During this age of digitalisation, we find ourselves shifting the value previously placed on material goods to the ideas from where modern innovations take root. However, with the significant rise in its value comes enhanced threats to its security—most of which ironically coursed through digital technology, an invention that materialised through intellectual property. While this criminal opportunism is unsurprising, at best, we should remain vigilant in staving off the digital pirates to maintain a healthy state of cybersecurity. This article discusses the high cost of data breaching, the global initiatives to address the issue, and most importantly, the actionable steps you can take to secure your intellectual property and dodge the threats to your data security.

The Pirate’s Bounty: Cost of Data Breach

Information and Communications Technology sectors received the brunt of damages from compromised cybersecurity. The amount falls around $8.05 million lost to digital pirates. While this cost entails significant setbacks to the industry, this is not to say that the public would not feel the effects of the data breach.

Aside from a decline in the quality of services from telecommunications and internet service providers, cyber threats also destroy the lock and key standing between the people’s personally identifiable data and identity thieves.

Taking the second spot in the total cost of cyberattack is the healthcare industry with its ten-year record high loss of $7.13 million. For the sector, this amounts to an alarming 10.5% surge on the cybersecurity breach price tag.

However, for the patients and the public in general, it equates to compromised confidentiality of their medical records, among other dangers related to unauthorised access to their personal information.

While it is true that industries and government entities absorb the majority of the impact, the threats also translate to risks for an individual’s safety. Furthermore, falling victim to a data breach – even in a private context – exposes the target’s immediate network to similar hazards.

To discount the cascading effects of cyberthreats on the personal level is a disservice to the efforts placed to strengthen the cybersecurity at large.

Global Standards to Save Your Security

As mentioned above, we are not alone in the battle to protect our cybersecurity, and, in extension, our intellectual properties. World powers and relevant local authorities are consolidating efforts to form an overarching protective net to improve cybersecurity across the globe. 

For instance, the General Data Protection Regulation (GDPR) originating from the European Union (EU) outlines the current guiding principles relating to personal data processing. In solidarity with international efforts to streamline the best data handling practices, more countries are following these tenets by the minute: 

• Lawfulness, Fairness, and Transparency
• Purpose Limitation
• Data Minimisation
• Accuracy
• Storage Limitation
• Integrity and Confidentiality
• Accountability

Governments of the World Unite

Following the consolidation of global policies through the GDPR, jurisdictions from all over the world are beginning to adapt and integrate their local regulations to follow international standards. Countries outside the EU, including nations from the Middle East, the Western World, and the Far Eastern regions have amended existing data and privacy protection laws in the years following the GDPR’s inception in 2018.

Expert Insight: Interestingly, the prevailing regulations in most of the compliant countries already have a portion, if not every principle of GDPR even before 2018. This goes to show that national authorities place great value on maintaining the integrity of data and privacy, as well as protecting intellectual property.

What You Can Do

However, without support from its constituents, even a nation empowered with a reliable legal infrastructure would, bit by bit, crumble under the weight of preventable breaches in data privacy and intellectual property. 

In such a case, it is crucial to note that there are proactive measures you can personally take to maintain a sound state of cybersecurity. Here are general preventative steps to dodge digital attacks, as well as specific actions to protect your intellectual property:

• Proactive watch: Threats are always present. And as always, the primary step to prevent cyberthreats is vigilant attention. Keeping in mind that official entities rarely request for personal information with a few exceptions for extraordinary instances. However, even then, coursing the request online should be regarded as dubious. In times like this, you could directly call the company to confirm their message. 

• Need for speed: When dealing with cyber theft, especially when intellectual property is involved, a swift and effective response is a must. Since a considerable number of attacks happen without anyone ever noticing before it becomes too late, quickly addressing the issue upon discovering the threat prevents further damage. This can be done by tracking and pursuing the source of the breach and then blocking them from your system.

• No such thing as too much preparation: However, if the attack persists, your contingency plan should always assume the worst-case scenario. Meaning, you have to know the extent of the data breach and the type of information compromised. Determining which exact information was compromised would provide your groundwork for devising a legal intellectual property rights assertion plan. You can then identify how other players might be able to modify the stolen data. From this, you can base an advanced action so as to maintain your competitive advantage.

• Research-based containment and mitigation: Since the investigation of data breach requires a relatively high level of technical expertise, the cost of digital forensic analysis could fall way beyond your expectations. To avoid getting caught off-guard with financial constraints, you should identify the general risks associated with your trade. Moreover, a detailed report on special hazards that come with your intellectual property should inform your response plan. Knowing these details would aid in preparing you on all fronts, especially in terms of budget.

• Mind the physical and digital locations: Although cyberattacks, from its name alone, happen in the digital landscape, it does not guarantee the safety of important data printed physically. Leaking of information, whether obtained through haphazardly handled physical documents or unsecured digital storage, always end to losses in your company value. Thus, actively screening data access permissions, as well as properly disposing of physical documents and storage drives, could save you from potential danger.