What US Businesses Need to Know About Foreign Governments' Theft of Their Data
From notifying law enforcement to setting up IT controls when an employee leaves the company, cybersecurity lawyers and experts discussed during an ACC-Georgia event Tuesday ways to mitigate the threat caused by both inside and outside data compromises.
April 30, 2019 at 04:21 PM
4 minute read
The exact frequency is difficult to estimate, but what is calculable about foreign governments' theft of U.S. companies' data is cause for great concern: In 2016, for example, Google notified its users of 4,000 state-sponsored cyberattacks per month. And last month, a BAE Systems report found an increase in cyberattacks on financial institutions linked to nation-states.
But it's not just the financial services industry that is at risk. According to public indictments in various U.S. Department of Justice cases, dozens of industries—from aviation to health care to nuclear and telecommunications—are vulnerable, cybersecurity lawyers and experts told more than 100 lawyers gathered at Atlanta firm Taylor English Duma on Tuesday for the 2019 annual Value Challenge conference held by the Georgia chapter of the Association of Corporate Counsel.
The main actors are Russia, Iran, increasingly North Korea and China, the latter of which aggressively goes after companies' intellectual property, often through phishing scams, in an attempt to discover their research and development and beat them to market, said John Boles, a principal at PwC and formerly assistant director of international operations at the FBI.
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