Why do organizations value data security more now than ever before? It has been more than five years since data surpassed oil as the most expensive asset on the planet. It should come as no surprise, then, that data breaching has become a highly profitable global criminal enterprise in and of itself over the years.
The Ministry of Communications and Information and the Personal Data Protection Commission of Singapore has initiated an online consultation of the Personal Data Protection (Amendment) (PDPA) Bill 2020 as part of their ongoing efforts to protect both individuals and set up company in Singapore personnel from data theft.
At the risk of appearing alarmist, the PDPA may have severe implications for company incorporation Singapore procedures found to be non-compliant or incompetent in their data protection duties, resulting in tens of thousands of dollars in financial penalties.
To assist you in navigating this new compliance problem, we will go through the fundamentals of the PDPA, how to comply with it, and how a set up company in Singapore platforms can become an industry leader in data protection through Data Protection Trustmark Certification (DPTM).
First, let’s go over the fundamentals of data breaches and how they typically manifest in the real world.
What is a personal data breach?
In essence, a data breach happens when an event occurs that reveals sensitive data that was meant to be in company incorporation Singapore procedures safe and private hands. The data can then be collected, used, unauthorized access, copied, modified, lost, or disposed of.
Examples from the real world include:
- Dividend cheques from a corporation were sent to out-of-date addresses, revealing their personal information such as their names, NRIC, and the value of their assets.
- When a person looked up their NRIC, she discovered that she had access to an open excel spreadsheet containing sensitive personal data such as NRIC numbers and email addresses.
Both of these scenarios occurred in company incorporation Singapore processes in recent years, and both resulted in tens of thousands of dollars in fines.
What exactly is the PDPA?
Set up company in Singapore professionals must bear in mind that when it comes to data breaches within any given organization, the PDPA is the Singapore Government’s biggest move toward accountability. The PDPA’s core focus is mandatory data breach reporting, which will result in a profound paradigm shift in how many company incorporation Singapore proceedings operate in terms of data protection and security.
With the PDPA, Singapore’s Personal Data Protection Commission (PDPC) is developing guidelines and rules for anyone who wants to set up company in Singapore. They want to implement risk-based internal monitoring of their data security systems and to be more transparent about all data breaches for company incorporation Singapore procedures.
How does a company adhere to the PDPA?
As previously stated, the core tenet of the PDPA is to implement programs that foster an organizational culture of total accountability in terms of data breaches.
Two major events would necessitate an urgent notification of a data breach:
- When a data breach is likely to cause or does cause, substantial damage to an exposed individuals as a result of a breach of personal information.
- When a data breach involves more than the required number of people, it indicates that there is a structural data protection problem within an organization. While no specific number has been established, the Personal Data Protection Commission has proposed 500 individuals.
There are no groups or levels of personal data breaches at this moment, but the PDPC is likely to develop them in the future. A violation of a personal credit card number, for example, will almost certainly be taken more seriously than a breach of a personal email address.
On the other hand, the concepts outlined in the Data Protection Act assist companies in ensuring that the personal information of their employees, clients, and consumers is adequately secured. You have a responsibility as an employer and a business manager to ensure that all information is right.
Data privacy has always been a concern. A single entity could have access to the personal information of millions of consumers—information that must be kept confidential for customers’ identities to be as safe and secure as possible, and the company’s credibility to remain unblemished.
We are entering a whole new environment, and the landscape is far from familiar when it comes to regulatory enforcement in terms of data protection for a group to set up company in Singapore. Fortunately, we are very proud to say that WLP Group has been working extremely hard to stay on the cutting edge of these innovations, and they are eager to share their expertise with you as a responsible organization. Visit their website for more details.