Trade secrets – those confidential pieces of information, data, processes, inventions, techniques, methods, etc. used by a business that provide it with a competitive advantage over those without that same knowledge or “know how” – represent perhaps the most valuable form of intellectual property that can be owned by a business.
The new Act creates a federal cause of action for trade secret theft making it easier for business owners to pursue such an action in federal court. Unlike other forms of intellectual property (patents, trademarks, and copyrights), trade secret rights are rooted in state law and protected by a patchwork of state laws and case precedents. The new law provides a more uniform and reliable means of pursuing trade secret protection, an especially important measure in today’s environment where trade secrets are more likely to be compromised in the course of national or international commerce (especially e-commerce) than purely through local channels.
Think about your businesses’ trade secrets – chances are your business has some. How are you protecting them? Are you doing enough to protect them from theft online, from theft by others, or from theft by your own employees? Feel free to drop me a line if you’d like to discuss this.
Best regards, – Scott Lawson E: email@example.com. P: (440) 666-9735.♦
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