You likely have to reveal some of your company’s information at times when you work with others. Much of this information may be paltry and incidental, but you should always protect data that could undermine your business.
Trade secrets are pieces of hidden information that other companies would benefit from using. Because a trade secret is not as helpful to you when others get their hands on it, its value largely comes from its confidentiality.
Protecting trade secrets
When a leak happens, there are several laws that can help protect your company’s most pivotal information. The Economic Espionage Act makes it illegal for a person to steal your trade secrets and use them to make a profit at your expense. Also, the Defend Trade Secrets Act allows you to bring a civil action suit against anyone who misuses your trade secrets.
Distinguishing trade secrets
When protecting your company’s information, you should know how to distinguish trade secrets from other data. A piece of information only qualifies as a trade secret if you make a reasonable effort to conceal it from the public. On top of this, it is easy to confuse trade secrets with patents: While trade secrets are always protectable, patent protection comes with an expiration date.
New ways to steal data are continuing to unfold, so it is important that you are as careful as possible. By training your staff and setting up the right security measures, you may have an easier time keeping your trade secrets under wraps.