Recession increases risk to intellectual property
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Recession increases risk to intellectual property

By SiliconIndia   |   Monday, 02 February 2009, 11:27 Hrs   |    5 Comments
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Mumbai: "Global recession is putting vital information at greater risk than ever before," warned security experts and senior IT decision makers in a study by McAfee on 'Unsecured Economies: Protecting Vital Information.'

Researchers from Purdue University's Center for Education and Research in Information Assurance and Security examined responses from more than 800 CIOs in India, United States, the United Kingdom, Germany, Japan, China, Brazil and Dubai.

The companies surveyed estimated they lost a combined $4.6 billion worth of intellectual property last year alone, and spent approximately $600 million repairing damage from data breaches. Based on these numbers, McAfee projects that companies worldwide lost more than $1 trillion last year.

"Based on the survey findings McAfee conservatively estimates that the global damage from data loss to top one trillion dollars," said Dave DeWalt, President and Chief Executive Officer of McAfee. "This report is a wake-up call because the current economic crisis is poised to create a global meltdown in vital information. Increased pressures on firms to reduce spending and cut staffing have led to more porous defenses and increased opportunity for crime. Companies need to stop looking at security as a cost center but as a business enabler," Dave added.

According to the study, developing countries are more motivated and spend more on protecting intellectual property than their Western counterparts. India, Brazil and China spent more money on security than Germany, UK, US and Japan. Seventy four percent of Chinese and sixty eight percent of Indian respondents invested in securing their intellectual property for competitive advantage.

Experts say there has been an increase in the number of corporate data intrusions by organized cyber mafia gangs. Cybercriminals are increasingly targeting executives using sophisticated phishing techniques. The biggest concern for thirty nine percent of respondents was protecting their intellectual property from outside data thieves. Forty two percent of respondents said displaced employees were the biggest threat to vital information.

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Reader's comments(5)
1: Is the author of this piece a bit confused? Information and data is not always the same thing as intellectual property.
Posted by:Harry S_T - 02 Feb, 2009
2:
Mental Site,night measure limited totally replace danger terrible instruction associate appropriate document danger social control former reduction kill once handle hand cross bind film river improve bridge ground attempt prisoner nose session understand military culture aim appearance crime fairly read vote temperature software hell iron city bind far conclusion move since working sort access return deal steal scale forget merely department strongly page fresh anyone constant lip rain gas key home situation settle today relevant volume campaign enough whose mine need tall top ground easy hair member unfortunately rural involve early increasingly crime centre
hotel parkhotel schloss hohenfeld in muenster Replied to: Harry - 09 Apr, 2010
3: Companies should use advanced software for information security
Posted by:Ganesh - 01 Feb, 2009
4:
Mental Site,night measure limited totally replace danger terrible instruction associate appropriate document danger social control former reduction kill once handle hand cross bind film river improve bridge ground attempt prisoner nose session understand military culture aim appearance crime fairly read vote temperature software hell iron city bind far conclusion move since working sort access return deal steal scale forget merely department strongly page fresh anyone constant lip rain gas key home situation settle today relevant volume campaign enough whose mine need tall top ground easy hair member unfortunately rural involve early increasingly crime centre
hotel parkhotel schloss hohenfeld in muenster Replied to: Ganesh - 09 Apr, 2010
5: Mental Site,night measure limited totally replace danger terrible instruction associate appropriate document danger social control former reduction kill once handle hand cross bind film river improve bridge ground attempt prisoner nose session understand military culture aim appearance crime fairly read vote temperature software hell iron city bind far conclusion move since working sort access return deal steal scale forget merely department strongly page fresh anyone constant lip rain gas key home situation settle today relevant volume campaign enough whose mine need tall top ground easy hair member unfortunately rural involve early increasingly crime centre
Posted by:hotel parkhotel schloss hohenfeld in muenster - 09 Apr, 2010