Just 35% of Asian companies state they have not experienced a data breach in the past year, according to a recent report by the forecasting and advisory services provider Economist Intelligence Unit (EIU).
Sponsored by internet content delivery network Akamai Technologies, EIU carried out a survey of more than 200 senior executives across Asia. Of those, 47% said collaboration among companies in order to disclose breaches can help minimise the damage they cause.
Yet many companies remain reluctant to disclose customer information breaches with the media or with their competitors.
Of all the executives surveyed, 40% said compromised data systems at their organisations caused serious economic loss, with financial services firms suffering the most. But being hit because of data security failures doesn't make corporate executives mistrustful of their organisations' IT departments, the report indicates. On the contrary - a whopping 85% of companies in Asia consider their own IT security systems reliable.
The editor of EIU's report, Charles Ross, told Telecom Asia that data security is a pressing issue for Asia's corporate executives. He warns that, as of yet, datasets in Asia's private sector aren't very secure.
Ross urges companies to consider collaborating with competitors for the sake of making data more secure. Disclosing data breaches does lay bare their weaknesses, but it also allows everyone to learn from them. So companies need to be brave and make the first moves together towards finding an effective solution to the security problem.