How Intellectual Property Leaks Affect Business Innovation, Financial Stability, and Competitive Advantage

Intellectual Property Leakage

The repercussions from private and IP leaks of data could have a long-lasting impact on https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ innovation in the business as well as financial stability and competitive advantage. Companies of all sizes require an approach to detect and respond appropriately to such attacks in order to stay ahead of their competitors, limit the impact on their bottom line and to restore their image following a devastating event.

At a higher level intellectual property refers to creations of the human mind like inventions works of art and literature or symbols, names or designs used in commerce. However, at an even more practical scale, intellectual property encompasses private information that gives companies an edge in competition, like business processes, computer programs manufacturing techniques, and client lists.

These assets are typically intangible, and their value isn’t always quantified or acknowledged. However they are nevertheless important assets for businesses which must be protected. In the past, thieves would have needed to steal a physical artifact, such as a client list or blueprint for theft of intellectual property. However, thanks to digitalization, cybercriminals are now able to easily and affordably take these valuable assets.

A majority of these thefts occur caused by human error, such as sending confidential documents to the wrong person or losing a device with sensitive information. But some are deliberate and usually the motive is monetary. Semiconductor producers, for instance are subject to heavy penalties if they divulge their IP outside of the country without a deemed-export license. A complete IP lifecycle solution, like Helix IPLM, can mitigate these risks and stop leakage of sensitive information.