As corporations become more reliant on modern technology, they also become more vulnerable to online attacks. Corporate cyber crime is on the rise, and can cause serious harm to an organization’s bottom line. In 2010, the Ponemon Institute estimated that the average cost to companies affected by cyber crime was $3.8 million per year. That rose by a staggering 56% in 2011, to $5.9 million per year!
Corporate online attacks are not only costly, but becoming more frequent. “We have seen a 40 per cent rise in the theft of intellectual property since the 2008 recession,” said Daniel Tobok, President of Digital Wyzdom Inc, a security consulting firm based in Toronto. What’s even more alarming is that corporate cybercrimes could be playing a dangerous role in international cyber warfare.
Cyber security firm Mandiant recently linked China to cyber espionage and attempts to steal American trade secrets. In February, the Obama administration raised the prospect of new trade measures against China, and other countries, as part of a new strategy to take on corporate espionage.
“Confidential information is the new currency crooks are after,” says Daniel Tobok, and it seems that no company, regardless of industry or size, is safe.
As a virtual data room provider used to securely share large volumes of sensitive information, Firmex takes a great interest in the corporate security landscape. We’ve brought together a list of Top 10 Security Breaches, to highlight the very real impact corporate cyber crime is having in North America.
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