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In today’s business world, information is as valuable an asset as cash. Since 2013, there have been 9,230,693,578 data records lost or stolen in data breaches. 

Withum Quick ReadTM Intellectual Property Assurance (IPA) provides a quick assessment of your organization’s data to identify broken business processes, identify key offenders and answer three key questions. 

  1. Where is my data? 
  2. How is it being used? 
  3. How do I prevent its loss? 

Only 4% of those breaches were “Secure Breaches” with “Encrypted Data”, which rendered the stolen data useless.  Large corporation’s losses are drastically higher – as well as their long-term effects. Keep in mind that data breaches and associated losses are often under-reported. Data breaches often include legal actions, heavy sanctioning, loss of public confidence, strict regulatory actions and even loss in share price. In other cases, businesses were not able to recover at all after a significant incident.

Intellectual Property (IP) theft costs U.S. businesses more than $250 billion each year. Some of the biggest perpetrators of IP theft are employees and 3rd party suppliers that serve in technical positions. However, Withum Information Security & Risk has had several investigatory support cases involving senior executives committing IP Theft.

In some of the more serious incidents, Withum has identified hacktivists, cybercriminals, hostile competitors and employees engaged in IP theft for a variety of reasons. These reasons include but are not limited to fraud, extortion, circumvention of controls, public embarrassment of the company and senior executive leadership, insider trading (especially as it relates to mergers and acquisitions), earnings and forecast information, unauthorized disclosure of executive bonuses, perpetrators intent on the instigation of regulatory and legal actions in order to paralyze business operations, personal financial gain, enticement of the competitor for transitional employment opportunities in return for confidential information, competitive advantages through the unauthorized disclosure of proprietary information, advantages over tense situations such contract bidding or underbidding, contract and legal disputes, as well as just for public notoriety guise as ‘whistleblowing’.

Contact Withum’s Cyber Team

Testimonials

President Real Estate Development and Management Company
Due to some concerns with our former IT consultants, we began searching for a new provider. We chose Withum's Cybersecurity team, as their services range from providing IT Consulting and IT Security, to incident response and forensics. Before officially hiring them, Withum performed an extensive assessment of our entire environment and recommended changes and enhancements. I was very impressed by their analysis and immediately understood how sophisticated their security is compared to where we were at the time. We made the change and although change is always difficult, Withum made it as seamless as possible.

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