Wednesday, December 23, 2015

Data security risks rising for Chinese firms

Based on a study by PwC, Chinese companies tackled an average of 1245 information safety cases in 2015, a 517% year-on-year increase over last year.

Customer data, internal records, and intellectual property owned by energy, retail, technology, and engineering companies were the most targeted.

In addition, wider adoption of emerging IT solutions such as the Internet of Things increased the chances of data leakage, as more data are transmitted from portal devices and over wireless networks.

The survey also found that Internet security budgets for Chines companies neared $8 million in 2015, significantly higher than the global average of $5.1 million.

Online data leakage and damage cost China-based firms $2.63 million in 2015, a 10 percent jump over 2014. The amount is also higher than the global average of $2.55 million, because cyber-security incidents involving the cash-rich Chinese Internet companies usually entail high financial losses.

The results are based on a survey of more than 330 chief executives, financial officers, and IT professionals working in mainland China or Hong Kong.