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Trade Secrets: Practical Considerations from Martensen IP - Yahoo Finance

Last updated Wednesday, August 25, 2021 11:45 ET , Source: NewsService

A company is only as good as its people, and its trade secrets are only as secure as its data security practices. Thus, protection of trade secrets is not something to be undertaken lightly.

Colorado Springs, CO, Aug. 25, 2021 (GLOBE NEWSWIRE) -- In the final scene of Raiders of the Lost Ark, a worker wheels perhaps the greatest archaeological find in human history into an enormous government warehouse, where it is stashed among thousands of other crates, perhaps never to be seen again. Unlike the Ark, trade secrets that businesses are seeking to protect can’t just be hidden away in a vault.

Trade secrets are often central to a company’s value and, therefore must be used. This means they must be shared with employees and vendors, embedded in software, disclosed to regulators, and included in products. The fundamental dilemma of trade secrets is that while they derive their value from secrecy, at some point they must be disclosed, at least selectively. Thus, protection of trade secrets is not something to be undertaken lightly. It requires planning, strategic thinking, and a multi-dimensional approach. First, however, it’s important to understand what a “trade secret” is.

What Is a Trade Secret?

For states adopting the Uniform Trade Secrets Act framework, a trade secret is defined as information that 1) “derives independent economic value” from not being generally known or readily ascertainable, and 2) is subject to “reasonable” efforts to maintain secrecy. As to this...

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