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A report published the Economist Intelligence Unit and sponsored by Akamai, titled Sharing the blame: How companies are Collaborating on Data Security Breaches, reveals that 40% of Asian companies surveyed acknowledge that they have experienced significant financial losses due to attacks that resulted in the compromise of sensitive data.

“Driven by this, companies are increasingly looking to collaborate to minimise the impact of such breaches, particularly when they see the positive reputational benefit that disclosure and collaboration can bring,” the report states.

Regardless of the high number of costly incidents,companies still have a high rate of confidence in their IT departments, with 85% of companies saying they have trust in the security of their networks.

The study also found that 47% of company executives believe that collaborating with other organizations on threat intelligence and increasing the level of transparency in the disclosure of breaches could work to reduce the financial losses from such events.

“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,” said Charles Ross, editor of the report. “This is recognised as part of the solution, but the problem is that companies are waiting for each other to take the first steps.”

Other Key findings in the report, which surveyed over 200 senior executives, include:

  • Occurrence of data breaches is alarmingly high: Only 35% of firms are confident that they haven’t experienced a data breach in the last 12 months
  • Businesses regard data security as extremely important: 76% say it is high priority and only 8% regard it as low priority
  • Companies are better placed than government to deal with data security breaches: Over 80% of respondents say that the best way to minimize data security breaches is for business to proactively take the lead

The report also examines the ways in which organizations are beginning to collaborate more with one another on how to best handle the disclosure of data breaches, how are they cooperating with governments to improve security, working on standardizing security policies, and sharing best practices.

Read More Here (PDF)…