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40% of Asian companies report significant economic loss from data breaches

40% say they have suffered significant economic loss as a result of data breaches

A new report published today (Monday June 23rd) by the Economist Intelligence Unit, Sharing the blame: How companies are collaborating on data security breaches, shows that such breaches occur at a high rate at companies in Asia.

A survey of over 200 senior executives in Asia conducted for the report, which is sponsored by Akamai Technologies, shows only 35% of Asian companies are confident that they have not had a data breach in the past year. 40% of businesses also say they have experienced significant economic loss as a result of compromised data systems, with financial services firms the worst hit.

Despite lapses in data security, corporate executives are not blaming their own IT departments. In fact, 85% of companies in Asia believe their own IT security systems are trustworthy. And 47% of business leaders agree that collaborating with industry by increasing the disclosure of breaches when they happen can minimise damage. However, collaboration remains rare, with companies unwilling to disclose the occurrence of customer information breaches with the media or competitors.

Charles Ross, the editor of the report, said:

“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. 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.”

 

 

Read: Sharing the blame: How companies are collaborating on data security breaches

 

 For more information, please contact:

Mathew Hanratty

Corporate communications manager

+44 (0)20 7576 8546

[email protected]

 

 

 

Notes to editors

 

About the report

The EIU undertook in-depth interviews and conducted a survey from October to December 2013 of 210 senior executives from across the Asia-pacific region. Respondents came from a range of industries including 32% from financial and professional services firms, 47% of which held c-level positions across a range of functions from general management to operations.

 

About the Economist Intelligence Unit

The Economist Intelligence Unit (EIU) is the world's leading resource for economic and business research, forecasting and analysis. It provides accurate and impartial intelligence for companies, government agencies, financial institutions and academic organisations around the globe, inspiring business leaders to act with confidence since 1946. EIU products include its flagship Country Reports service, providing political and economic analysis for 195 countries, and a portfolio of subscription-based data and forecasting services. The company also undertakes bespoke research and analysis projects on individual markets and business sectors. More information is available at www.eiu.com or follow us on www.twitter.com/theeiu

 The EIU is headquartered in London, UK, with offices in more than 40 cities and a network of some 650 country experts and analysts worldwide. It operates independently as the business-to-business arm of The Economist Group, the leading source of analysis on international business and world affairs.

 

About Akamai Technologies

Akamai is a leading provider of cloud services for delivering, optimizing and securing online content and business applications. At the core of the Company's solutions is the Akamai Intelligent Platform™ providing extensive reach, coupled with first class reliability, security, visibility and expertise. Akamai removes the complexities of connecting the increasingly mobile world, supporting 24/7 consumer demand, and enabling enterprises to securely leverage the cloud. To learn more about how Akamai is accelerating the pace of innovation in a hyperconnected world, please visit www.akamai.com orblogs.akamai.com, and follow @Akamai on Twitter.

 

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