There are two important reasons you need to protect your company’s trade secrets:
- You make it less likely that confidential information will be misappropriated.
- It will be easier for you to seek relief in court if your secrets are stolen.
All states provide trade-secret protection for businesses, and most have adopted the Uniform Trade Secrets Act (UTSA). Four states (New Jersey, New York, Texas and Massachusetts) have not enacted the UTSA but have other trade-secret protection on their books. Almost any secret information that gives a business entity a competitive edge can be protected under UTSA or other state laws. In addition, Congress enacted the federal Economic Espionage Act to extend federal protection of intellectual property to trade secrets.
The types of secrets that can be protected include manufacturing processes, formulas and recipes, software, customer lists and information, general corporate strategy, busi...(register to read more)