Geo Focus: Asia , Geo-Specific , Security Awareness Programs & Computer-Based Training
Insights APAC : Data Localization, Human Risk
Two Experts Share Their Thought Process Behind Selecting Topics for Their Blogs
In the second episode of ISMG's "APAC Insights" series, Raina Verma, AML and forensics expert, and Rubaiyyaat Aakbar, head of IT and cybersecurity at an insure tech startup, discuss problem solving in security and dealing with the complexities of the many data localization laws in APAC.
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"Technology advances at a much faster pace than written-down policies and procedures. The challenge is that written policies are not always imbibed into the workflow or security systems, leading to failures that are often categorized as cyber events," Verma said. "But these failures are not cyber alone, they are operational issues as well."
Similarly, data localization is not just a technical issue. It's a political one, Aakbar said. "The relationship between countries can directly impact the flow of data. If a country where your data is hosted faces sanctions, it could disrupt your operations, even if you're compliant in other regions," he said.
"This is why nations are pushing for data sovereignty, but it creates significant challenges for businesses, especially startups, increasing costs and complicating operations."
In this panel discussion, Suparna Goswami, associate editor; Jayant Chakravarti, senior editor; Verma and Aakbar discussed:
- Should APAC have a common data localization law?
- How processes must be defined to include human risks;
- Why AI needs to be factored in policies.
Aakbar, who leads IT and cybersecurity for an insuretech startup, previously spent more than 16 years working at major banks in Bangladesh before recently moving to Singapore.
Verma has worked with various financial institutions, and her most recent position was heading fraud and forensics. She has extensive experience in financial crimes, AML, internal audits, fraud risk management, complex investigations, regulatory compliance and reporting. She established an anti-fraud function at National Bank Fujairah in her role managing financial crimes.
