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5 practices to prevent trade secrets from getting leaked

On Behalf of | Sep 3, 2022 | Business & Commercial Law |

Many businesses have some kind of trade secret they wish to stay under lock and key. When these secrets get out, it could cause a business to underperform. Trade secret leaks can not only impact your business but may expose the personal information of the people you work with.

Businesses can practice ways to keep trade secrets from being released. Here are some suggestions that may help you:

1. Know what’s considered a trade secret

Many companies use the same models and formulas to conduct their businesses. Some trade secrets your company has may be common knowledge and practiced by others. You may need to consider what ideas make up your trade secrets.

2. Create physical security over your trade secrets

Some trade secrets have limited physical copies. This can make it easier to secure your trade secrets behind a safe or security unit.

3. Limit computer access to only trusted people

Many trade secrets are going digital. While digital copies of trade secrets can make them easier to locate, they may also open up security flaws. You may need to restrict how trade secrets are distributed online.

4. Train executives and employees

The more your executives and employees understand that trade secrets are secret for a reason, the less likely they may be distributed. You may have special training that spotlights the importance of trade secrets to the business.

5. Non-disclosure agreement

One of the best ways to reduce the chances of trade secrets spilling is by enforcing a non-disclosure agreement. This agreement may clarify that legal actions will be taken if trade secrets are revealed. 

You may have done everything possible to protect your trade secrets, yet, it wasn’t enough. If you’re trying to handle an information leak, then you may need to reach out for legal help.