Protecting your Trade Secrets

Many businesses owe their success to trade secrets. Protecting it may mean continued growth of the business.

According to the Uniform Trade Secrets Act, trade secret means information, including a formula, pattern, compilation, program, device, method, technique or process that: (1) derives independent economic value, actual or potential, from not being generally known to, and not being easily ascertainable by proper means, by other persons who can obtain economic value from its disclosure or use, and (2) is the subject of efforts that are reasonable under circumstances to maintain its secrecy.

In order to protect your trade secrets, you must do the following:

1.Find out what needs protection. Information you want to protect requires secrecy. Try not to be too inclusive so as not to trivialize protection. Protect trade secrets only.
2.Label protected information documents. Said documents must be labeled confidential. Check and limit its circulation.
3.Computers must be secured. Passwords must be used and distributed with increased caution.
4.Maintain the secrecy of your trade secrets. You can include a strict confidentiality provision regarding your trade secrets. You can have different sources for your product