Hot on the heels of the government's national cyber security strategy announced yesterday, consultancy Deloitte has said it is setting up a new Corporate Counter Espionage team within its Security, Privacy & Resilience Group.
Deloitte warned that the growth in corporate espionage can severely impact brand reputation, competitive advantage and market growth.
Steve Cummings, who was previously director of the Centre for the Protection of the National Infrastructure (CPNI), will lead the team, which will comprise consultants with expertise in the field of government and business intelligence, said Deloitte.
“In a globalised world where the threat from terrorism seems more pressing, it is easy for companies to make the mistake of thinking that espionage carried out by competitors or states is a thing of the past," said Cummings.
"Yet many businesses face a greater threat of attacks against valued information which can have a direct effect on their commercial success and longer term business strategies, or against intellectual property which has a high commercial value."
Cummings added that in order to mitigate the risk of corporate espionage, organisations must educate staff correctly and combine this with "effective technical and non-technical controls".
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