Explain the intellectual property rights

FinanceFinance ManagementBanking & Finance

Intellectual property rights give right to the persons over their inventions, literary works, etc. Rights for their creations have a timeframe. The right for protection is outlined in the universal declaration of human rights (Article 27).

Importance of intellectual property was recognized in the Paris convention for protection of industrial property in 1883 and Berne convention for the protection of literary and artistic works in 1886. The World intellectual property organization administers both these treaties.

Need for intellectual property rights are explained below −

  • To encourage innovations.
  • To increase economic growth.
  • To safeguard creators' rights.
  • Promote innovations.
  • Transfer of technology.

Safety of intellectual properties

  • An employee needs to understand what needs to be protected. So they should know what intellectual property they got. To know what they got, proper communication should made between various departments
  • Sometimes they will be overlooking the intellectual properties. Overlook in secure IP, using outside or unsecure printers, scanners, fax, sharing files, using personal devices and third party systems etc.
  • Proper MAP is maintained to determine if the information is lost, what department will hurt more and which assets have risk of stolen are kept in mind and protective efforts are prioritized
  • Labeling the properties or putting label as company property and making only authorize person to access the data
  • Intellectual properties should be protected both physically (paper archive room) and digitally (using password, limiting the access etc.)
  • Creating awareness and training the employees helps in preventing the leakage
  • Using proper software tools, using encrypting IP also helps in protecting intellectual property
  • If any unauthorized person or using unauthorized ways to print, scan or carrying the documents then immediately legal and security should play their roles
  • Keep an eye on each and every activity going inside and outside the company (may be person, paper etc.)

Types

The types of intellectual property rights are given below −

Advantages

The advantages of intellectual property rights are given below −

  • Legally protected.
  • Immediately comes into effect.
  • Protection for genuine design.

Disadvantages

The disadvantages of intellectual property rights are given below −

  • Involves cost and time.
  • No protection for ideas.
raja
Published on 19-Jul-2021 11:07:38
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