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

Intellectual Property Leakage

The long-term impact of leaking private or IP data can affect the innovation of businesses as well as financial stability and competitive advantage. Businesses of all sizes need an approach to detect and respond appropriately to these types attacks to stay ahead of competition, minimize the impact on their bottom line and restore their image after https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ a negative incident.

Intellectual property is a broad term referring to the creations of minds of humans, such as inventions, artistic and literary works. It also encompasses names, symbols, or designs employed in commerce. Intellectual property is more practical and contains confidential information that can give businesses an edge in the market, such as business processes.

These assets are typically intangible and their value is not always quantified or recognized. However they are nonetheless important assets for businesses that need to be protected. In the past, would-be thieves had to snare an item of physical value (say the blueprint or client list) to steal intellectual property, but with digitalization, it has become much simpler and less costly for cybercriminals to appropriate these valuable assets.

Human error is at the root of the majority of these thefts, like sending confidential documents to the wrong person or losing a device that had sensitive information. Some are intentional, and the motive is often related to money. For example, semiconductor manufacturers could face significant fines if they release of their IP outside of the country without an export license deemed to be in place. A complete IP lifecycle management system in place like Helix IPLM, can help to mitigate the risk and stop the leakage and misuse of this sensitive information.