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cybersecurityeurope PAGE 36
Now that the full economic impact of malicious threats can be assessed, organisations should ensure legal obligations are covered, counsels DWF’s Klaus Brisch.
WITH EVER-GROWING INTENSITY, CYBER CRIME, INDUSTRIAL ESPIONAGE, AND THE UNLAWFUL PROCUREMENT OF INFORMATION by use of digital technology, have a severe impact on those businesses that are hit by them; and to date, few have remained unaff ected by the rising threat tide. The ramifi cations of this type of crime are
international, as reports show. In 2017, the German Federal Offi ce for the Protection of the Constitution published statistics on the economic impact on German businesses caused by industrial espionage through cyber attacks aiming to access trade secrets, business expertise or intellectual property: the German economy suff ered damages of €55bn. Another study, Economic Impact of Cyber Crime – No Slowing Down, conducted by McAfee and the Centre for Strategic and International Studies (CSIS) in February 2018, concluded that cyber crimes cost the global economy around $600bn every year. Such fi gures are indeed alarming. The age of digital
transformation that’s led to the so-called
‘data economy’ has created an enormous range of possibilities for cyber attacks – and, therefore, risks for businesses that rely on technology and data.
COMPANY INFO DWF
We are a global legal business, transforming legal services through our people for our clients. Led by Managing Partner & CEO Andrew Leaitherland, we have over 27 key locations and more than 3,100 people delivering services
and solutions that go beyond expectations. Klaus Brisch is expert in data protection-privacy law, IT-compliance, cyber security.
DETAILS For further information about DWF visit its website: |
dwf.law
One of the greatest dangers for businesses at risk
from cyber attacks is that the perpetrators will try to remain undetected within their IT systems for as long as possible, and seek to remain in a position to retrieve as much information from their target as they possibly can. The aff ected company may, for example, not know immediately why it lost a tendering procedure to someone who outbid them, why an ongoing negotiation fell through, or a contract was lost. The
Recent cases of industrial espionage have led to increased awareness of which legal system is applicable.
fi nancial appeal of industrial espionage to companies is obvious. With the help of confi dential data on their competitors and products, the company can predict business choices beforehand, and perhaps even use innovations before they are offi cially released into the market. Illegally-obtained information may even be used to blackmail a business. The eff ect on businesses impacted by cyber crime is not just felt fi nancially, either; the damage has a
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