Property Rights, Cybercrime, And Cyber-Piracys Impact On Domestic And Foreign Business

Property RightsName:Institutional affiliationProperty Rights, Cybercrime, and Cyber-piracy’s Impact on Domestic and Foreign BusinessIntroductionIntellectual property (IP) is a creation of the mind, whose importance is comparable to physical assets, in that they set the different apart from competitors, they contribute to the brand value and they can be sold to generate revenue among others. They include trademarks, copyrights, patents and trade secrets. Businesses create or acquire IP through research and innovation (R&D), licenses, as well buying from the original owner of the property. Intellectual property laws are registrations that guaranty the owner of the property exclusive use of the property. Countries enact laws to protect intellectual property to stimulate innovation, to encourage businesses to allocate more funds towards research and development. Like physical property, IP can be stolen. The risk increases as the business go international market. Likewise, a business may also infringe on the rights of other businesses and individuals. Managers have the responsibility of protecting IP of the business by understanding the procedures for IP protection in different jurisdictions to allow the business to fully exploit its IP. Identify and protect the tangible property rightsA manager