Among a company’s most valuable assets is its Intellectual Property (IP). Whether it is patents, copyrights, trademarks or trade secrets, protecting IP has long been a key concern for businesses. The PricewaterhouseCoopers Intellectual Property Loss Survey Report continues to show that approximately one third of organisations are likely to suffer an incident of theft, misappropriation or misuse of their IP. This is likely to grow in light of technological advancements making IP infringement easier. It is therefore important that organisations invest in the development of a rigorous IP protection strategy.
Losses for IP infringements can occur from many sources including employees, competitors or would-be competitors. Failure to detect and take action to stop infringement will undermine the value of the IP and potentially cause problematic precedent for future infringements.
How PwC can help you
When preparing an IP protection strategy, we work closely with our clients and test existing protection regimes to identify and manage risk and mitigate loss. The key steps involved can include:
- Reviewing and evaluating current policies and procedures
- Conducting interviews with senior management and staff
- Developing an inventory of IP and associated information
- Assessing inherent risks to IP protection
- Providing a report identifying the IP risks within the organisation, together with an assessment of the likelihood of occurrence, impact and advice as to how to reduce that risk
- Updating or drafting any policies, procedures or control plans
- Assisting in the implementation of new IP protection measures
- Obtaining evidence and preparing a detailed report of instances of IP infringement
- Assessing any damages caused by IP infringement.
We can also deliver awareness training to staff to provide them with the skills and knowledge they need to help them identify potential risks and prevent future IP infringement.
