According to the October 2019 EY Global Capital Confidence Barometer, the biggest fear that middle-market companies have about cybersecurity is reputational damage. Second on the list is operational disruption.
This is no surprise, given the harm that cyber attacks have caused to many large brands around the world. Like them, mid-market firms – those with between US$50m and US$3b in revenue – should be concerned about the reputational damage an attack can cause.
- Mid-market firms should be more concerned than they are about the risks and costs associated with cyber attacks
- Cyber hackers target mid-market firms as Trojan horses for attacks on larger companies
- Mid-market firms should be aware of cybersecurity breaches because it could lead to cancellations of client contracts and ultimately, loss of competitive edge
China: Cybersecurity Law requires corporations to have effective privacy and data protection program
China is one of the leading digital economies that generates an enormous volume of data every day through multiple electronic channels. The massive amount of data brings significant benefit to individuals, corporations, industries as well as the nation when used properly, but substantial risk when misused. To monitor the risks affiliated with cybersecurity, China has imposed a stringent cybersecurity law to regulate the use of personal and important data. Some corporations in China have already felt the brunt of this, having been penalized and even forced to close their businesses, following violation of the law. The Cybersecurity Law also impedes future data breaches, a key step in helping China establish its leadership in an ever-challenging area in digital.
As mid-market firms often overlook regulatory requirements while focusing on business development, an effective privacy and data protection program is necessary to ensure continued compliance with the market.
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