In a globalized world, information is easily shared and accessible, and ideas are widely disseminated. Protecting unique ideas from copycats, hackers, competitors, and employees is also more challenging.
Maintaining your trade secrets is paramount to your business’s success. Trade secret theft, pirated software, and counterfeit goods cost the United States between $225 billion and $600 billion annually.
You can take some proactive steps to protect your creative ideas and unique trade secrets. You may also need a skilled business attorney in Orlando to pursue trade secret litigation if your secrets are misappropriated or compromised.
What Is a Trade Secret?
Trade secrets are intellectual property rights on confidential business information that give a company a competitive edge.
The Uniform Trade Secrets Act (UTSA) defines a trade secret as information with independent economic value because it is not generally known or readily ascertainable, and efforts are made to ensure its secrecy.
Florida is one of 48 states that has adopted the UTSA and has the same trade secret definition. A trade secret lasts until it is no longer a secret.
Trade secrets can be designs, processes, methods, client lists, advertising strategies, recipes, algorithms, formulas, inventions, or other research and development information. One example is the recipe for Coca-Cola, which is kept secret within the company and not disclosed to others. Trade secrets allow companies to make and sell valuable products or ideas only they know how to make.
Trade Secret Protection
Some types of intellectual property, like copyrights or trademarks, can obtain protection through registration. No registration process exists for trade secrets. A party with a trade secret must make reasonable efforts to protect the information and maintain its secrecy.
When a trade secret is disclosed, it is no longer eligible for trade secret protection. Once a trade secret is lost, it is lost forever.
Unfortunately, trade secrets are frequently the target of corporate espionage or compromised by employees. If your business has a trade secret, it may be subject to theft or misappropriation.
Identify Your Secret
Before you can plan to protect a trade secret, you must first identify your trade secrets. Conduct an inventory of your company’s assets and determine which are valuable and need protection. Mark or label this information as confidential or secret.
Restrict Access
Smaller numbers of individuals with access to your trade secrets will reduce the likelihood of their exposure or threat. Identify key players who should have access to the information and who you can trust to keep it secret. Restrict access to the information only to those select individuals.
Confidentiality Policies and Agreements
Implementing confidentiality policies and having employees sign non-disclosure, confidentiality, and non-compete agreements can enhance trade secret protection. Legal agreements notify employees, partners, or contractors of their obligation to keep the information secret and the consequences of breaching that obligation.
Physical and Technological Security
Ensure physical and technological security processes are in place and updated. Surveillance systems, employee ID badges, mandatory password changes, limited remote access to company computer systems, and multi-factor authentication are a few examples of how to secure your trade secrets.
Trade Secret Lawsuit
Despite implementing proactive policies and procedures, employees and competitors can still trick you and steal your intellectual property. If you suspect a compromise to your trade secret, you may want to file a trade secret lawsuit.
Trade secrets enjoy legal protection under the Florida UTSA, the federal Defend Trade Secrets Act (18 U.S.C. § 1836), and the Economic Espionage Act (18 U.S.C. § 1833). These laws allow companies to file a civil trade secret lawsuit for trade secret misappropriation.
To prevail in a trade secret misappropriation case, a plaintiff company must demonstrate that:
- The company has valuable business information that is secret and not generally accessible;
- The company made reasonable efforts to protect the secrecy of that secret information; and
- The defendant took the information without authority and is using the trade secret or has disclosed it to third parties using the information.
Some of these elements can be challenging to prove. A skilled attorney can help you gather evidence and build a strong case.
Injunctive relief and monetary damages are the primary relief for plaintiffs in trade secret lawsuits.
Hire BrewerLong to Help Protect Your Trade Secrets
Whether you need help developing confidentiality policies and procedures or believe someone has misappropriated your trade secrets, BrewerLong can serve as your trusted Florida trade secret counsel.
BrewerLong’s attorneys understand the importance of protecting your innovative intellectual property. Our experienced business attorneys have helped hundreds of clients navigate the complex world of trade secret litigation since 2008.
As a small firm, we pride ourselves on providing personalized client service. Our team will work to protect your trade secrets from disclosure or misappropriation.
If they are misappropriated or stolen, we will advocate in court to obtain the relief you deserve. Contact BrewerLong today to learn how we can be your trade secret attorneys.
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