The ASEAN market size, with over 600 million people, is larger than the combined market sizes of the EU and North America. The total GDP of all ASEAN states in 2022 was estimated to be approximately US$ 3.66 trillion, a significant increase from previous years. In fact, the GDP of the ASEAN region has been growing rapidly for several years now, a reflection of the region's thriving economy.
As the number of internet users in ASEAN countries continues to rise, the risks to personal data also increase. Digital connection has rapidly expanded, allowing for seamless communication and engagement between corporations, consumers, and governments on a global scale as well as inside each group's own borders. This greater interconnection demonstrates the necessity of strong data security measures to promote confidence in data governance and management procedures.
What implications does this have for businesses in the ASEAN region?
It is essential for businesses to establish robust checks and controls to ensure compliance with the ever-expanding array of data protection and privacy regulations. Cybersecurity should be considered a top priority for all businesses, regardless of size or industry. By incorporating cybersecurity into the core of their operations, businesses can help to mitigate the risk of a cyberattack.
To assist you in addressing data protection and privacy concerns, here are a few actionable steps to consider:
Streamline data security and expedite compliance efforts
Identify and categorize data across all locations
Secure sensitive data through encryption or tokenization
Manage data access and centralize key administration
Access Management and Authentication
Strengthen security with multi-factor authentication enforcement
Offer a diverse selection of authentication methods
Seamless integration with legacy and cloud services
Effortlessly control access policies
Begin by evaluating your understanding of the following key questions concerning data protection and privacy:
What is the current geographical scope of your business operations?
What types of data does your business collect and process?
Where is your data stored and maintained?
Which regions or countries do your customers primarily reside in?
What are the data protection and privacy regulations applicable to the jurisdictions mentioned above?
What is your business's strategic roadmap for the next five years?