How to Protecting Business Trade Secrets
Businesses often have confidential information that should not be shared outside the limits of members of the business. Such information could be ideas, methods, formulas, techniques, processes, devices, compilations, etc. Here, we will tell you how to protecting business trade secrets.
According to California State Law, trade secrets are information that:
- Is not known to the public, the industry of the people who know how to use it to monetize
- Its secrecy created independent economic value
- It is under reasonable protection for its secrecy
Common Mistakes
- A company does not place warning signs on trade secrets
- No requirement of confidentiality agreements (employees and third parties)
- No informant of secrets
- No imposition of safeguards
- Absence of non-disclosure agreements
- Working with companies that historically violate NDAs
- No admonishment
- No protection of information
Successes
- Trade secrets are protected as secrets
- Employees are aware of secrets
- Restriction of access
- Confidentiality agreements
- Security implemented
- Passwords and ID badges enforced
The most effective way of keeping a trade secret a secret is by limiting the amount of people who know about it… keep it an actual secret!
