With this changing commercial environment a company’s data and its internal information has increased significantly in value; at the same time being very vulnerable to potential loss by accidental sharing, or external unauthorised access.
The information about a company’s customers, internal management systems, technology and product development provides a significant competitive advantage. Such valuable information is a company’s “trade secrets”. To prevent the loss of these trade secrets it is important for a company to safeguard this proprietary information and stop it getting to the competitors.
Examples of information qualified as trade secrets
Virtually any type of information may qualify as a trade secret. Typical examples include technical information relating to formulas, patterns, devices or internal processes or commercial information related to marketing, exports or sales strategies.
Generally, a trade secret is defined as information that is:
- Not generally known within the relevant industry or to the general public; and
- Has some economic value to the owner; and
- Where the owner has made reasonable efforts in managing the secrecy.
We have produced a number of service packages to assist clients in the process of identifying their trade secrets and putting into place processes to ensure their trade secrets are managed effectively. Also, we have internal systems and software to help monitor and manage a company’s trade secrets.
1) Trade Secrets Audit
Purpose: To identify and document existing company Trade Secrets.
Delivery: Setup a database to which access can be managed and provide a report detailing the company’s Trade Secrets.
2) Trade Secret Management Programme
Purpose: To establish a system for a company to identify and manage Trade Secrets.
Delivery: Provide procedures to identify Trade Secrets and implement these in standard agreements and employment contracts and protect the information from unauthorised access.
3) Information Security Policy
Purpose: To establish a Trade Secret Protection Policy which complements the Trade Secret management programme.
Delivery: Provide a policy document that details how Trade Secret information will be managed, which parties have responsibility for Trade Secrets management, who has access, who can authorise access.
4) Trade Secret Awareness
Purpose: To raise awareness of Trade Secret management programme and Trade Secret Policy.
Delivery: Provide presentations and workshops to agreed audiences.
Please contact us if you would like to know more about the above services and receive a cost estimate for your company.
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