5 Ways To Safeguard Your IP

The 5-Step Plan For IP Fortification   

1. Register your IP
   There are four types of IP protections that you can seek to legally defend your IP, namely, Patents, Trademarks, Copyrights, and Trade Secrets.  

• Patents are granted to unique and novel inventions or processes for a period of up to 20 years. They are categorized as utility patents, design patents, and plant patents.  

• Trademarks safeguard the brand names, symbols, or logos that differentiate a brand’s service or product. They last throughout the lifetime of the brand and only need to be renewed every 10 years.  
• Copyrights are licensed for the protection of original artistic expressions or works of authorship. The duration of a copyright is through the lifetime of the creator plus 70 years after their passing. 
• Trade Secrets are something that are not a part of public knowledge and are economically valuable to the company, so they want to keep them confidential. 
  Not just registering your IP but being aware of the various forms of protection available, and what each entails is crucial to deciding the best way to protect your IP.  

      2. Seek Legal Help
From drafting contracts to fighting infringement, the IP landscape involves all kinds of legal scenarios. Having a trusted expert by your side is therefore mandatory to navigate through the legal waters. An important part of IP protection is the drafting of contracts like non-disclosure agreements (NDA), licensing agreements, sales contracts, employment agreements, etc. It is best to rely on professional legal help for fool-proof contracts in all the above matters. 

      3. Enacting Software Security 
Protecting your IP in the virtual world is as important as securing it offline. If sensitive data is stored on your cloud, then it is imperative that you put in reliable software security measures to prevent it from being hacked. Some of these are: 

• Granting IP access to trusted employees/partners only. Ensure NDAs have been signed with parties who have access to the information. 

• Any data shared online must be in encrypted form to ensure security. 
• Adaptive authentication must be available on the systems where the data is stored.  
• No copies of the IP must be allowed on individual USBs or devices. 
• Using Virtual Private Networks (VPN) and Wi-Fi Protected Access 2 (WPA2) is recommended. 

      4. Monitoring External/Offline Devices 

While software security may be followed diligently, businesses often overlook offline devices such as printers, scanners, copiers, and fax machines. IP data can easily be stored in these places and is prone to theft. Therefore, put safety mechanisms in place to ensure the data stored here is destroyed after use. The server farm and archive rooms must always be kept locked and under surveillance. Limited access should be granted to these areas as well. 

       5. Single Ownership is Best 

In joint ownership, all the parties have a right to recreate, distribute, or use the IP in the manner they deem fit. This creates confusion and complications for all stakeholders. So, while collaborations in creating IP can be solicited, it is advisable to keep the ownership single.