Intangible assets are ideas or concepts that are highly valuable to a business. These assets are often under constant threat due to how easily information can be breached and potentially disseminated to direct competitors. As such, protecting intellectual property is of the utmost importance, as explained by CIO Dive.
Among the 500 largest publicly traded companies, 80% of their value is comprised of intangible assets. Unlike physical property, which require an immense undertaking to remove from a company’s premises, intangible assets can be accessed and dispersed relatively easily. While you may elect to file suit against those responsible for the breach and the recipients of the information, the litigation process often requires a lot of time and money before a resolution is reached.
In some cases, your own employees may be the ones responsible for breaches. When hiring new workers, employers should conduct exhaustive background checks to ensure there are no instances of theft or other issues in a candidate’s past. Also, workers should be limited in the information they’re allowed to access. Only those with a legitimate reason should be allowed to access information related to intangible assets; additionally, their activity should be monitored in the event a breach occurs.
You can also invest in IP insurance for further protection. Much like physical assets, intangible assets can be safeguarded by obtaining proper insurance coverage. This insurance policy will provide monetary relief if your information is breached by another party. If you do experience a breach, the next step should be to secure legal counsel to ensure the matter is litigated properly. An experienced legal team will help you compile evidence to show that a breach occurred and the extent it has impacted your company.