As companies, giant corporates and start-ups alike, begin to amass a huge amount of data, privacy becomes a major concern. The laws will require firms to report incidents of data breaches and harden penalties for firms. Amendments to privacy laws in Australia that took effect in 2014 also ramped up the penalties. Setting the right incentives to make sure companies are cautious in handling private data, such as penalties for data breaches, is one example. By maintaining IT security standards in handling private data and appropriate data governance that dictates who can access what to increase accountability and transparency, businesses can ease the public's fear.

Source: Bangkok Post May 16, 2017 21:45 UTC