Trade secrets are some of your most valuable intellectual properties. There are many things that constitute trade secrets, but generally, they are anything that has inherent economic value for your business.
Your trade secrets can be your information, designs, practices or anything else exclusive to your business that gives you a competitive edge.
Why protecting trade secrets is so important
You must take reasonable steps to protect your trade secrets, especially in today’s technology-driven world, with increased competition and opportunities for innovation.
Stolen intellectual property can result in significant financial losses to your business, and sometimes, theft of trade secrets has caused entire businesses to collapse. It is more crucial now than ever to take drastic steps to protect your trade secrets.
First, do not assume that trade secret theft cannot happen to you. Not only can it happen but it often happens unexpectedly, with the thieves counting on the fact that you do not have a plan in place to address the theft of your intellectual property. Put a risk management plan in place as you would with any other aspect of your business.
Invest in strong cybersecurity
Having strong cybersecurity is one of the most important steps you can take to keep your trade secrets protected. Some businesses do not invest much in cybersecurity, because they do not consider it a priority.
They may think their trade secrets are not important enough to steal, or that any attempted intellectual property theft would be obvious enough to catch. This is not true.
Today, it is common for cyberthieves to be one step ahead of any privacy or cybersecurity software. Take advantage of the most up-to-date cybersecurity technology out there and use it. It is a wise investment.
Consider captive insurance
Another wise investment is captive insurance. Unlike your typical commercial insurance, captive insurance is owned by the business owners themselves and insures them in the event of an unforeseen risk, such as intellectual property theft.
Your trade secrets deserve protection. If they are stolen, or you have questions about what you can do to further ensure their protection, consulting with a New York intellectual property attorney is a good idea.