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Data is both a precious asset and a dangerous minefield for companies in the global business theatre. Smart operators take data compliance seriously, writes Leslie Zhang

As more Chinese enterprises spread their operations globally, the control of data compliance risk is now a key corporate compliance task. The control of compliance risks can be viewed from two perspectives: the control of data compliance risks in transactions; and the control of data compliance risks in the course of operations.

Failure to control data compliance risk in a transaction can result in major losses. Take the Marriott Group breach as an example. In November 2018, the group announced that its Starwood guest reservation system had experienced a data breach, with the personal information of an estimated 500 million guests being accessed without authorization.

This meant that private information such as e-mails, accommodation data, bank card numbers, etc., was compromised. Marriott issued an announcement stating that it was assessing the impact, and expressing its apologies to its guests. Additionally, some class action lawyers also announced lawsuits against Marriott, demanding compensation of as much as US$12.5 billion.

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Leslie Zhang is the vice president and general counsel at United Energy Group.

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