Fortune 1,000 Majority Lack Critical Resources to Anticipate, Understand, Manage Emerging Business Threats, New Survey Finds iThreat Cyber Group & InsideCounsel Magazine Gauge Corporate Ability to Thwart Adversarial Attacks
PRINCETON, N.J., June 3, 2014 /PRNewswire/ -- Two out of three legal counsels representing a cross section of Fortune 1,000 companies acknowledge they are not "very well prepared" to prevent a significant, material attack on their product, brand or intellectual property, according to a new survey by InsideCounsel Magazine commissioned by iThreat Cyber Group.
"These results are telling," stated Jeff Bedser, Founder and CEO of iThreat. "Counsels are well aware of the damage cyber attacks can inflict, but a wide majority feel they do not have the necessary resources in place to prevent, or effectively manage, a traumatic event targeting their business."
Over 100 corporate counsels with Fortune 1,000 companies participated in the survey assessing the capabilities of those responsible for intellectual property security. Among the key findings:
- Only 33.7% felt "very well prepared" to prevent a significant attack on their company;
- Conversely, 53.8% felt "moderately prepared" to prevent an assault, while 12.5% were either "moderately unprepared" or "very unprepared" to handle such an event;
- 88% expressed concern regarding their ability to protect their intellectual property; and
- Nearly half (48%) were just moderately confident, or had no confidence at all, in being able to respond and recover quickly from a material attack on their company.
Additionally, 77% of corporate counsels reported "resource gaps" limiting their ability to establish proper awareness, analysis and / or the capacity to act on threats that risk significant impact to their business.
Rich Steeves, Managing Editor of InsideCounsel, added, "The results of the survey reflect the gap between awareness and preparedness. Companies are more aware than ever of threats to their intellectual property, but at the same time, they lack confidence that they are prepared to deal with these issues."
Jeff Bedser continued, "Today's online corporate adversaries are skilled, resourceful and complex – and they require companies to engage more sophisticated measures to combat their activities. Our survey respondents candidly acknowledged serious vulnerabilities that exist within their respective infrastructures. The question now is: Are companies prepared to go the extra mile to implement proactive, comprehensive programs that can better protect them from threats that could cause immeasurable harm?"
The complete survey is viewable at www.ithreat.com. For media inquiries, please contact Andy Shea, Jackson Street Partners, at 240.752.1560.
iThreat® Cyber Group (ICG), formerly known as the Internet Crimes Group, is the nation's leader in providing timely risk information, investigation, and analysis to help clients mitigate threats to key assets. Founded in 1997, ICG provides companies and individuals a powerful suite of intelligence tools and strategies, helping them combat the constant threats of counterfeiting, piracy and Internet fraud. Coupled with in-depth, expert human analysis, ICG helps clients proactively and reactively protect people, operations, and intellectual and physical property.
InsideCounsel is the award-winning monthly magazine that has been serving general counsel and other top-in house legal professionals for almost two decades. With BPA-audited circulation of 40,000 and unparalleled depth and breadth of coverage, InsideCounsel provides the strategic tools GCs need to better manage their departments and business risk. Its live and web event programs, custom publishing and robust web/ eNewsletter offerings provide cost-effective tools and measurement-rich feedback to support demanding business development and marketing program needs. Visit www.InsideCounsel.com for more information.
SOURCE iThreat Cyber Group