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Best practices to protect your intellectual property

On Behalf of | Mar 28, 2022 | Intellectual Property

Intellectual property differentiates your business from competitors. The unique ideas, products and strategies embedded in your company allow you to capitalize on opportunities and success.

If such information makes it into the wrong hands, the very core of your success could face serious risks. Protecting intellectual property from thieves requires constant attention and the application of best practices.

Establish expectations

If people view your company as the type that shows lenience toward unethical conduct, you may unintentionally invite theft. Make it your goal to establish clear expectations regarding your no-tolerance policy for theft or misuse of information. According to the FBI, with the growth of digital technology, intellectual property theft is a growing problem. Your effort to educate your employees and implement a consistent disciplinary policy may discourage suspicious behaviors from your employees.

An attorney can help you identify the intellectual property in your company. Having a clear picture of what you need to protect can help you come up with a strategy to keep classified information private.

Fine-tune employee retention

Even though you may not view your employees as a threat, not limiting the accessibility of confidential information may increase the risks of it getting into the wrong hands. You can reduce the risks of intellectual property theft when you fine-tune your methods for handling employee affairs. Some of the things you can do include the following:

  • Develop a system for employee recognition
  • Limit who can access classified information
  • Improve the efficiency of your offboarding process
  • Implement proven strategies for employee retention
  • Design a team dedicated to managing intellectual property
  • Articulate a clear nondisclosure agreement

Putting some of your resources toward the protection of your intellectual property may help you prevent costly consequences in the future. Your attorney can guide you through the steps to securing the aspects of your company that require the most protection.