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Protecting trade secrets: Loose lips sink your legal defense

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in Career Management,Workplace Communication

THE LAW. Today's definition of trade secrets encompasses any information, technical or nontechnical, that your organization has reasonably protected and is valuable enough to give you an actual or potential advantage. Both federal and state laws govern trade secrets:

Federal: The Economic Espionage Act of 1996 made it a federal theft to take, download or receive trade secrets without the owner's authorization.

States: All states have some kind of law. So far, 41 states have adopted statutes modeled after the Uniform Trade Secrets Act. Two states (Alabama and Massachusetts) have separate state statutes protecting trade secrets. And seven states (Missouri, New Jersey, New York, Pennsylvania, Tennessee, Texas and Wyoming) protect trade secrets under common law.

WHAT'S NEW. In 2001, companies lost $59 billion due to trade-secret theft, according to a Pricewaterhouse-Coopers study. And lawsuits involving stolen trade...(register to read more)

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