Intellectual property fraud

It includes piracy and counterfeit products crime where the products are offered with the logo of a reputable firm. One can find such incidents in many sectors like electronics, healthcare and fashion.  People who buy duplicate healthcare products face the risk of 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's loss of devices or information where a person accidentally sends the mails outside the company network.

Malware infiltrations where criminals download an app into the clients' machine can lead to the loss of confidential data.

How To Protect Yourself?

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

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

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

• 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 need to install critical infrastructure against various threats, including external and supply chain threats.