ROI for IRM? Businesses risk $1 trillion losses from data theft

Understanding the return of investment for a new technology deployment in the current economic climate is vital to allowing the business to extend security abilities whilst being confident it makes financial sense to do so. So a study recently released by McAfee Inc (also reported here) during the World Economic Forum in Davos, Switzerland is quite timely in outlining the risks that companies take when they choose not to adequately secure their most sensitive data.

The study states that; "Researchers from Purdue University’s Center for Education and Research in Information Assurance and Security examined responses from more than 800 CIOs in the United States, the United Kingdom, Germany, Japan, China, India, Brazil and Dubai. The research examined where vital information such as intellectual property originates, where it is stored globally, how it is transferred and lost. The companies surveyed estimated they lost a combined $4.6 billion worth of intellectual property last year alone, and spent approximately $600 million repairing damage from data breaches. Based on these numbers, McAfee projects that companies worldwide lost more than $1 trillion last year

The increase in the availability and power of removable storage, such as mobile phones, laptops, and USB sticks, has made data loss or theft easier. And global supply chains mean that sensitive data is often stored abroad."

Gene Spafford "Companies are grossly underestimating the loss, and value, of their intellectual property, Just like gold, diamonds or crude oil, intellectual property is a form of currency that is traded internationally, and can have serious economic impact if it is stolen."
Eugene Spafford, professor of computer science at Purdue University and executive director of CERIAS

Oracle IRM has been in use to protect intellectual property that needs to be distributed outside the traditional enterprise security perimeters for many years. Combine IRM with a technology such as DLP, and you'd have a very powerful and complete set of security tools that will ensure your information is secure no matter where it is. Oracle has many customers that have realized the value of ensuring their engineering, sales, board information is kept safe and that Oracle IRM was the right technology to deliver that functionality.

For full information from the report, you can request it from McAfee.

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Oracle IRM protects and tracks your sensitive information no matter where it goes. It combines business friendly encryption with role based usage rights and auditing.

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