Status of intellectual property is waning

There was a time when people used to frown at the concept of intellectual property and considered it similar to any extraterrestrial object. However through decades and with the change of the global business the erstwhile animosity is no more and people (whatever may be the number) have started to comprehend it. But, a large number of people are to get it yet. Let us concentrate on the essence of intellectual property therefore. Intellectual property (IP) is legal property rights over creations of the mind, both artistic and commercial, and the corresponding fields of law.

According to the intellectual property law, the owners have certain exclusive rights to a variety of intangible assets. These include, literary, and artistic works; ideas, discoveries and inventions; and words, phrases, symbols, and designs. The most common forms of intellectual property include copyrights, trademarks, patents, and trade secrets.

What is the present situation of intellectual property throughout the globe? According to the recently published study of McAfee, the internationally acclaimed security technology company, the situation is not well and is waning gradually. Only on the last year the companies worldwide suffered a loss of more than $1 trillion worth of intellectual property. What’s more companies all around eight countries lost $4.6 billion worth of intellectual property in the last year. Well, it should be mentioned, the same companies expended approximately $600 million for repairing the harms from data breaches.

On the other hand, as revealed by the investigation, the third world countries are quite ahead of their Western counterparts in the protection of intellectual property. Take for instance the three countries viz. India, Brazil and China. These three countries have been identified to spend more money on security than the leading countries like Germany, UK, US and Japan. It may be an Asian consideration but it’s true that people of China and India invest more on securing their intellectual property for competitive advantage than others. Keep in mind that seventy four percent of Chinese and sixty eight percent of Indians are engaged in this domain.

McAfee, Inc., headquartered in Santa Clara, California, is the world’s largest dedicated security
technology company.