According to the EY Global Information Security Survey 2020, cyber and privacy threats are on the rise, with 59% of Southeast Asia (SEA) organizations experiencing a significant or material breach in the past 12 months. However, despite this growing risk, only 43% of SEA organizations involve cybersecurity right from the planning stage of new business initiatives. Furthermore, 53% of SEA organizations allocate less than 15% of their cybersecurity budget to new initiatives.
According to Michael Beckman, Partner, EY Law Leader, EY Law Vietnam Limited Liability Company, “new risks demand new approaches. To avoid risks and penalties for non-compliance with Decree 13, organizations and businesses operating in Vietnam should study and have plans to comply with regulatory requirements as soon as possible.”
Robert Tran, Partner, Cybersecurity & Technology Risk Leader, EY Vietnam Cybersecurity Services Company Limited, emphasized the importance of fostering a culture of data privacy within businesses. "To earn and maintain customer trust in products and services quality, data privacy must be ingrained within organizations. Failure to respect the culture of protecting personal data can lead customers to believe that their personal data is not respected, ultimately damaging the business's reputation”, said Robert.
“As individuals increasingly embrace digital-first lifestyles, safeguarding data has become paramount for businesses to protect consumers and mitigate the consequences of data breaches. Mastercard aligns and complies with the Vietnamese government’s efforts to enhance personal data protection,” said Winnie Wong, Country Manager for Vietnam, Cambodia and Laos, Mastercard. “As a central player in the digital ecosystem, Mastercard is committed to leverage its global expertise to support businesses and partners navigate the regulatory changes, improve cyber readiness and implement robust data protection practices, and in doing so, bolstering Vietnam's cyber security.”
Amidst regulatory changes and escalating cyber and privacy threats, personal data protection has become a paramount concern for organizations and businesses.
Notes to editors
EY | Building a better working world
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EY Law Vietnam Limited Liability Company, a member of the global EY organization.
About Mastercard (NYSE: MA) www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.