40 percent of Asian companies suffer economic loss due to data breaches: EIU report

More than half of Asian companies (65 percent) reported that they have experienced data breaches within the past year.

This is according to a report titled Sharing the blame: How companies are collaborating on data security breaches, published today by the Economist Intelligence Unit (EIU). Sponsored by Akamai Technologies - an Internet content delivery network provider - this report polled 210 senior executives across the Asia Pacific region.

Additional findings of the report revealed that 40 percent of businesses suffered significant economic loss as a result of compromised data systems, with financial services firms experiencing the worst hit.

Despite lapses in data security, corporate executives are not blaming their own IT departments. In fact, majority of the companies in Asia (85 percent) believe their own IT security systems are trustworthy.

With regards to minimising the damage caused by data breaches, almost half of the respondents (47 percent) agree that collaborating with industry by increasing the disclosure of breaches does help. Contrary to this statement, collaboration remains rare as companies are unwilling to disclose the occurrence of customer information breaches, be it with the media or competitors.

"Datasets held in the private sector in Asia are far from secure - and data security is firmly on the agenda of corporate executives in the region," said Charles Ross, editor of the report. "But to make data more secure, companies need to be willing to collaborate with rivals and lay bare their weaknesses so that they, and everyone else, can learn from them. This is recognised as part of the solution, but the problem is that companies are waiting for each other to take the first steps."

Join the CSO newsletter!

Error: Please check your email address.

Tags business issuesAkamai Technologiessecuritydata breach

More about Akamai TechnologiesAkamai TechnologiesEconomist Intelligence UnitEIU

Show Comments

Featured Whitepapers

Editor's Recommendations

Solution Centres

Stories by Zafirah Salim

Latest Videos

  • 150x50

    CSO Webinar: The Human Factor - Your people are your biggest security weakness

    ​Speakers: David Lacey, Researcher and former CISO Royal Mail David Turner - Global Risk Management Expert Mark Guntrip - Group Manager, Email Protection, Proofpoint

    Play Video

  • 150x50

    CSO Webinar: Current ransomware defences are failing – but machine learning can drive a more proactive solution

    Speakers • Ty Miller, Director, Threat Intelligence • Mark Gregory, Leader, Network Engineering Research Group, RMIT • Jeff Lanza, Retired FBI Agent (USA) • Andy Solterbeck, VP Asia Pacific, Cylance • David Braue, CSO MC/Moderator What to expect: ​Hear from industry experts on the local and global ransomware threat landscape. Explore a new approach to dealing with ransomware using machine-learning techniques and by thinking about the problem in a fundamentally different way. Apply techniques for gathering insight into ransomware behaviour and find out what elements must go into a truly effective ransomware defence. Get a first-hand look at how ransomware actually works in practice, and how machine-learning techniques can pick up on its activities long before your employees do.

    Play Video

  • 150x50

    CSO Webinar: Get real about metadata to avoid a false sense of security

    Speakers: • Anthony Caruana – CSO MC and moderator • Ian Farquhar, Worldwide Virtual Security Team Lead, Gigamon • John Lindsay, Former CTO, iiNet • Skeeve Stevens, Futurist, Future Sumo • David Vaile - Vice chair of APF, Co-Convenor of the Cyberspace Law And Policy Community, UNSW Law Faculty This webinar covers: - A 101 on metadata - what it is and how to use it - Insight into a typical attack, what happens and what we would find when looking into the metadata - How to collect metadata, use this to detect attacks and get greater insight into how you can use this to protect your organisation - Learn how much raw data and metadata to retain and how long for - Get a reality check on how you're using your metadata and if this is enough to secure your organisation

    Play Video

  • 150x50

    CSO Webinar: How banking trojans work and how you can stop them

    CSO Webinar: How banking trojans work and how you can stop them Featuring: • John Baird, Director of Global Technology Production, Deutsche Bank • Samantha Macleod, GM Cyber Security, ME Bank • Sherrod DeGrippo, Director of Emerging Threats, Proofpoint (USA)

    Play Video

  • 150x50

    IDG Live Webinar:The right collaboration strategy will help your business take flight

    Speakers - Mike Harris, Engineering Services Manager, Jetstar - Christopher Johnson, IT Director APAC, 20th Century Fox - Brent Maxwell, Director of Information Systems, THE ICONIC - IDG MC/Moderator Anthony Caruana

    Play Video

More videos

Blog Posts