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The secret to protecting your trade secrets

On Behalf of | Sep 6, 2017 | Trade Secret And Non-Compete Disputes |

In business, it is sometimes important to keep certain information private. Companies have trade secrets, and they go to every extent possible to ensure that the proprietary information that differentiates their company remains safe and secure. You may not own and operate a huge, multi-million dollar company, but you still may have the need to protect certain information.

Your trade secrets could be a crucial component to your success. This means that you want to do everything in your power to ensure the necessary legal protections are in place to keep your Florida business operating without fear of legal or financial complications. Additionally, you have the right to take legal action in the event that a company infringes upon your trade secrets.

What counts as a trade secret?

A trade secret is a type of intellectual property. This means that it is something unique to your business. Different from other types of IP, such as patents, trademarks and copyrights, trade secrets are vital information critical to your differentiation from the rest of the competition. Examples of trade secrets include:

  • Patterns
  • Compilations
  • Formulas
  • Programs
  • Devices
  • Methods
  • Processes
  • Techniques

Trade secrets are for business use. If your competition was to obtain your trade secrets somehow, it would result in severe economic harm to your business. The protection of this information is critical, and you would be wise to take into account all of the steps that may be necessary to protect your interests.

Theft of trade secrets

There are many things that could result in the theft of a trade secret. It is possible that an employee could leave to work for the competition, taking your trade secrets with him or her. Computer hacking, coercion, deception and other methods could result in the theft of vital information about your business. In the event that your trade secrets are taken, you have the right to seek a legal solution to your concerns.

Secret recipes, algorithms, proprietary formulas and other closely-held information are valuable for your business, and you would be prudent to protect them as you would any other type of asset. Through employee agreements and other measures, you can shield yourself from the potential economic impact of the theft of your trade secrets. You have the right to know your options and pursue whatever legal measures are appropriate for the continued success of your business.