Wednesday, July 28, 2021

1 in 4 U.S. Companies in China Report Data Theft

A new report from the American Chamber of Commerce in China finds that data theft is a significant problem for U.S. companies with operations in China. The firms also had concerns about intellectual property rights in the country.

Michael Martina with Reuters reported, “A quarter of firms that are members of a leading U.S. business lobby in China have been victims of data theft, a report by the group said on Friday, amid growing vitriol between Beijing and Washington over the threat of cyber attacks. Twenty-six percent of members who responded to an annual survey said their proprietary data or trade secrets had been compromised or stolen from their China operations, the American Chamber of Commerce in China report said.”

CNNMoney’s Charles Riley added, “Many American businesses in the country also reported worrying more about data security, with over 40% of respondents saying the risk of a data breach is rising. Fifty-three percent said the risk is static, while only 5% said the risk is decreasing. ‘This poses a substantial obstacle for businesses in China, especially when considered alongside the concerns over [intellectual property rights] enforcement and de facto technology transfer requirements,’ the report said.”

Jamil Anderlini with The Financial Times noted, “In recent weeks, US officials, including President Obama and National Security Adviser Thomas Donilon, have publicly called on the Chinese government to cease cyber-attacks on US companies aimed at stealing their trade secrets. During a visit to Beijing last week, US Treasury Secretary Jack Lew confronted China’s newly-appointed leaders on the issue of Chinese corporate espionage, describing it as a ‘very serious threat to our economic interests.'”

Marketwatch’s Claudia Assis observed, “That comes as China and the U.S. have clashed over cyber attacks, and as private cybersecurity firm Mandiant Corp. last month published a report pointing a finger at Beijing for a series of cyberattacks on U.S. companies. Chinese authorities have denied any involvement.”

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