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

Intellectual Property Leakage

The repercussions of private or IP leaks can have long-term effects on business innovation, financial stability, and competitive advantage. Having a solution in place to be able to identify and respond to these kinds of attacks is crucial for businesses of all sizes to stay ahead of the competitors, limit the impact on their bottom line and regain their image after an incident that was damaging.

Intellectual property is broad term that refers to the creations of human minds, including inventions and literary and artistic works. It also encompasses names, symbols or designs used for commerce. However, at the more practical level intellectual property encompasses private information https://vdrservices.blog/a-complete-overview-of-nasdaq-s-board-meeting-software/ that can give companies an edge in competition, like computer programs, business processes manufacturing techniques, and client lists.

These assets are typically intangible, and their value is not often quantified or recognized. However, they are still important assets for a company that need to be protected. In the past, would-be thieves had to snare a physical artifact (say the blueprint or client list) in order to steal intellectual property. However, with digitalization, it has become much cheaper and easier for cybercriminals in stealing these valuable assets.

Human error is at the root of some of these thefts such as sending confidential information to the wrong person, or the loss of a device containing sensitive information. Others are deliberate and the motive is usually monetary. For instance, semiconductor companies are subject to significant fines for release of their IP across borders without an export license deemed to be in place. A complete IP lifecycle solution, such as Helix IPLM can help mitigate these risks and prevent leakage of sensitive information.