Singapore:
How To Prevent Wrongdoing And Insider Threats In Technological Matters
16 September 2022
FTI Consulting
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It is a proven fact that technological risks are among the main
concerns of corporate senior management. This is corroborated by
the general counsels interviewed in our latest 2022 General Counsel Report. They agree that
the past two years have seen a significant increase in the
importance of technology and the use of electronic data in business
decision-making. According to respondents, there are also reports
of greater concern among executives about the risks related to data
processing – i.e. issues such as privacy, security, and data
protection.
When making a corporate decision regarding the use, handling and
transfer of any type of electronic data, we must consider all
possible risks associated. The likely consequences that can ensue
from failing to take adequate measures can include, among others,
fines, an impact on the company's reputation, loss of business,
and competitive disadvantages.
When we talk about threats or risks
in technological matters, perhaps the first thing that comes to
mind is cyberattacks, given the impact in terms of media resonance
that affairs of this sort have. It can hardly be doubted that this
is an important aspect that companies must take into consideration.
However, less is said about another matter that is not to be
neglected or overlooked. I am referring to the potential
malpractices or irregularities committed by employees, which are
also known as insider threats.
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