Facts regrading intellectual property breach
Intellectual property is a valuable commodity, especially in today’s age of electronic devices and the thriving world of internet inventions. Nowadays, cybercriminals are constantly looking for new ways to cash in on company’s existing knowledge.
Organizations of all sizes must be aware of IP threats coming from a variety of attackers, but large organizations are more prone to be the targets of IP breach because of sensitive organizational data, trade secrets or classified information compromised in a breach. For a company’s competitors, stealing such information directly — or purchasing it on the side — can save years and millions of dollars in research and development.
Most organizations are ethical and would not resort to providing valuable information this way, some companies and individuals may certainly push the limits for personal gain. And we cannot assume that every company will take the high road. For example, Pepsi Co. alerted Coca-Cola Co. when it was approached by a Coke employee with an offer to sell Coke’s trade secrets; in all, this would have netted the thief $1.58 million. Similarly, Chinese car manufacturers, by cloning or reverse-engineering competitors’ automobiles, have reportedly been able to save millions in development costs.
Regardless of the source – insiders, rival business entities, organized crime – stolen IP and confidential company information can mean big bucks, whether such information is turned over for immediate financial rewards or used to further an attacker’s own future economic interests. The stakes are high for any breached party; compromised IP can deal a significant blow to both a firm’s long-term competitiveness in the market and its brand. Though the impact may not always be felt immediately, the result of IP theft will surely set back a company and its plans.
To protect intellectual property, an organization must first assess the value and location of its IP, and then make the necessary adjustments and investment for data protection. With the necessary preparations, IP theft costs can be minimized and the business can continue to be competitive. The Online Trust Alliance (OTA) has analyzed more than 1,000 data breaches from 2014 and concluded that as many as 90% of them could have been easily prevented.
PTMA agency Mihailovic will help you get acquainted with your rights, and determine a strategy to successfuly protect your property when dealing with potential or actual threat from intellectual property breach.