If your business in Georgia relies on a trade secret to stay competitive, then it is essential that you learn how to protect it. A trade secret only qualifies for legal protection as long as it is not public information. Once it becomes known by someone outside of your company, you lose all protection and trade secret status.
The World Intellectual Property Organization explains that, because of how trade secret laws work, you must make it a vital part of your business model to protect your trade secrets at all costs. This may require making special rules or enacting policies that keep your information on lockdown and out of the wrong hands. Here are some tips for doing that.
- Create a contract
Anyone who has access to the trade secret should sign a contract that prevents them from disclosing the information. If they do tell anyone, the agreement should set out severe punishments and penalties. Having a legal contract gives you the ability to ensure only those whom you can trust will get access while also protecting your company in the event it loses the trade secret.
- Use security
You need to keep your trade secret under lock and key. It has to be secure. This might mean physical security or digital security. At any rate, you want to be sure only those you allow have access to it, and even then, that they must prove their identity to get access.
- Always assess risks
You should continuously keep an eye out for potential threats. It is important to continuously check your policies and procedures to make sure there are no new risks. If you find a potential issue, fix it right away.
Trade secrets help you to have an edge over your competitors, but they are easily lost when someone untrustworthy gains access to them. To keep your secrets safe, you must make sure you have a good security plan in place.