solution for Asia’s digital economy to thrive:
- Protect personal and private information
- Secure all digital transactions
- Seamless integration of digital payments into businesses
The full report can be downloaded here.