Fortune 1,000 Companies Inadequately Prepared To Handle IP Threats

by T+B Blog Team on June 10, 2014

Results from a recent survey carried out among legal counsels at Fortune 1,000 companies point to a large gap between an organization’s awareness of potential cyberthreats to their intellectual property and their readiness to address such issues.

The poll, carried out by iThreat Cyber Group on behalf of InsideCounsel magazine, found that 88% of respondents expressed concern about their ability to adequately protect their intellectual property. This finding highlights companies’ awareness of such issues—namely the vulnerability of their IP to cyberattacks—however, despite being aware of such threats, many companies still lack the skills and expertise to effectively respond. About 54% of the sample admitted that their organization was moderately prepared to prevent an attack, while 12.5% were either “moderately unprepared” or “very unprepared” to handle such an event.

Just 33.7% of respondents believed their organization is adequately prepared to handle such an event, while 48% expressed moderate confidence or a complete lack of confidence in their ability to recover quickly from a major attack on their IP.

Companies’ concerns about cyberattacks stem chiefly from their relative level of awareness, Jeff Bedser, founder and CEO of iThreat Cyber Group, commented. If the poll was carried out a decade earlier, more respondents would have expressed preparedness to cope with IP assaults. Many companies now fear they might become the victim of a cyberthreat and are worried about flaws in their IP protection measures. Unfortunately, most organizations only have the capacity to prepare for threats they are familiar with, Bedser said.

Bedser advises companies to take a proactive approach towards IP attacks, employing monitoring programs that can give warnings in advance and help them learn about threats before they occur.

Is your organization prepared to handle an IP attack?

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