An organization can have tangible or intangible assets. Formulae, strategies, code or other important information of this nature is considered intangible assets. These assets are also known as intellectual property. They should be protected from external usage or any manipulation without the consent of the owner. Intellectual property can give a company some major competitive advantages. As such, it should be protected just as much as regular, physical property. If the company would like to share its intellectual property, this objective can be attained through a legal mechanism such as royalty rights. Here is more about intellectual property, the damages that it can suffer, its protection and the critical people who need consultation regarding this form of property.

Types of intellectual property

Intellectual property is divided into 4 main variants. They include:

  1. Trade secrets

  2. Trademarks

  3. Copyrights

  4. Patents

These types are all valuable assets to the holder. This can be an individual or a company.

The damages which intellectual property can suffer

Theft

This is the most common type of damage that intellectual property can incur. Theft is where the intellectual property is copied or moved without the owner’s consent. In today’s technological world, intellectual property theft is rampant. Therefore, this is the perfect time for a damages expert to provide measures to protect intellectual property. Seeing as hacking is quite lucrative, the latest measures for intellectual property protection need to be implemented.

Manipulation

This is where an external party gains access to intellectual property and modifies it without the owner’s consent. This can lead to system malfunctions, incomplete processes or tainted products. The manipulation of intellectual property is essential sabotage. Thus, it should be prevented at all costs.

Misappropriation

If an internal officer in a company colludes with an external one and sells intellectual property, this amounts to misappropriation. It causes damage to the company and the intellectual property as well. Strict internal policies, regulation and assessment can prevent this form of damage to intellectual property.

Company Officers That Should Receive IP Damages Consultation

There are some officers in a company who need to receive ample advice about intellectual property through consultation. These officers are the Chief Security Officer (CSO), Chief Risk Officer (CRO) and Chief Information Security Officer (CISO).

During the consultation, they can receive advice about how to identify the specific type of intellectual property that they hold. They can also learn how to hold their intellectual property in a safe location. This includes all the tools which they need for the purpose of protection

Also, these officers can receive counsel on how to prioritize their intellectual property. Furthermore, they can learn how to label and secure it aptly. Last but not least, they can receive counsel on how to educate their colleagues on intellectual property.

In most companies around the world, intellectual property is very important. It is the core of their innovation and manufacturing processes. Should this property be stolen or negatively manipulated, it can lead to substantial losses. Therefore, it is important for critical members of staff to gain a firm understanding of the importance of intellectual property. By following the guidelines above, you can accomplish this in your firm. By getting serious about intellectual property, you can preserve the current and future performance of your company!