How to keep your trade secrets private

| Apr 22, 2021 | Business Law |

Many New York businesses have trade secrets that they utilize to gain a competitive edge over their adversaries. Keeping them under wraps is a necessity in order to ensure a secure financial future. There are a couple of different ways that a company may protect this type of intellectual property from being stolen.

Have a hierarchy of knowledge

Business and commercial law attorneys will recommend that you make a company hierarchy that reveals which positions can access key trade secrets. By limiting the number of people that are exposed to the trade secrets, you can help to better keep them under wraps. Most trade secrets will be in the form of a digital file. It’s important to have this file encrypted and control access to who can get to it.

Craft non-disclosure agreements

After you create your business hierarchy of who is allowed access to your trade secrets, it’s important to have those who are in the know to sign a non-disclosure agreement. This document should specify the specific trade secrets that you do not want to be released. It’s important to seek the help of a knowledgeable attorney when constructing non-disclosure agreements..

Provide safety training

While telling your employees that trade secrets should not be shared is one great step to take, it’s not the only one you should be doing. You should be training your employees on the proper handling of trade secrets. This could include ensuring that no one else is in the office when they’re opening the digital files containing the trade secrets or something similar.

As a business owner, you know that your trade secrets are your one advantage over all of your competitors. To keep these trade secrets from being shared with other parties, it’s a good idea to utilize all of the tips above. Always remember that you should consult an attorney if you have any questions.