Intellectual Property (IP) is an intangible but highly valuable business asset. IP is the collection of unique ideas, products or information that add commercial value to your business and includes items such as copyrights, patents, trade marks, industrial design rights and customer lists.
Like any other asset, intellectual property is susceptible to theft by staff and third parties, although it is not always apparent that IP rights are being misappropriated or infringed. It could include pirated or counterfeit physical goods, as well as the direct theft of intellectual property, for example by departing employees using critical business information to set up in competition or through the sale of customer lists by existing employees.
The World Customs Organization puts the total figure for pirated and counterfeit goods at around US$650 billion each year, creating significant economic, quality and safety implications for legitimate businesses.
|