Trade secrets can make or break Texas businesses. They can be the factors that distinguish new entities from their competitors and make certain products popular while similar products languish. When a business develops or acquires a profitable trade secret, they will likely want to work hard to protect it.
There are steps that businesses can follow to safeguard their trade secrets, but it is important that readers remember there are no guarantees in business or in the law. An intellectual property attorney can advise an entity on protecting its trade secrets, and this can be advisable as this post provides no guidance to its readers on any legal topics.
Recognizing information to protect
A business may have many idiosyncratic operating and procedural processes that are unique to its organization. Not all of those elements are trade secrets. Trade secrets are highly valuable and should be given particular protection from access and distribution.
Identify and store trade secrets
Trade secrets should not be stored in accessible drives or folders. They should have safe locations to reside that are not open to every employee in an organization. Devices on which trade secrets are stored should be backed up and protected against attacks to gain access.
Limit access inside and outside of business
As stated, access to trade secrets should be limited. That means keeping trade secret access to absolutely the smallest group of people possible. Not every employee should have access to trade secrets, and vendors, contractors, and other non-essential personnel should be restricted from knowing where trade secrets are kept.
Instructions on trade secret safekeeping
Businesses that keep trade secrets should provide those with access with instructions on how to safeguard their access and knowledge of those secrets. Instructions on how to locate, evaluate, and refile trade secrets should be made known to only those who require such information.
These general suggestions can be tailored to individual businesses’ needs. An intellectual property lawyer can help an entity move toward protecting the information that makes it thrive.