Temasek Management Services
Committed to Developing Business Leaders for Asia
  2nd Quarter 2018 Newsletter  
Global Climate Change: A Dire Need for Data Protection and Disaster Recovery
In 2017, natural and man-made disasters caused $306 billion of economic losses across the world, according to estimates from insurance company Swiss Re. That represents a 63 per cent increase on the year before and is far higher than the average over the past ten years. Three hurricanes - Harvey, Irma and Maria - hit the United States and the Caribbean, while wildfires devastated California. Those three hurricanes alone caused an estimated $93 billion of insured losses. Outside the U.S., two powerful earthquakes struck Tehuantepec and Puebla in Mexico, causing heavy loss of life and over $2 billion in insured losses. Tropical Cyclone Debbie also wreaked havoc in Australia, leading to $1.3 billion of insured losses in southeast Queensland and northeast New South Wales. Many businesses that relied on electronic data suffered total or temporary data loss due to hardware damage and failure. This caused major setbacks but also made them realise the importance of data security and back up.

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'Nowhere to Hide' as Global Tax Evasion Net Tightens
Every year, the world's economies lose billions of dollars to tax avoidance. Estimates of the sheer scale of the losses fluctuate wildly with the IMF reporting that around $600 billion is lost due to profit shifting every year. A new paper published by UNU-WIDER took a closer look at the issue at country level, finding that the United States loses the highest amount in absolute terms by far with an estimated $189 billion unaccounted for every year. That's 1.13 percent of GDP. China comes second with $66.8 billion while Japan also records substantial losses of about $47 billion.

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Trusted Source Achieves OSPAR Attestation for IT Security and IT Infrastructure Services
Outsourcing continues to be prevalent in today’s business landscape, especially for the increasing digitalised financial industry. Many companies rely on outsourced service providers to perform certain - in some cases critical or material - business functions. However, many are still underestimating the complexities they are exposed to when engaging with outsourced service providers. Although companies have started to look closely at the risks related to cybersecurity, many organisations might have overlooked the fact that physical data security is equally, if not more, important than logical security - which is the protection from unauthorised access.

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