40% of Asian companies face data breaches related incidents, with economic repercussions

Tuesday 22 July 2014 13:36 CET | News

Data breaches occur at a high rate at companies in Asia, with notable financial loss, according to a recent survey.

A report by the Economist Intelligence Unit reveals that 40% of businesses say they have experienced significant economic loss as a result of compromised data systems, with financial services firms the worst hit. Also, only 35% of Asian companies believe that they have not had a data breach for 2013. Also, despite lapses in data security, corporate executives are not blaming their own IT departments, with 85% of companies in Asia believing their own IT security systems are trustworthy.

Also, while 47% of business leaders agree that collaborating with the industry by increasing the disclosure of breaches when they happen can minimise damage, this type collaboration is still rare, with companies unwilling to disclose the occurrence of customer information breaches with the media or competitors.

The report was based on a survey of over 200 senior executives in Asia.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Asia, data breaches, economic repercusions, financial loss, IT departments, security
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

Industry Events