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Paul Twomey, chief executive of ICANN and member of the British-North American Committee, advises chief executives of the risks to business from cyber-espionage and how to deal with them.

"There are reports of cyber-espionage against the US defense industry and the UK by China," said Twomey on Wednesday. "Intellectual-property theft is an issue that's understated and under-realized. In my personal experience in both large and small companies in several countries, issues of intellectual-property theft have been significant. The internet is a facilitator for business but it does allow security problems."

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Related topics: Cyberattack, Cybercrime, Security