IP theft is 'most damaging' cyber-crime for UK businesses

Due to a failure to protect valuable data, businesses are leaving themselves exposed to unnecessary levels of risk including theft of intellectual property.

A new whitepaper from British cyber-security specialist Becrypt explores common errors that are leaving businesses exposed and suggests some best practices that all businesses should follow to protect against Intellectual Property (IP) theft. 

Despite the vast amounts of money spent on cyber-security, many businesses are suffering potentially important losses due to their failure to sufficiently protect their data.

Cath Hackett, VP of product portfolio at Becrypt said, “Data is everywhere and therefore harder to control. Should your company confidential information be disclosed to your competitors the impact could be significant and include lost sales, lost customers and lower profit margins.” 

Most data breaches are a result of a malicious or criminal attack (47 percent) or a negligent employee or contractor (25 percent). A UK government report indicated IP theft as the most damaging form of cyber-crime for businesses in the UK. A loss of £9.2 billion per year results from IP theft

A global survey conducted by Kaspersky Lab, that studied 4,000 IT managers from 27 countries, calculated that over 20 percent of manufacturing firms reported a loss of IP in a cyber-attack in the last year. 

“Implementing effective risk management strategy starts with understanding the risk and how to manage it. Organisations can minimise the challenges by partnering with a knowledgeable security provider who has the acute understanding of how to exploit the benefits of mobile working whilst balancing the risks of enabling a truly mobile workforce,” said Hackett.