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Information security costs rise 51% in past year for companies worldwide

By Ding Yining | December 11, 2013, Wednesday | Online Edition

THE average budget for information security for companies worldwide rose 51 percent this year from a year ago to US$4.3 million, signaling an increasing threat landscape with the proliferation of mobile devices in the workplace, a new industry report shows.

Companies that took part in the study in the Asia Pacific region reported an average of 2,958 security incidents in 2013, a 21 percent increase from a year ago, and globally the number of security breaches detected rose 25 percent annually to 3,741, PwC’s Global State of Information Security Survey said today.

Among financial industry respondents surveyed by PwC, 58 percent of organizations said they will increase Internet security spending to enhance mobile device security and 50 percent will allocate more for social media security.

“Companies need to put their Internet security strategy on a broader level in the company instead of just relying on the IT department,” said Kenny Hui, a risk assurance partner at PwC China.

The cost of fixing security breaches rose 18 percent on the global level. In the Asia Pacific, the cost rose 28 percent.

Former employees are seen by 41 percent of companies in China’s mainland and Hong Kong as a likely source of security breaches, higher than the 27 percent level worldwide.

Competitors also are a much greater cause for concern as 40 percent of companies in China’s mainland and Hong Kong identified them as a source of security incidents versus 14 percent globally.

The survey covers more than 9,600 respondents including executives and directors of IT and security depart-ments in various industries.

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