Not all business information qualifies to be referred to as a trade secret. To meet the threshold and thus be protected from misappropriation, three things need to be true: It needs to be secret, it needs to give your company a competitive advantage and you need to make reasonable efforts to keep that information secret.
How exactly do you do that?
5 things you can do to keep trade secrets safe
Trade secrets may be the lifeline of your business. If competitors or third parties learn about your way of doing things more efficiently, they could run you out of business very fast. Therefore, it is important to protect your trade secrets at all costs. Below are how you could protect your business secrets from landing in the wrong hands:
- Restrict employee access to confidential information.
- Do not store confidential information that can be disposed of immediately.
- Executing confidentiality and non-disclosure agreements with employees.
- Training your employees on online security to prevent IP theft.
- Taking stern action against culpable employees and aligning business objectives with protecting its trade secrets, among others.
What are your options in case there is a leak?
No matter the steps you take to protect your trade secrets, all it takes is one slip-up and they are out. Therefore, you should anticipate such instances and be aware of the steps to take to correct the situation.
It is important to note that taking swift action is the best way to mitigate the situation. This is because information spreads so fast, especially in this digital era. Seeking experienced guidance is wise.