When one thinks about IP theft it is often assumed the biggest risk is a competitor copying a patented product or a brand. However, a recent analysis of insider threats conducted by DTEX, a workforce cyber intelligence and security company, confirms one of the biggest threats is actually employees stealing sensitive intellectual property when they leave an organization. The report, which can be found here, confirms that twelve percent of all employees take sensitive intellectual property (IP) with them when they exit a company.
We live in an age where employee mobility has never been higher and the ability to access and transfer data has never been easier. This is a dangerous combination for companies with sensitive data to protect i.e. every company! This data, which includes customer and price lists, sales information and confidential know-how, are all business critical and it can be extremely damaging when it falls into the wrong hands.
This is why it’s vital businesses take steps to safeguard their intellectual property. Restricting access only to those who need to use it, the extensive use of passwords, strict IT policies and exit interviews are all steps that can be taken to help reduce the risk.
If IP is stolen by an employee, legal action can be taken to limit the damage and recently there has been a significant rise in the number of claims against disgruntled employees who have stolen confidential information.
The good news is that these cases are covered by intellectual Property Insurance so, if you are concerned about the theft of your companies crown jewels, give us a call. We can talk through your options and how best to mitigate this risk.
If you would like a quote for Intellectual Property Insurance all you need to do is complete the short form here and we can get you on cover within hours.
