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Strategies for Safeguarding Trade Secrets

There is a growing effort at both federal and state levels to restrict or prohibit the use of noncompete agreements. Consequently, employers are increasingly asking a crucial question: “Given these challenges to noncompetes, how can we best safeguard our business interests?”

DC IP Lawyers believe the answer lies in prioritizing the protection of trade secrets and confidential information through what we call a “Trade Secret Tune-Up.”

Employers often use noncompetes to safeguard intellectual property, trade secrets, and confidential data from falling into competitors’ hands. Amid uncertainties surrounding noncompetes, it is now more critical than ever for employers to adopt measures beyond noncompete agreements to secure their sensitive information.

So, What is a Trade Secret Tune-Up? It’s a comprehensive approach designed to identify the company’s most valuable assets and enhance methods for their protection. The primary goal is to ensure robust safeguarding of critical information and enable swift legal action in case of misappropriation. A Trade Secret Tune-Up typically involves four key steps.

Firstly, it entails evaluating the company’s trade secrets and confidential information, reviewing and strengthening confidentiality agreements with employees and non-disclosure agreements with vendors, and updating relevant policies and procedures.

Secondly, it involves engaging key stakeholders such as Human Resources, Information Technology/Information Security, Legal teams, and business leaders to implement these measures effectively.

Thirdly, it includes assessing the company’s capabilities for detecting and responding to breaches, including security measures, training programs, exit interviews, and other processes that facilitate swift action in case of data breaches.

Lastly, it focuses on identifying and rectifying any vulnerabilities that could compromise the protection of confidential information, ensuring the company is well-prepared to respond decisively to any instances of misappropriation.

DC IP Lawyers Note: By conducting a Trade Secret Tune-Up, companies can proactively safeguard their confidential information amidst evolving legal landscapes surrounding noncompetes and ensure robust protection of their valuable assets.

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