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Companies lost $5 billion in intellectual property last year

McAfee report reveals the impact of data breaches on corporate information security

A new study by McAfee revealed that companies from different parts of the world, including Dubai, lost a combined total of $4.6 billion worth of intellectual property last year due to breaches in data security.

More than 800 CIOs in the United States, United Kingdom, Germany, Japan, China, India, Brazil and Dubai were interviewed for the study, which stressed the importance of protecting corporate information.

Companies that lost intellectual property spent close to $600 million to firefight the issue and repair the damage caused by the breach in security.

“Based on the survey findings McAfee conservatively estimates that the global damage from data loss to top one trillion dollars,” said Dave DeWalt, president and chief executive officer of McAfee.

With the recession taking its toll of most major economies, there’s never been a more important time to secure and protect information. In fact, 39% of the respondents surveyed believe vital information is more vulnerable in the current economic climate than before.

“Increased pressures on firms to reduce spending and cut staffing have led to more porous defenses and increased opportunity for crime. Companies need to stop looking at security as a cost center but as a business enabler,” added DeWalt.

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