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Singapore companies lose US$1.3 million to data loss

Adrian M. Reodique | July 4, 2016
Thirty-three percent of businesses in Singapore have suffered data loss in the past 12 months.

Thirty-three percent of businesses in Singapore have suffered data loss in the past 12 months, which is estimated to cost US$1.3 million.

This is according to the new findings from the EMC Global Data Protection Index 2016, which polled IT decision makers from 2,200 organisations in 18 countries globally about their company's data protection maturity, threats and trends.

The index aims to help organisations recognise and prepare for the emerging threats on their data. The survey results underscored three major challenges to modern data protection.

In Singapore, the index revealed that more than half (62 percent) of polled businesses have experienced unplanned systems downtime in the past 12 months, while 28 percent suffered data loss or unplanned systems disruption because of an external or internal security breach.

The index also showed that Singapore businesses are expected to adopt cloud technology for mission critical applications such as websites (38 percent), productivity (30 percent), and email (29 percent) in the next 12 months. Meanwhile, 49 percent of the respondents said they are already running their email solution in the public cloud.

However, it was found that only less than half of the respondents protect their cloud data against corruption and deletion.

Meanwhile, close to 80 percent of polled Singapore organisations are not very confident they could fully recover their systems or data in the event of data loss or unexpected system downtime. Majority of the respondents (85 percent) also said they are not very confident their solutions will be able to keep up with new capabilities and faster storage performance.

In addition, majority of polled businesses (83 percent) are not confident their current data protection are sufficient to meet the future challenges on the organisation.

"Businesses are going to find themselves exposed to new and emerging threats to their data, at a velocity that they have not dealt with before. Our research shows that many businesses in Singapore are unaware of the potential impact and are failing to plan for them, which is a threat in itself. Despite being ranked first in the World Economic Forum Global Information Technology Report in 2015, today's results indicate that businesses in Singapore are still challenged by the rapid evolution of cybercrime with unplanned data loss and downtime crippling the system," said Eric Goh, Managing Director of EMC in Singapore.  

Globally, the index found that businesses had successfully reduce the impact of the four biggest data traditional data loss risks such as hardware failure, power failure, software failure, and data corruption but unprepared on emerging threats.

Compared to the EMC Global Data Protection Index 2014, 13 percent more organisations have suffered data loss or disruption in the last 12 months which translates to an average of US$914,000 in cost. 

 

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