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

Intellectual Property Leaks

The repercussions of private or IP leaks of data could have a long-lasting impact on innovation in the business 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 competition, minimize the impact on their bottom line and restore their reputation after an incident that has damaged their reputation.

Intellectual property is broad term that refers to the human minds, such as inventions, artistic and literary works. It also includes symbols, names or designs that are used in commerce. However, at a more practical level, intellectual property covers private information that can give companies a competitive advantage like business processes, computer programs manufacturing methods, and client lists.

These assets are usually intangible and their value is not always quantified or recognized. However, they are still important assets for businesses which must be protected. In the past, potential thieves had to take an item of physical value (say a blueprint or a client list) in order to steal intellectual property. However, with digitalization, it has become much simpler and less costly for cybercriminals to steal these valuable assets.

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

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