WIPO’s 8 Steps for Securing Trade Secrets

In the February 2016 edition of WIPO Magazine, CREATe’s Pamela Passman shared “eight steps to secure trade secrets,” available here. To summarize:

1. Implement business procedures to reinforce non-disclosure agreements. A company’s overall corporate policy is essential for maintaining confidentiality as evidence that it protects trade secrets.
2. Control physical and electronic access. Courts are increasingly requiring this, and companies should regularly assess and update their systems.
3. Identify, assess and take steps to manage risks. Trade secrets should be documented in an internal registry, and an assessment of the risks should be made in the event that they are stolen.
4. Create supply chain procedures and plans. Since third parties can have access to a company’s trade secrets for manufacturing, product development, or other collaborations, it is important to have processes in place to protect confidential assets.
5. Conduct employee and vendor training so both groups know what is considered confidential information and what is expected of them when handling such information.
6. Establish a cross-functional team with representation from those who can ensure that trade secret protection policies are being followed.
7. Make continual improvements. Trade secret protection is an ongoing process, and efforts and procedures should be monitored and updated annually to ensure compliance.
8. Make trade secret protection a priority. By boosting security and implementing procedures to ensure trade secret protection, companies mitigate risks and show courts that they have taken reasonable steps to protect confidential corporate assets in the event that trade secrets are compromised.

To learn more about what CASTAYBERT PLLC can do for you in terms of trade secret protection, click here.