Intellectual Property Theft

5 Best Practices to Prevent IP Theft

5 Best Practices

Intellectual property is a classification of property that links to mind creations. Such include designs, videos, images, artistic works, names, or symbols. The original creator has rights over their ‘property,’ preventing others from creating economic gains without the owner’s consent. Under Saudi law, the Saudi Authority for Intellectual Property “SAIP” is the responsible body for the protection and supporting the intellectual property.

Intellectual Property Theft

Intellectual property theft entails robbing organizations or individuals of innovative products, ideas, and inventions. Malicious people use different ways to steal IPs.

One fundamental way is patent infringement, where one uses the patent on a product without the owner’s permission. Infringing a trademark also counts as IP theft. Again, copyright infringement is a significant form of IP theft. It entails reproducing or copying parts or an entire book, movie, or music from an original one without the owner’s consent. Cybersecurity breaches can also amount to intellectual property theft by allowing outsiders access to sensitive data.

Impacts of IP Infringement

IP theft is detrimental to business because it leads to reduced competitive advantage, loss of customer trust, retardation, and it ruins the reputation of its victim. Again intellectual property infringement leads to loss of time and resources by shifting the victim’s attention to lawsuits. Therefore, it is better to prevent infringement to save time, resources, and business focus. Below are key ways to ensure that intellectual property is safe from theft and infringement:

Categorize Valuable Data

It is easier to protect intellectual property when recognizable from other assets and data. All businesses should set out their intellectual properties and communicate to employees the same. This way, all can be committed to keeping that particular data safe, being keen on where to save it, and how to share it safely.

Secure Cybersecurity Gaps

Another critical way to protect an IP is by recognizing possible cybersecurity gaps and securing it to prevent attacks. Conducting a cybersecurity assessment could be much helpful in discovering the weak spots and gaps so that one can secure them and keep off malicious attacks.

Have a Data Security Policy

It is primal to have a firm cybersecurity policy that allows one to set appropriate rules that can enhance the safety of sensitive data and corporate assets, including intellectual property. A reliable cyber security policy guides employees on proper activities to safeguard IP from threats.

Thwart Potential Incidents

In addition to assessing users, one should also embrace modern technologies to enhance data safety to halt potential threats. For instance, the user and entity behavior analytics warns in case of suspicious actions.

Data Encryption

Encrypting important data is core to keeping it safe from theft. Encryption enhances the protection of sensitive data by making it hard for attackers to access it.

The above practices can help prevent IP theft, saving time and money lost in trying to recover from an infringement