Data theft tops US$1 trillion

Cybercrime reached massive proportions in 2008 according to an international survey conducted by McAfee, costing businesses US$1 trillion globally.

The survey has highlighted the challenge businesses face in protecting sensitive information and customer data in a global marketplace.

CEO of Cocoon Data – developers of Australian engineered Secure Envelopes software – Trent Telford, has urged Australian businesses to make data security a top priority, with vital business information more vulnerable than ever.

“The cyber-underground is growing ever more sophisticated and hi-tech criminals trading stolen information are thriving rather than suffering the economic downturn. In the current economic climate the threat from ‘inside’ the company poses the biggest threat to trade secrets.”

The research has also found that businesses off-shoring their data in order to reduce costs are at an even higher risk.  Telford believes this is due to the fact that most businesses are unaware of the implications of their intellectual property being stored or processed in other regions.

“With increasingly tough data protection laws, business cannot afford to get complacent about protecting their most valuable intangible assets – information and integrity.”

Businesses need to be aware of such risks and implement the right policies and technologies to avoid serious financial loss.

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