Many businesses have some kind of trade secret that gives them an advantage over their competition. If their trade secrets got out, then they could potentially lose business. That’s why protecting trade secrets is essential for business success.
How are trade secrets like Coca-Cola and Twinkies kept so secure? It often has to do with how trade secrets are stored and who has access to the information. Here’s what you should know when protecting trade secrets:
1. Don’t keep documents out in the open
The simplest mistake that happens when handling trade secrets is leaving documents unattended and in the open. If someone finds the document and knows its value, they could take it and use it for their own advantage.
2. Limit storage access
Many people keep physical copies of trade secrets under lock and key. Having a safe or secure container where trade secrets are stored can limit who can access them.
3. Keep online data secure
Technology has made many things easier, such as storing and limiting access to trade secrets. However, people can use technology to their advantage and hack into private databases. As a result, a trade secret could be accessed by anyone. You may need to consider how your trade secrets are stored online and who can access them and develop a system that tracks such access.
4. Define employee policies
You may want to include a non-disclosure agreement (NDA) policy in your employee contracts. An NDA limits how much information employees can talk about without suffering legal troubles. This can help clarify that trade secrets can’t be discussed outside of work.
5. Keep a record
You may want to consider keeping a record of who has recently accessed the documents that contain your trade secrets. If your trade secrets are made public, you can look at your records and see who recently looked at your trade secrets.
If you believe your business is suffering damages because a trade secret was revealed, then you may need to learn about your legal options to protect your future.