Intellectual Property Leakage
The repercussions from private and IP leaks of data can have long-lasting consequences on business innovation, financial stability, and competitive advantage. Businesses of all sizes require an approach to detect and respond accurately to such attacks in order to stay ahead of their competition, minimize the impact on their bottom line, and restore their image after a damaging incident.
Intellectual property is a broad term referring to the minds of humans, such as inventions, literary and artistic works. It also includes names, symbols, or designs employed in commerce. Intellectual property is more practical and contains confidential information that provides businesses with a https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ competitive edge including business processes.
The value of these assets could be intangible and may not be measured or recognized, but it is a crucial asset for a business that should be safeguarded. In the past, thieves would have needed to take a physical artifact such as the blueprint or client list to steal intellectual property. However, with the advent of digital technology cybercriminals are now able to easily and cheaply take these valuable assets.
Most 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. However, some are deliberate, and usually the motive is monetary. For instance, semiconductor makers could face substantial fines for release of their IP outside of the country without an export license that is deemed in place. A comprehensive IP lifecycle management solution in place, such as Helix IPLM, can help to mitigate these risks and prevent the leakage of this sensitive information.