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How Intellectual Property Leaks Affect Business Innovation, Financial Stability, and Competitive Advantage
Intellectual Property Leaks
The long-term ramifications of leaks private or IP information can impact the business’s innovation as well as financial stability and competitive advantage. Companies of all sizes require a solution to detect and react quickly to these types attacks to stay ahead of their rivals, minimize their impact on their bottom-line and restore their image after a negative incident.
At a high level intellectual property is the creations of the human mind like inventions, literary and artistic works, symbols, names, or designs that are used in commerce. However, at the more practical level intellectual property covers confidential information that gives companies an advantage in the market, like computer programs, business processes manufacturing techniques, and client lists.
The value of these assets may be intangible and is not always measured or recognized, but it is certainly an essential asset for a company that must be protected. In the past, criminals would have needed to steal physical items, such as a client list or blueprint to steal intellectual property. However, thanks to digitalization, cybercriminals are now able to quickly and inexpensively take these valuable assets.
Human error is the reason behind the majority of these thefts, such as sending confidential information to the wrong person, or losing a device with sensitive information. Some are intentional, and the motive is typically related to money. Semiconductor producers, for instance could be subject to severe penalties if they divulge their IP outside of the country without a deemed-export license. A complete IP lifecycle solution, such as Helix IPLM can help mitigate these risks and stop leakage of highly sensitive information.
