Intellectual property fraud

It includes piracy and counterfeit products crime, where the products are offered with the logo of a reputable firm. Such incidents are in many sectors like electronics, healthcare and fashion. People who buy duplicate healthcare products risk side effects caused by bogus compositions. 

It leads to the loss of patents, trade secrets and trademarks. In addition, the traders may indulge in drug deals or labelling. 

How Does It Happen?

Human errors can lead to the organisation losing devices or information when a person accidentally sends mail outside the company network.

Malware infiltrations, where criminals download an app into the clients' machines, can lead to losing confidential data.

How To Protect Yourself?

• Companies that rely on IP as a prime differentiator must implement technically advanced safety measures to avoid a loss. 

• They should enforce strict security policies and vet new employees carefully. Before a new employee is brought on board, the firm should get information if the individual has declared bankruptcy or has any existing liens or legal proceedings they should be aware of. 

• They must monitor the employee's activities and set up a disclaimer to remind them. 

• They should educate the workers to help them identify malicious actors and ways to protect them from falling for them. 

• The organisation can get commercial IP insurance to cover such losses. They must install critical infrastructure against various threats, including external and supply chain threats.