Intellectual Property Leaks
The long-term impact of leaking private or IP data can affect the business’s innovation as well as financial stability and competitive advantage. Implementing a solution to detect and respond to these kinds of attacks is crucial for companies of all sizes to stay ahead of the competitors, reduce the impact on their bottom line, and restore their image following an unfortunate incident.
Intellectual property is a broad term referring to human minds, including inventions, literary and artistic works. It also includes names, symbols or designs used in commerce. However, at an even more practical level, intellectual property includes private information that gives companies an advantage in the market, like business processes, computer programs manufacturing methods, and client lists.
The worth of these assets can be intangible and not always recognized or quantified, but it is certainly an important asset to a business that should https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ be safeguarded. In the past, thieves were required to steal an object of physical nature like the blueprint or client list, to steal intellectual property. However, thanks to digitalization, cybercriminals are now able to easily and affordably take these valuable assets.
Human error is at the root of many of these thefts, such as sending confidential information to the wrong person, or losing a device with sensitive information. Others are deliberate and the motives are usually related to money. For instance, semiconductor companies can face significant fines for release of their IP outside of the country without an export license that is deemed in place. A complete IP lifecycle management solution in place like Helix IPLM, can help to mitigate the risks and ensure that there is no leakage of this highly sensitive information.
