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SINGAPORE : Data protection and information security risk management are top priorities for companies around the world, as the use of technology like computers becomes increasingly prevalent.
This was revealed in an annual survey by Ernst & Young of some 1,900 senior executives in over 60 countries.
Around the world, hardly a work day goes by without the use of computers. And experts said the increasing mobility of information and new technologies are pushing companies to re-examine their security risk practices.
In its latest survey, accounting firm Ernst & Young found that half of the firms polled will be spending more in information security risk management over the next year, while four in 10 companies plan to invest more in data protection.
Gerry Chng, Far East Area Leader, Information Security, Ernst & Young, said: "In particular (reference) to the financial services industry, we have seen the focus on data protection, and we believe that this comes naturally, because financial data is one of the key information assets that attackers are trying to go after, due to the financial rewards from there."
Nearly eight in 10 of the respondents in the financial services and insurance sectors said they are inclined to beef up data protection.
Mr Chng said: "The industry has been quite focused on infrastructure as a starting point for protecting IT, so this is really at the point now where organisations are starting to look at protecting information.
"There is going to be a fair bit of change in terms of the way security is being managed, (and) the processes that currently exists in the organisation needs to be looked at as well."
Ernst & Young said its findings showed that regulatory compliance continues to be an important driver of information security improvements. But despite plans to spend more, one in two respondents said the availability of budget and resources is a significant challenge. - CNA/ms
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