trade secret protection Archives

How can you minimize the exposure of confidential information?

Keeping important information from getting into the wrong hands is imperative to your company's protection and success. While you can monitor who has access to confidential information in order to minimize their exposure, it is also important for your company, especially if you have an International presence, to implement protocols designed to keep your most sensitive information private. 

What are the most frequently asked questions about trade secrets?

As a business owner or inventor, you may have a lot of questions about trade secrets. Trade secrets refer to the data you prefer to keep hidden from competitors and even some employees. These secrets provide your business with a competitive edge that may be destroyed if it got into the wrong hands.

This is the biggest risks for a company’s trade secrets

The most successful companies all across the globe have one main thing in common; they have secrets. In business, people refer to this as proprietary information. While there are other secrets companies may hang on to that could prove detrimental if released, perhaps none holds greater value than the company’s trade secrets. This may range from recipes to software algorithms and product designs.

How can I protect a trade secret?

While things like patents and trademarks can help you protect certain aspects of your business, trade secrets cannot be registered for protection. That means it's up to you, the business owner, to determine how to safeguard valuable information and prevent it from falling into the wrong hands. The U.S. Small Business Administration explains the necessary steps to protect your business. 

Trade secrets and the betrayal of former employers

Trade secret theft can have significant consequences and many businesses have been damaged as a result of the misappropriation of trade secrets. When confidential business information is misused, competitors may gain an unfair advantage and companies that are targeted by this behavior may be affected so much that they are prompted to shut down. Trade secret theft happens for many reasons and in this write-up, we will look into the theft of trade secrets by former employees who decide to betray a company they used to work for.

How do I honor an NDA?

Nondisclosure agreements are used in the business and creative industries to protect confidential information. However, signing an NDA has become such a standard practice that few people give it much thought anymore. Because of this, you may believe that your only responsibility after signing on the dotted line is to not intentionally share the information with anyone.

What to include in a nondisclosure agreement

When you own and operate your own business, making smart hiring decisions is arguably just as important as protecting your business’s trade secrets. In fact, both efforts go hand-in-hand, because the people you hire to represent you are the same ones you must entrust with the ideas, formulas and other elements of your business that give you a leg up on the competition. At Bilicki Law, we recognize that drafting a strong nondisclosure agreement is your first line of defense against trade secret litigation, and we have helped many people navigate this and other issues relating to protecting intellectual property.

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