Data Theft: 1 Trillion Dollars

The World Economic Forum, meeting in Davosdiscussed the issues of data theft and data loss, and based on a report by McAffee, reported the stolen and lost data, is costing businesses around 1 trillion dollars a year.

Following a survey of business, by McAfee they identified losses of over $5 billion, by extrapolating that out they arrived at the 1 trillion dollars.

Its been reported many times that scale of the data loss and theft is just increasing, with dire predictions for for 2009 following a pretty poor 2008.

These issues have resulted in calls for new forces and laws to target the problem, where as the reality is that more needs to be done by companies, on a individual basis, to resolve their own problems. Tougher penalties on those failing to secure data would probably encourage the correct behavior by companies, rather than creation of international police forces which will be doomed to failure, due to jurisdictional infighting, heavy bureaucracy, and lack of resources.

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One Response to “Data Theft: 1 Trillion Dollars”

  1. Bob Says:

    Regardless of legislation, there is a need for the average Internet/ computer user to find protection.

    There are many solutions out there, I have stumbled across Flexcrypt, that seems to do the trick.

    Flexcrypt can encrypt your email and files and is very easy to use.

    Check it out: http://www.flexcrypt.com
    Free for a month, than 19 EUR per year.

    (If you do not want to pay, invite two persons every other month and you will keep getting free licenses:)

    /Bob


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