Intellectual Property Leakage
The long-term consequences of leaks of private or IP data could impact the development of business as well as financial stability and competitive advantage. Companies of all sizes require an approach to detect and respond appropriately 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 humans, like inventions, literary and artistic works. It also covers symbols, names or designs used in commerce. Intellectual property is more practical and contains confidential information that gives businesses an edge in competition, such as business processes.
The value of these assets can be intangible and is not always assessed or quantified, but it is certainly an important asset for a company which must be secured. In the past, potential thieves needed https://heraldinsurance.co.uk/the-new-standard-for-data-security-leveraging-virtual-data-rooms/ to pinch physical objects (say blueprints or a client list) to steal intellectual property, however with digitalization it is now easier and more cost-effective for cybercriminals to steal these valuable assets.
Most of these thefts are caused by human error, for instance, sending confidential documents to the wrong person, or losing a device that contains sensitive information. But others are intentional, and often the motive is financial. For instance, semiconductor companies can face significant fines for divulging their IP across borders without a deemed export license in place. Having a complete IP lifecycle management solution in place, such as Helix IPLM will help to reduce these risks and avoid leakage of this highly sensitive information.