We study the asymptotic behaviour of (a) information leakage and (b) adversary's error probability in information hiding systems modelled as noisy channels. Specifically, we assume the attacker can make a single guess after observing n independent executions of the system, throughout which the secret information is kept fixed. We show that the asymptotic behaviour of quantities (a) and (b) can be determined in a simple way from the channel matrix. Moreover, simple and tight bounds on them as functions of n show that the convergence is exponential. We also discuss feasible methods to evaluate the rate of convergence. Our results cover both the Bayesian case, where an a priori probability distribution on the secrets is assumed known to the attacker, and the maximum-likelihood case, where the attacker does not know such distribution. In the Bayesian case, we identify the distributions that maximize leakage. We consider both the min-entropy setting studied by Smith and the additive form recently proposed by Braun et al. and show the two forms do agree asymptotically. Next, we extend these results to a more sophisticated eavesdropping scenario, where the attacker can perform a (noisy) observation at each state of the computation and the systems are modelled as hidden Markov models.