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

Intellectual Property Leaks

The long-term impact of leaking private or IP data can affect the development of business, financial stability and Virtual Board Rooms competitive advantage. Businesses of all sizes need an effective method to identify and respond appropriately to these types attacks to stay ahead of their competition, minimize their impact on their bottom-line, and restore their image following a devastating event.

At a high level intellectual property refers to human brain-generated creations like inventions, works of art and literature, symbols, names, or designs used in commerce. Intellectual property is more practical and includes confidential information that can give businesses an edge over competitors, such as business processes.

The worth of these assets can be intangible and is not always recognized or quantified, but it is a crucial asset for a business that must be protected. In the past, potential thieves needed to pinch an item of physical value (say blueprints or a client list) in order to steal intellectual property, but with digitalization it is now cheaper and easier for cybercriminals to appropriate these valuable assets.

A lot of these thefts are caused by human error, for instance, sending a confidential document to the wrong person or losing a device containing sensitive information. Some are intentional, and the motive is typically related to money. Semiconductor companies, for instance could be subject to severe penalties if they divulge their IP outside of the country without a deemed-export license. Having a complete IP lifecycle management solution in place like Helix IPLM can help reduce the risk and stop leakage of this highly sensitive information.