Steve Bennett, CEO of Symantec and cyber security advisor to President Obama has warned that intellectual property theft is a greater cyber security threat than cyber war and malicious attacks from rogue hackers. Information theft is the second most common form of fraud after the physical theft of assets, with external cyber attacks designed to steal commercial secrets doubling in the past year.
Commenting on this, Peter Armstrong, director of cyber security at Thales UK stated, “Hackers entering corporate networks present a huge enterprise risk for companies that create IP -the attack on Adobe earlier this year is one of the most high profile attacks of this nature to happen in recent months, demonstrating that large organisations such as this are either not taking cyber security seriously or are still unsure about how to tackle the problem.
Regulation is a necessity to alter corporate behaviour. The National Institute of Standards and Technology framework set up by executive order from President Obama is a step in the right direction for the security industry. Greater collaboration on cyber issues should also lead to an improvement in cyber awareness and cyber standards, particularly as external attacks multiply faster than legacy IT security solutions can currently keep up with.”