Intensifying regulatory pressures are top of mind for business leaders, with 70% of Singapore respondents (global 78%) expressing increasing concern about data protection and data privacy compliance.
This is according to the third biennial EY Global Forensic Data Analytics Survey, which examined the responses of 745 executives from 19 countries (including 40 from Singapore) and analyzed the legal, compliance and fraud risks that global companies face and the use of forensic data analytics (FDA) to manage them.
However, with less than four months to go before the General Data Protection Regulation (GDPR) comes into force on 25 May 2018, only 33% of respondents globally stated that they have a plan in place to comply with the EU legislation. The average response of those in Europe was more positive, with 60% indicating they have a compliance plan in place. There is still much more work to be done in other markets, including Africa and the Middle East (27%), the Americas (13%), Asia-Pacific (12%), where significantly fewer companies indicated readiness for GDPR compliance.
Source: Enterprise Innovation