Intellectual Property (IP) will remain the currency of the creative economy. In an industry where the products of human thoughts continue to maintain a monopolistic reign over the sector, IP will also continue to control and determine the price dynamics of the industry.
In today’s world, where there is a growing intersection between digitization and creatives, it has also become imperative to defend the IP of creatives against the surging menace of cybercrime. The growing threats caused by cybercrime are becoming diverse by the day.
Imminent Cybersecurity Threats to Intellectual Property
Understanding the imminent cybersecurity threats is crucial in protecting sensitive information and maintaining online security. Here are some of the popular ones:
- Hacking is the decrypting of social media and email passwords.
- Phishing is the use of bogus emails to request security information and personal emails.
- Ransomware & malware is the use of malicious software to hijack vital information and hold such data for ransom.
- DDOS is the use of Distributed Denial of Service attacks against websites to steal information.
According to the U.S. Bureau of Justice, 10% of Americans have been a victim of cybercrime within the past year. This has led to significant financial losses, totaling nearly $25 billion. Amidst this, the significance of securing IP and its rights in the creative industry cannot be overstated.
Since research, innovation, and development are fundamental to the creative industry. Therefore, IP serves as a legal backing for new and innovative technologies. Additionally, IP aids various companies and individuals within the creative industries in protecting their research and development investments. Accordingly, ensuring adequate security of IP and its attendant rights in cyberspace is paramount in our era.
Want More Tech News? Subscribe to ComputingEdge Newsletter Today!
Cybersecurity in Today’s Creator Economy, A Hit or Miss?
There are many reasons why cybersecurity is vital in protecting IP in this digital age. For one, the expansion of the digital realm has inadvertently caused the need for IP protection to soar.
The creator economy has flourished. According to research conducted by Reuters, about 70% of new value that will be created is forecast to be based on digitally-enabled platforms. That’s why cybersecurity is essential because this surging expansion of the creator economy also leaves IP rights vulnerable to theft via counterfeiting and copying.
Further, robust cybersecurity measures can help creatives prevent data breaches, protect sensitive data and prevent financial losses arising from regulatory penalties, ransom payments, and even the cost of remediation.
However, one question remains: What are the various cybersecurity measures and strategies individuals and organizations can implement to safeguard their IP rights?
Strategies to Safeguard IP Rights
The first strategy is to understand what needs to be protected. Within the context of the creator economy, every product that stems from the intellectual capital of every creator must be adequately protected.
The second strategy is to know where your IP is located. These may include cloud applications, file-sharing services, and third-party systems. For creatives, it is pertinent to ensure that contractual agreements between parties define how those parties must secure your IP.
The third strategy is to secure your IP both physically and digitally. For instance, you must always lock the room if you store the IP in server farms. Getting copyrights for your IP is a legally protective measure you should employ.
However, you must ensure that your IP is tangible, such as a song, book, or even an original speech. Additionally, patents and trademarks are legal measures that aid creatives in protecting their IP. While patents grant protections and rights to authentic inventions, trademarks protect several vital components of a creative’s work.
Finally, strong credentials are usually the first line of defense against unauthorized access, as the Verizon Data Breach Investigation has reported that over 81% of hacking-related breaches are due to either stolen or weak passwords.
Therefore, using strong passwords is vital to ensuring proper cybersecurity within the creator economy. For corporations within the creative industry, drafting a password policy and implementing the usage of a password manager will aid in protecting their IP rights.
Defending IP rights in the creator economy of the modern era has taken a dynamic shift that seeks to attend to the ever-growing menace of cybersecurity. For individuals and corporations within the creator economy, defending their IP Rights in the digital era remains a priority if the industry’s currency –the human mind– is to maintain its reign over the creator economy.
Disclaimer: The author is completely responsible for the content of this article. The opinions expressed are their own and do not represent IEEE’s position nor that of the Computer Society nor its Leadership.