The worldwide study titled "Managing IT business Risk: Safeguarding the Organization from IT Failure" surveyed more than 1,000 CIOs and IT executives from 22 countries. Among the surveyed population, about 300 are from Asia Pacific, with 30 IT executives from Hong Kong.

"The global research reveals that there is a blind spot in business today regarding the risk that IT failure creates in the business," said Denis McCauley, director of global technology research at EIU.

The survey indicated 40 percent of Hong Kong CIOs polled said business requirements definition were the primary factor for failure in IT initiatives, while 30 percent of them identified business environment change as a factor.

Aiming to help local companies manage business risk associated with IT failure, Mercury Interactive last month revealed its latest offerings to enhance IT in coping with changing business environments and requirements.

The company's key offerings include four products: IT Governance Center; Quality Center; Performance Center; and Business Availability Center. With a strong market position in testing newly developed software's quality and performance, Mercury Interactive's quality center and performance center have established a track record in the market, according to Edwin Lo, managing director, Greater China.