Photo - Natalya Kaspersky, CEO of InfoWatch Group and co-founder of Kaspersky Lab, in Malaysia.
Russian data loss prevention solutions [DLP] firm InfoWatch, a Kaspersky Lab spin-off, recently visited Malaysia to share findings on the cost of DLP especially to highly-regulated sectors such as banks and financial institutions.
Speaking to local industry personnel, InfoWatch chief executive officer and co-founder of Kaspersky Lab said that DLP is essentially a strategy to bar end users from sending out sensitive and critical information outside their corporate networks.
During the first half of 2013, 496 leaks of confidential information were registered in the media and detected by InfoWatch Analytical Labs worldwide, said Kaspersky. "The figure is 18 percent higher compared to the same period last year. More than 258 million records were compromised, including those containing financial and personal data."
"The losses incurred by companies as a result of data leaks during the first half of 2013 alone amounted to US$3.67 billion," she said. "This figure is based on media reports that include the cost of mitigating the impact of leaks, legal investigations, compensation payments and others."
"We live in a digital world where everything is connected, and it has become more crucial than ever to acknowledge data leakage as a risk that threatens different sectors both public and private," said Kaspersky.
"While it is important for banks, other financial institutions and various sectors such as telecommunication and insurance that keep a database of sensitive information, customers too need to be aware what DLP is and be able to ask their service providers if their information is secure," she said.
Kaspersky said that looking at the global losses reported in the media, "it makes good business sense for industries to adopt DLP, especially as it recognises that losses incurred not only tarnishes the reputation of the organization, companies face loss of confidence from various stakeholders such as customers and shareholders."
She said InfoWatch came to Malaysia as the first country, outside of the Middle East, with its "revolutionary DLP solution. It was highlighted that Malaysia was a choice market as the country boasts one of the most advanced infrastructures in the world and is home to a number of regional technological hubs, making it an ideal location to host this event and start the discussion of information security."
Founded in 2003, InfoWatch Group consists of four companies within the information security industry: InfoWatch Ltd. (data leakage prevention software), Kribrum Ltd. (social media monitoring and analysis aimed at online reputation management), EgoSecure GmbH (end-point security software), and Appercut (business application source code analysis).
Sign up for CIO Asia eNewsletters.