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Can lack of security affect reaping the benefits of your intellect?

On Behalf of | Apr 3, 2020 | Intellectual Property

When you consider every idea you have, the cost of bringing each concept to fruition can seem staggering. However, have you considered how a lack of security could substantially affect your intellectual property (IP) rights?

Cybersecurity reports typically recount the direct impact data breaches have on consumers. However, when you think about all the money you could make from patented ideas, you should also consider how an inadequate network security system could wreak havoc on your IP rights as a creator.

A security breach could severely affect your business

Whether your first patent is on the horizon or you already lay claim to numerous inventions, there are numerous ways a cyberattack could disrupt your business. Hackers could sidetrack your momentum through costly business challenges such as:

  • Unexpected costs of system upgrades
  • Compromised technology
  • Forced development of sudden employee training programs
  • Potential loss of customer loyalty
  • Time focused on litigation preparation
  • Decreased revenue

Whether you must protect your drawings, trade secrets or plans, you should not wait to monitor your security risk until after you submit your patent application.

How can you protect your computerized IP?

The web applications on which you store your information efficiently streamlines business operations and allows you to manage data remotely. While convenient, your computerized protections must remain current to ensure an outside entity cannot assume ownership of ideas you intend to develop.

To continually mitigate your risk:

  • Update firewalls
  • Adopt data encryption
  • Perform regular maintenance
  • Train employees on preventative measures

Instead of waiting for your patent application to be approved, take the necessary steps to secure your systems from the start. Meanwhile, if you experience a breach that puts your IP rights in question, protect your interests through the retention of our experienced counsel at Wang IP Law.