Congressman Holding introduced the bipartisan‚Trade Secret Protection Act‘ in July. This act seeks a basis to file suit for trade secret protection in federal court, as opposed to state court where laws vary. If passed, sponsors hope this change will help nationwide business combat the daily cyber security threats they currently face.
Disputes about trade secrets frequent the news. Many businesses establish innovation and development strategies through substantial financial and time investment. These processes are valuable assets to protect. Nearly every business has unique models, techniques, methods, or information which add value to your business and may potentially be protectable as a trade secret.
First, Identify your trade secrets. This could be the process by which you evaluate your services, your risk management strategy, the terms of your strategic alliances, statistical models, analysis, or marketing strategies. Ask your employees which parts of your business add value to your products or services. Then, identify who developed this trade secret and how and to what extent this information is known outside the company. Lastly, you can evaluate your trade secret inventory, identify which ones are protectable, and follow strategies to protect them.
Click here to read the Trade Secret Protection Act of 2014.