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Saturday, January 31, 2009

Global Recession Increases Risk of IP


Data losses by companies worldwide amounted to $1 trillion, which had $4.6 billion worth of intellectual property loss, said a report released by McAfee.

In the global meltdown, companies face pressures to reduce spending and cut staffs, which can create porous defenses and increased opportunity for crime. Companies need to stop looking at security as a cost center, but as a business enabler, said the report.
"Companies are grossly underestimating the loss and value of their intellectual property," said Eugene Spafford, professor of computer science at Purdue University and executive director of Center for Education and Research in Information Assurance and Security (CERIAS).

Key findings of the report are:

Recession puts intellectual property at risk

- 39% of respondents surveyed believe vital information is more vulnerable in the current economic climate than before.

Commitment to protecting vital information varies

- 74% of Chinese and 68% of Indian respondents invested in securing their intellectual property for competitive advantage

Intellectual property is now an international currency

- An emerging target for cybercriminals is intellectual property, and experts say there has been an increase in the number of corporate data intrusions by organized cyber mafia gangs

Employees steal intellectual property for financial gain and competitive advantage

- An increasing number of financially-challenged employees are using their corporate data access to steal vital information.

- 42 % of respondents said displaced employees were the biggest threat to vital information.

Geographic threats to intellectual property

- Geopolitical perceptions are influencing data policy reality. China, Pakistan and Russia were identified by companies surveyed as trouble zones for various legal, cultural and economic reasons

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