VTech’s incident highlights how a company can be blindsided by a cyberattack, and the risks involved when companies collect and store the personal information of millions of users online.
Losses from such incidents are particularly steep in Asia because regulations on cybersecurity and disclosure lag those in the West, say cybersecurity experts. Now, regulators across some markets including Australia, Hong Kong and Singapore are moving to tighten personal data protection guidelines and are stepping up enforcement of privacy rules as cyberattacks grow more costly.
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