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How Can Businesses Protect Trade Secrets?

March 7th, 2023
Philadelphia Trade Secrets Attorneys at The Gold Law Firm P.C. Can Help Protect Your Business’ Trade Secrets.

The need to protect trade secrets is greater now than ever before, with more businesses relying on them to gain a competitive edge. Protecting your organization’s confidential information is critical in order to maintain your business’ economic value and reduce the risk of competitors benefiting from your innovations.

There are several steps an organization can take to better protect their trade secrets, such as the following:

  • Developing policies and procedures to ensure the information remains secure.
  • Implementing technological safeguards to alert you of potential breaches.
  • Maintaining strict confidentiality agreements with employees who handle sensitive information.

With appropriate precautions in place, business owners can help keep their valuable trade secrets safe.

Identify What Needs Protecting

It is essential for businesses to determine what information should be kept confidential and secure. This involves assessing all processes and operations, as well as data, documents, systems, and products that could be valuable to competitors.

Establish Policies

Companies should set up policies regarding the protection of trade secrets, such as requiring signed non-disclosure agreements or not divulging or sharing confidential information with anyone outside the company unless necessary.

Limit Access

Limiting access to sensitive information and materials is key in preventing unauthorized individuals from accessing them. A formal authorization process can help ensure that only people who need access are granted it.

Secure Computers

Businesses should utilize computer security measures, such as encryption and password authentication, to protect their trade secrets from being accessed by unauthorized users or entities. Additionally, every computer must have an up-to-date antivirus program installed and updated regularly.

Monitor Communications

Companies must monitor emails, phone calls, and videoconferencing sessions in order to detect any attempts at stealing intellectual property or other confidential information. They should also consider using archiving tools to store digital records of communications with clients and third parties in case they need them later on in court proceedings.

Establish Security Protocols

All employees should understand the importance of protecting trade secrets and know what procedures they can take when handling such materials or communications related to them. Employees responsible for protecting trade secrets must know the risks associated with these specific tasks and activities.

Implement Technological Solutions

Businesses should invest in technological solutions that facilitate efficient management of sensitive data while preventing breaches. Such solutions include the following:

  • Identity management tools that allow businesses to control who has access rights over their resources.
  • Data loss prevention solutions that help monitor communication networks where vital data is sent.
  • Content filtering software that blocks inappropriate sites from being accessed.
  • Encryption technology used for storing confidential documents.
  • Biometric authentication methods used for restricting access rights.
  • Firewalls for defending companies against digital attacks.
  • Cloud-based storage solutions used for backing up corporate data.

Train Employees Regularly

It is important for businesses to regularly train their staff on the best practices when it comes to handling trade secret information. This includes how personal devices can be used safely, how passwords can be managed securely, what constitutes a breach, and what procedures need to be followed if a breach does occur. Training sessions should emphasize avoidance rather than response in terms of mitigating potential threats.

Philadelphia Trade Secrets Attorneys at The Gold Law Firm P.C. Can Help Protect Your Business’ Trade Secrets

Protecting your company’s trade secrets is crucial. To help you protect your business, speak with one of our Philadelphia trade secrets attorneys at The Gold Law Firm P.C. today. Contact us at 215-569-1999 or complete our online form to schedule a free consultation. Located in Philadelphia and Pennsauken, New Jersey, we proudly serve clients in South Jersey and Southeastern Pennsylvania, including Wilkes-Barre, Scranton, Northeast Philadelphia, Bucks County, Chester County, Delaware County, Lehigh County, and Montgomery County.

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