Question

American companies are subject to unauthorized copying and theft of intellectual property. How is intellectual property protected against theft from foreign competitors?

Answer 1

ANSWER:

Intellectual Property Protection is protection for inventions, symbols, literary and artistic works, names, and images created by the mind. A business can protect their intellectual property by using: Patents, Trademarks, Trade Secrets and Copyrights. Patent law protects new inventions such as designs. Trademark law protects the symbols or devices which differentiate the product. Trade secret is a formula, device, process, or other business information that firms keep private to provide them a business advantage over their competitors. Copyright protects the original work of authorship such as dramatic works, literary works, music, pantomimes and choreographic works, pictorial, sculptural, and graphic works, artistic works, sound recordings, architectural works, and computer software.

Furthermore, to protect your intellectual property in foreign markets a company may establish contractual security by carefully constructing the legal contracts. Companies can strengthen their security procedures when getting involved in foreign venture to assist them for quickly identifying a malicious or unauthorized activities by internal and external parties. It can be done by restricting IP access to essential parties; prohibiting unauthorized copies of IP; physically locking areas where IP is stored; and encrypting all IP's. Organisations may also buy Intellectual Property Insurance with intent of protecting themselves against the significant legal expenditure that will be required to be paid if an organization pursues its IP claims through the court system