The importance of IP protection15th November 2017
Intellectual Property, otherwise known as IP, is a concept or product that has been uniquely created by you or your company and has the potential to add value to your brand and product range by creating more revenue or brand awareness. Many hours of reseach and development will have gone into the development of your IP and it is therefore crucial to protect it from any theft, especially as IP theft has been identified as the most damaging cybercrime for UK businesses.
A recent government report revealed that IP theft resulted in a combined loss of £9.2bn in 2016 alone. With such staggering statistics, manufacturers need to be sure they have the correct procedures in place to safeguard their IP.
How can your company protect its IP?
IP is protected when it meets the requirements for copyright, patents and/or trademarks. Each of these will safeguard the product or concept in the eyes of the law and will allow a company to take legal action against anyone copying their IP.
A key risk area for IP loss is when products are outsourced for production into areas where IP protection regulations are not strictly enforced. It is therefore vital to properly vet your contract manufacturers before you start working with them and make sure they are honest and trustworthy.
Guernsey based manufacturers, such as Offshore Electronics, have to follow strict rules when it comes to IP protection and our longstanding partnerships with our customers are further proof that we are a company that can be trusted with your most valueable assets.
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