Data Leakage The banking and financial services industry is at high risk for data leakage with over 40 per cent of leaked personal data globally, according to the Infowatch Global Data Leakage Report 2014.

Infowatch Group is the global leader in data leakage protection solutions.

Its Chief Executive Officer, Natalya Kaspersky, said the industry was involved in the leakage of 313 million personal data attributed to 135 cases reported last year.

“Although healthcare segment recorded a higher number of cases, the personal data compromised were much lower in volume compared to the banking and finance sector at 58 million,” she said during her presentation via webinar today.

She said the type of data breached was led by information breach, followed by data fraud and exceeding access rights.

The way data was being leaked was also changing, she said, from the traditional paper or hard copy to a more sophisticated way through browsers and cloud.

Kaspersky said data leakage might soon overtake other threats when it comes to financial and reputation damage to an organisation.

“It is the consumers which are being put at risk when organisations did not put enough precautions to prevent leaks, as the report revealed that 92 per cent of information leaked are personal data,” she added.

Meanwhile, Infowatch Asia Pacific/Malaysia Regional Head, Renga Nathan, said the awareness on the importance of data leakage protection in Malaysia was still very low probably due to the lack of enforcement in terms of Personal Data Protection Act.

“In Malaysia, the penetration of such solutions is only about ten per cent, while in the banking sector only 30 per cent have that kind of protection,” he said.

However, there has been an increasing awareness whereby more organisations are now putting in more budget allocations to extend their data protection to leakage solutions.


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Reference: http://www.bernama.com.my/