Sunday, April 3, 2011

Corporate spying goes unreported

SANTA MONICA, Calif. (MarketWatch) — International industrial espionage is on the rise as cyber criminals shift their activities to stealing trade secrets from taking personal data and information.

A new research report from McAfee, the Internet security firm, says, “Globalization and the commoditization of information technology have driven businesses to store increasing amounts of precious corporate data in the cloud. As this shift has taken place, cyber criminals have discovered new ways to target this precious data, both from inside and outside the organization.”

The report, “Underground Economies: Intellectual Capital and Sensitive Corporate Data Now the Latest Cybercrime Currency,” also says many companies are reluctant to thoroughly investigate cyber breaches for fear of publicity and because investigations are costly.

Companies worldwide are estimated to lose more than $1 trillion due to data leaks, costs of remediation and reputational damage.


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