Allowing a domain name to expire could prove to be a costly mistake for businesses and organizations, it has been suggested.
According to intellectual property lawyer Luke Dale, of Kelly & Co, firms risk losing one of their most valuable assets if they forget to re-register their domain name.
Writing for Adelaide Now, he explained that many businesspeople are unaware of the true value of the domain names they hold.
“Some companies may also have a suite of domain names which they originally registered a long time ago, before the internet increased its commercial importance,” he stated.
“They therefore may lack the procedures needed to ensure these don’t fall into the hands of competitors or online speculators.”
The world’s most expensive domain name, Insure.com, changed hands in 2009 for a reported sum of $16 million, emphasising the potential importance of looking after key online real estate.