Top 5 tips for protecting trade secrets
08 December 2017
With the new EU Trade Secrets Directive coming into force in June 2018, we have compiled a list of the top 5 tips for protecting trade secrets.
Here are our top 5 tips for protecting your trade secrets:
Identify your most valuable trade secrets
This may seem like a daunting task, but it can certainly be streamlined by focussing on the business’ most valuable trade secrets.
Create a secure register or trade secrets
Once you have identified your trade secrets, keep a register of the trade secrets, including information about how the secrets are stored and who has access to them.
Limit access to sensitive areas and information
Consider restricting access to sensitive areas of your business premises, for example, does everyone in the company really need access to prototype development labs? Make sure only key employees who need to have access to trade secrets actually have access to them.
Maintain secrecy with external entities
When engaging external entities such as contractors, make sure there is a contract in place with sufficiently strong confidentiality provisions to ensure that access to trade secrets is restricted by the external organisation and there is no unauthorised disclosure of the trade secret.
Develop internal training and policies
Educate staff that they will sometimes have access to trade secret and educate them on the importance of keeping this information secret and develop policies that all staff are aware of, to identify, manage and protect trade secrets in the business.
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Brands & Intellectual Property
Maximising brand power forms the heart of commercial strategy for businesses in nearly every industry, whether major names or start-ups with big ambitions.
Data & Privacy
In today’s information-fuelled world, data can hold the key to generating competitive advantage.
When disputes arise, they can often have far-reaching implications for the rest of a business.
Manufacturing & Engineering
For organisations in the manufacturing and engineering arena, even seemingly simple products and projects have vastly complex operations behind them.
Technology & Communications
Few industries evolve more quickly than technology and communications, so protecting proprietary data and innovations, securing skilled staff, maximising contractual relationships and exploiting brand assets are critically important.
Retail, Hospitality & Leisure
The retail, hospitality and leisure sectors live or die by consumer tastes, brand loyalty and spending power, all of which can fluctuate dramatically on a regular basis.