Economic Espionage by China Effects Businesses and Citizens of the U.S.
Economic Espionage efforts by China continue to pose a serious threat to the United States. On February 10, 2020 BBC News reported that the US Department of Justice has charged members of the People’s Republic of China’s military with the 2017 Equifax cyberattack that resulted in the breach of names, birth dates, and social security numbers of more than 147 million U.S Citizens. The breach also cost Equifax the theft of proprietary database designs, $700 million dollars in fines to the Federal Trade Commission, and a severe erosion of its trust in the eyes of public perception.
This development comes on the heels of reports that the FBI is conducting approximately 1,000 investigations into suspected theft of intellectual properties conducted by China. FBI director Christopher Wray commented that companies that have fallen victim of these attacks are in every sector of our economy and include research facilities at universities. While arrests in these types of cases have increased, the crimes being undertaken are by no means abating.
A Call to Action
While China is not the sole nation to threaten U.S. interests with cyberattacks, its activities have, unlike others, focused on economic espionage and intellectual property theft. Clearly China intends to be the dominant economic global force by any and all means available. U.S. businesses therefore must engage in effective strategies to protect their interests and remain vigilant.
The FBI has also warned U.S. executives of partnering with Chinese parties as vendors or customers. Christopher Wray pointed out that while such opportunities might look good for near term profitability, that the long term threat to intellectual and sensitive data did not warrant taking such risks.
CVG Strategy Can Help
CVG Strategy can assist you in establishing and maintaining a viable and dynamic Information Security Management System (ISMS) by achieving ISO 27001 certification. An ISMS is a comprehensive approach to securing data that involves all stakeholders in a risk assessed managerial approach. It involves processes, facility security, people, and IT systems to engage in best practices. It also involves a constant improvement approach so that threats can be continually assessed and addressed as they evolve. This business system can help your business remain vigilant against economic espionage and cyberattacks conducted by China or other nations.