Medical Device Technology Targeted by China for IP Theft
Posted by crimsonlanguage on 2011/12/19
In my last post, I cautioned device makers to think “long and hard” before sending their advanced IP to China. Now, it appears that China may be coming to you.
On 12/15/2011, it was reported by Bloomberg that 760 companies were hit by Chinese-based hackers, including device maker Boston Scientific. No surprise here, since I have been writing about the dangers of Chinese IP theft for the past 3 years . According to Representative Mike Rogers, chairman of the Permanent Select Committee on Intelligence, “They are stealing everything that isn’t bolted down, and it’s getting exponentially worse.” Adds Scott Borg, an economist and director of the US Cyber Consequences Unit, “We’re talking about stealing entire industries. This may be the biggest transfer of wealth in a short period of time that the world has ever seen.”
China’s most recent 5-year economic plan (approved by the National People’s Congress in March) prioritizes a number of key industries. According to KPMG International (the auditing firm), the 5-year plan focuses on clean energy, information technology…and medical devices.
Time to bolt down your IP…that is, if you haven’t already handed it over by submitting to SFDA testing protocols.