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Financial loss linked to security incidents rises in Chinese firms
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THE average amount of financial losses due to security incidents among companies in China’s mainland and Hong Kong jumped a third this year, a pace similar to the global average level, as information technology related crime picked up, a latest study shows.
Average financial losses from detected cybercrime were up 33 percent from a year ago to US$2.4 million, PwC said in its annual Global State of Information Security Survey. Globally, average financial losses attributed to cyber security incidents were US$2.7 million, adding 34 percent from a year ago, the report said.
The study was based on survey of more than 9,700 respondents worldwide with more than 400 from the mainland and Hong Kong.
For companies with revenues of more than US$1 billion, the number of cyber security related incidents added 44 percent from a year ago.
Former employees remained the most likely source of security incidents, with 41 percent of respondents in the mainland and Hong Kong reporting so, while 32 percent of them viewed information service providers as a potential vulnerable spot, since an increasing number of companies is working with third party cloud computing service firms.
As many as 84 percent of mainland and Hong Kong respondents said their companies are increasing information security budgets.
Information technology executives also cite lack of a security strategy or vision as a main obstacle to improving the effectiveness of a company's information security functions.
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