In today’s society, many business owners owe their triumphs to trade secrets, which they conceal from the public to safeguard the confidential information that offers them a competitive edge over their competitors. But, if these trade secrets are revealed to the public, it can significantly damage a business. A company will lose its competitive edge in the marketplace. As such, business owners must take the necessary steps to safeguard their trade secrets. If you’re worried about your trade secrets being exposed, it is in your best interest to contact our determined Security Experts from Port Security Services, who can help you formulate a security strategy that best suits your specific needs.
What is a trade secret?
A trade secret refers to any practice or process of a company that is kept confidential and not disclosed to the public. Such information often gives a company a competitive edge over its rivals and is usually the result of extensive internal research and development. Under U.S. law, for information to be considered a trade secret, the company must have taken reasonable steps to conceal the information that is their intellectual property from the public; it must offer some economic benefit and be actively protected, keeping it from being publicly known. It is imperative to note that trade secrets may take a variety of forms:
- Software algorithms
- Compilation of data
- Customer lists
Intellectual property, such as trade secrets, is often the result of human creativity. As such, companies are eager to understand what makes their competitors successful, especially regarding developing specific products and processes. To safeguard their trade secrets. Companies usually make employees with access to this confidential information sign no-disclosure or non-compete agreements upon hiring. However, this is often not enough to truly protect trade secrets from being exposed.
How can I prevent trade secret theft at my company?
As a business owner, it’s vital to take the necessary steps to protect your company’s trade secrets. One of the main steps you should take is enhancing your company’s cybersecurity measures. You should mandate routine password changes, provide employees with clean laptops when traveling, track all data downloads from company computers, limit remote access to the company’s computer network, and quarantine e-mails that are company-wide messages or to company executives. Hiring security experts who can conduct security assessments to detect vulnerabilities that could pose a potential threat is essential. Security experts can help protect against malware, limit access to unauthorized websites, and implement a cyber security attack plan to mitigate the damage if cybercriminals attempt data breaches.
Alongside improving your cybersecurity, you should consider providing physical security. Security officers, armed or unarmed, can patrol the premises and assist with implementing visitor protocols. Enforcing a visitor protocol and having employees wear ID badges with control access will help mitigate the risk of data breaches. Security experts can help maintain logs of facility access and monitor restricted areas to ensure no unauthorized personnel obtains confidential information. They can even provide after-hours security monitoring and install state-of-the-art video surveillance cameras in vulnerable areas. Ultimately, these steps can help you protect your company’s trade secrets.
If you’re a business owner, consider hiring the seasoned security experts at Port Security Services. Our team is prepared to help you enhance your cybersecurity and provide you with highly trained security officers.