The International Chamber of Commerce (ICC) has just issued the 2014 edition of the annual series “The ICC Intellectual Property (IP) Roadmap.” The report includes commentary on what companies can do to protect all forms of IP, and in particular, outlines current and emerging issues regarding trade secret theft.
Information and knowledge are key factors in a company’s success, and as such, trade secrets must be suitably protected. Defending patented products is necessarily different from protecting trade secrets because once the confidentiality of these latter assets is compromised, it is inherently impossible to override the damage of the knowledge transfer.
The report states that while improving policy and conducting risk assessments are helpful, these steps alone cannot stop the global risk to trade secrets. Global supply chains and business expansion into emerging/high-growth markets mean that companies must now take extra care to shield intellectual property from those who could misappropriate it.
The report states that to protect trade secrets, companies must:
- Set up effective information security policies;
- Implement measures and training programs to secure IP;
- Utilize preventive measures rather than deal with damage later on.
CREATe.org’s new report, Economic Impact of Trade Secret Theft, written in collaboration with PwC, offers a five-step framework to help companies identify, assess and protect trade secrets. CREATe.org also has released a relevant whitepaper for global companies, Trade Secret Theft: Managing the Growing Threat in Supply Chains.