How Intellectual Property Leaks Affect Business Innovation, Financial Stability, and Competitive Advantage
Intellectual Property Leaks
The long-term consequences 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 accurately detect and respond to these kinds of attacks is crucial for all businesses to stay ahead of the competitors, limit the impact on their bottom line and regain their image after an unfortunate incident.
Intellectual property is a broad term that refers to https://vdrservices.blog/a-complete-overview-of-nasdaq-s-board-meeting-software/ human minds, such as inventions and literary and artistic works. It also includes designs, names, or symbols used for commerce. Intellectual property is more practical and contains confidential information that gives businesses a competitive edge, such as business processes.
These assets are usually intangible, and their value isn’t always quantified or recognized. However, they are still important assets for a company which must be protected. In the past, would-be thieves had to snare a physical artifact (say a blueprint or a client list) to steal intellectual property, but thanks to digitalization, it has become much easy and cost-effective for cybercriminals in stealing 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 containing sensitive information. But some are deliberate and usually the motive is financial. Semiconductor manufacturers, for example are subject to heavy fines if they release their IP outside of the country without a deemed export license. A complete IP lifecycle solution like Helix IPLM, can help reduce these risks and stop leakage of sensitive information.