Some questions businesses should consider in order to understand how they can protect their data within RegTech systems include: where the data resides, its value, how well it is protected, who is protecting it, and who has access to it.
In considering these points, businesses can deter cyber criminals by taking steps to reduce their sensitive data footprint, preventing resources such as security controls from being in the hands of too many users, and implementing technologies and processes that will reduce both risk and costs associated with protecting sensitive data.
As countries like Hong Kong and Singapore see more FinTech and other technology companies taking root, more regulatory responses are expected to follow suit and so will RegTech companies. In a report by FinTech online resource page Let's Talk Payments, it placed the global demand for regulatory, compliance and governance software is expected to exceed US$100 billion by 2020.
As RegTech helps businesses grow, become more innovative and makes processes more efficient, it is important that business leaders continue to recognise the sensitivity of their data and the importance of cybersecurity protection.
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