ASEAN Integration: Governments Should Pay More Heed to Cyber Security Regulations
July 21, 2016 | Cyber Security, Regulation, ASEAN
Britain’s decision to leave the European Union (EU) last month left many dumbfounded. It rattled markets; and, unnerved the global market sentiment. That decision, however, failed to influence the Association of Southeast Asian Nations’ (ASEAN) decision to move ahead with the economic integration.
Closely integrating economies would allow 10 ASEAN jurisdictions to form a single market. Economic benefits are huge. A bigger and more accessible market would immensely benefit people of 10 nations by creating more jobs and opportunities even as the region’s bargaining power could increase in relation to rest of the world.
The banking and finance industry in ASEAN stands to gain a lot from this decision as closer integration of the markets promises an expansion in trade and commerce. ASEAN member nations, however, should make sure that uniform cyber security regulations exist in the bloc.
This is because; cross-border increase in trade would result in higher transactions among regional banks. Data base and other vital information will be shared more often. Cybercriminals would look to take advantage of this development. The region has been witnessing a high rate of cybercrime. A spate of cyber-heist incidents in the region has rocked the banking industry while data-breaches, hacking and other forms of cybercrimes too are common in the bloc.
In a recent interview to a Philippines daily, Bangko Sentral ng Pilipinas (BSP) governor Amando M Tetangco Jr, said banks’ vulnerability to cybercrime would rise since data held by banks have become “hot commodities”, a concern shared by us in one of our earlier articles.
In this backdrop, it is important for ASEAN to formulate a set of robust cyber security regulations, necessitating industries to look at the IT security infrastructure, especially privileged accounts. In most cases, sensitive data breach incidents occur due to compromised Privileged Identity Management / Privileged Access Management, (super user/privileged accounts that have access to highly critical data)
A tough, uniform and an unambiguous legal framework supporting cyber security would help cutting down risks arising from cyberspace.
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