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Intellectual Property Cyber Theft Expected to RiseNEW YORK, Oct. 25, 2016 /PRNewswire/ -- The number of intellectual property (IP) cyber theft incidents in the next 12 months is expected to increase, according to 58 percent of respondents to a recent Deloitte poll. When asked which category of potential adversary they believe is most likely to attempt theft of their organizations' IP, the prevailing percentage of respondents (20.1 percent) answered "employees or other insiders." Yet, only 16.7 percent of respondents said access to IP is very limited, on a need-to-know basis only. "While many of us know — or have experienced firsthand — how a cyberattack can severely disrupt business, loss of an asset as critical as IP can be crippling for most organizations," said Don Fancher, principal, Deloitte Financial Advisory Services LLP, national leader, Deloitte Forensics & Investigations and Deloitte Forensic leader, Deloitte Global. "Managing risks to trade secrets, drawings, plans or proprietary know-how that drive your organization's revenue and competitive advantage often includes quantifying how loss of that IP would impact the business, preparing to identify and pursue adversaries, and building a defensible chain of data custody to counter future IP cyber theft threats." As cited in the Deloitte Review article, "The hidden costs of an IP breach: Cyber theft and the loss of intellectual property," IP can constitute more than 80 percent of a single company's value today. And yet, 44.1 percent of respondents to the Deloitte poll collectively feel that assessing the impact of IP loss and managing relationships would be the largest challenges faced by their organization. Sectors expecting a higher than average increase in IP cyber theft in the next year included: power and utilities (68.8 percent); telecom (68.8 percent); industrial products & services (64.7 percent); and automotive (63.9 percent). Those sectors expecting higher than average insider IP theft attempts included: automotive (32.2 percent); oil & gas (27.2 percent); and real estate services (26.2 percent). Tips for assessing the potential impac and protecting against intellectual property loss include:
Adnan Amjad, cyber threat risk management practice leader for Deloitte Advisory Cyber Risk Services and partner at Deloitte & Touche LLP added, "Predicting IP data theft is tough, as adversaries don't fit one specific mold. A robust insider threat mitigation program leverages a broad set of stakeholders to define potential insider threats and risk appetite, establish appropriate policies, procedures, controls and training and utilizes the combination of business knowledge, virtual and non-virtual data and technology to more effectively safeguard vital information." Here are key considerations for building an insider threat mitigation program:
"As the cybersecurity conversation begins to shift from a focus on technology to a broader discussion involving all essential business functions, an organization's insider threat program should evolve in a similar way," concluded Amjad. About the online poll About Deloitte Advisory Cyber Risk Services As used in this document, "Deloitte" and "Deloitte Advisory" means Deloitte & Touche LLP, which provides audit and enterprise risk services; Deloitte Financial Advisory Services LLP, which provides forensic, dispute, and other consulting services; and its affiliate, Deloitte Transactions and Business Analytics LLP, which provides a wide range of advisory and analytics services. Deloitte Transactions and Business Analytics LLP is not a certified public accounting firm. These entities are separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Contact Logo - http://photos.prnewswire.com/prnh/20160614/379251LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/intellectual-property-cyber-theft-expected-to-rise-300350518.html SOURCE Deloitte |