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

Intellectual Property Leakage

The consequences of private and IP leaks can have long-term effects on innovation in the business as well as financial stability and competitive advantage. Implementing a solution to quickly detect and respond to these types of attacks is crucial for companies of all sizes to stay ahead of the competition, minimize the impact on their bottom line and restore their reputation after an unfortunate incident.

At a high level intellectual property is the ideas of the human mind such as inventions, works of art and literature such as names, symbols, or designs used in commerce. Intellectual property is more practical and includes confidential information that gives businesses an edge in the market, such as business processes.

The value of these assets may be intangible and may not be assessed or quantified, but it is certainly an essential asset to a business that needs to be protected. In the past, potential thieves had to snare an item of physical value (say an outline or a client list) in order to steal intellectual property. However, due to the digital revolution, it has become much easier and more cost-effective for cybercriminals and hackers to take over these valuable assets.

Human error is responsible for many of these crimes, like sending confidential documents to the wrong person or losing a device that contained sensitive information. However, some are deliberate, and often the motive is money. Semiconductor producers, for instance, can face heavy penalties if they share their IP outside of the country without a deemed export license. A comprehensive IP lifecycle management system in place, such as Helix IPLM, can help to mitigate these risks and prevent leakage of this highly sensitive information.

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