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 as well as financial stability and competitive advantage. Businesses of all sizes need a way to recognize and react quickly to such attacks to stay ahead of their competition, minimize their impact on their bottom-line and to restore their image following a devastating incident.

At a higher level, intellectual property refers to creations of the human mind such as inventions artistic and literary works such as names, symbols, or designs used in commerce. Intellectual property is more practical and includes private information that gives businesses an edge in competition including business processes.

The value of these assets could be intangible and is not always assessed or quantified, but it is a crucial asset to a business that should be safeguarded. In the past, would-be thieves had to snare an object (say blueprints or a client list) to take intellectual property, but thanks to digitalization it is now https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ cheaper and easier for cybercriminals to appropriate these valuable assets.

Human error is at the root of some of these thefts such as sending confidential documents to the wrong person, or the loss of a device containing sensitive information. Some are deliberate, and often the motive is money. Semiconductor companies, for instance could face severe 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 the leakage of sensitive information.