Singapore firm Rajah & Tann is teaming up with KPMG to tackle the threat of data breaches.
The collaboration will seek to provide clients with a one-stop-shop to prepare them for effectively handling data breaches, either effectively responding or preventing all together, by bringing together the technical and forensic expertise of KPMG with the firm’s legal expertise.
“We decided to work with KPMG to address the growing concern among corporate clients around the profound consequences for their businesses and their customers from data breaches,” said technology, media & telecommunications partner Steve Tan.
“The ubiquitousness of technology in everyday things (the Internet of Things) and an organisation’s reliance on data as a key asset of the organisation can only mean the ever impending threat of a data breach.
“The reality is that it is a matter of ‘when’ not ‘if’ that a data breach occurs and if so, customers and regulators would want to be assured that the organisation would be in control of the situation when it happens.”
According to research by Penemon Institute, the average total cost of a data breach for an organisation increased from US$3.52m in 2014 to US$3.79m in 2015. The consequences of a data breach for an organisation range from loss of reputation or revenue, even customers to loss of regulatory licence.
“In addition to the deep cyber security expertise and rich investigative experience of our professionals, we are also backed by the collective intelligence of the KPMG network of forensic teams around the world,” said Lem Chin Kok, KPMG Singapore head of forensic.
“This investment in sharing and building a knowledge bank in cyber intelligence gives us an edge when it comes to helping organisations fulfil responsibilities in pre-empting and managing the risks of a data breach.”