Intellectual property (IP) has emerged as one of the most valuable assets for companies, researchers, and creatives alike. With that, it is also a massive target for cyber criminals. Intellectual property theft costs the U.S. Economy $600 billion annually. These are threat actors working alone or hired by your competitors on the dark web to steal patents, copyrights, and trademarks. These attacks can have devastating financial and reputational consequences on your business. In this blog, we’ll cover how this theft occurs, provide case examples, and share tips on how to protect intellectual property.
How Do Most Intellectual Thefts Occur?
Most cyber criminals use a variety of tactics to steal intellectual property, often combining technical means with social engineering techniques. This is usually done with malware, such as keyloggers and ransomware, to infiltrate corporate networks and gain unauthorized access to sensitive information. Phishing attacks are another popular method, where attackers trick employees into revealing credentials or clicking on malicious links that compromise systems.
Additionally, insider threats can play a significant role, as disgruntled employees may exploit their access to leak or sell valuable intellectual property. The combination of hacking tools and human error makes it increasingly challenging for organizations to know how to protect intellectual property.
Some Real-World Examples of IP Theft
Sony Pictures Hack (2014): One of the most notable breaches, this attack resulted in the theft of unreleased films, personal employee data, and internal communications. This breach impacted Sony’s reputation and led to a significant $35 million loss due to the leaking of trade secrets.
Marriott International (2018): The hotel chain faced a significant data breach that exposed the personal information of millions of guests, including sensitive data related to future hotel developments. This incident highlights the intellectual property risks associated with customer relationships and operational strategies.
Boeing and the Cyberattack on Aerospace Firms (2020): There were reports of a sustained cyber-attack campaign targeting aerospace companies, including Boeing. Hackers aimed to steal sensitive designs and data linked to aircraft manufacturing and technology, further highlighting the high stakes of protecting intellectual property in highly technical industries.
7 Security Methods on How to Protect Intellectual Property
Protecting your company’s IP is crucial for maintaining a competitive edge and ensuring the viability of your business. Here are several strategies you can implement to mitigate the risk of IP theft:
1. Implement Strong Access Controls
Use role-based access controls (RBAC) to limit access to sensitive information and regularly review and adjust access permissions to reflect personnel changes.
2. Encrypt Sensitive Data
Use encryption for data at rest and in transit to protect it from unauthorized access and ensure encryption keys are managed securely.
3. Implement Multi-Factor Authentication (MFA)
MFA should be required to access sensitive systems and data to add a layer of security.
4. Regularly Update Software and Systems
You must keep all software and systems updated with the latest security patches to protect against vulnerabilities.
5. Secure Cloud Storage
Utilize cloud storage solutions with impenetrable security protocols and ensure data is encrypted.
6. Conduct Regular Security Audits
Carry out routine audits to identify vulnerabilities and assess the effectiveness of your security measures.
7. Educate Employees on Security Practices
Train employees on recognizing phishing attacks and adhering to security protocols. This is often overlooked or poorly managed, yet it is one of the most vulnerable access points to cyber-attacks and must be a priority.
Your Ideas Are Your Difference Maker: Protect Them at All Costs
By remaining proactive and vigilant, you can ensure that your most valuable ideas and innovations remain protected from the constant threat of being stolen or compromised.
