Tips For Protecting Your Company's Secrets

On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Contract Disputes on Friday, February 19, 2016.

The success of many small to mid-sized companies hinges on the security of the secrets and formulas that differentiate it from competitors and earn it market share. Yet many companies are unaware of the security risks they face - as well as the steps they should be taking to protect themselves.

First and foremost, it is important to work with an experienced business law attorney who understands intellectual property law and can help you make crucial decisions to protect your company and its secrets.

In addition, here are a few tips to begin the process:

Take stock - Review your company's products and operations from top to bottom to determine if there are any trade secrets, processes or formulas that are unique to your company and need to be protected from competitors.

Take visible steps to protect those secrets - If you ever need to fight for your secrets in court, the judge will evaluate whether you tried in the past to protect these secrets, taking reasonable steps to maintain secrecy. This includes labeling information as confidential, having employees sign non-disclosure agreements and seeking trademarks or copyrights.

Lay a legal framework - Should you enter into a deal or a partnership with another company that would allow it to see your secrets, make sure that you have a solid framework of non-disclosure and licensing agreements that will protect you.

Secure your company - Invest in online and network security to guard against outside infiltration and access to your secrets.

To thoroughly protect yourself from the possibility of your secrets being stolen or used by competitors, work with an experienced business law attorney who understands the nuances of this very specific area of law. Skilled legal representation can evaluate your business, provide a clear explanation of steps you need to take and identify blindspots that would have left you vulnerable.

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