By Astrid Gobardhan, data privacy officer, VFS Global
Economies and businesses are becoming proactively prudent about managing data, but personal information is still vulnerable. Despite the increased awareness and collective intent to safeguard data, inadequate, ambiguous or poor data security management systems have led to a rise in data breaches recently.
According to a report by IBM and Ponemon Institute, the average cost of a data breach touched a record high of US$4.35 million in 2022. The researchers arrived at the staggering number based on several cost factors such as legal, regulatory, and technical activities, loss of brand equity, customer turnover, and drain on employee pr
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