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

Intellectual Property Leaks

The long-term effects of leaks of private or IP data can affect the innovation of businesses as well as financial stability and competitive advantage. Implementing a solution to detect and respond to these types of attacks is crucial for businesses of all sizes to stay ahead of competitors, limit the impact on their bottom line, and restore their image following a damaging incident.

Intellectual property is broad term that refers to the human minds, such as inventions and artistic and literary works. It also covers names, symbols or designs employed in commerce. However, at an even more practical level, intellectual property encompasses confidential information that provides companies with an advantage in competitive markets like computer programs, business processes manufacturing techniques, and client lists.

These assets are often intangible and their value isn’t often quantified or recognized. However they are nonetheless important assets for a company that must be secured. In the past, criminals would have had to steal physical items like the blueprint or client list in order to steal intellectual property. However, thanks to digitalization, cybercriminals can now easily and cost-effectively steal these valuable assets.

Most of these thefts are caused by human error, such as sending a confidential document to the wrong person, or the loss of a device that contained sensitive information. However, some are deliberate, and often the motive is money. Semiconductor producers, for instance could face severe penalties if they share their IP outside of the https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ country without a deemed export license. A complete IP lifecycle solution, like Helix IPLM, can reduce these risks and prevent leakage of highly sensitive information.