Aside from being able to sue for damages in legal mean and to seek seizures of stolen information, there are other ways you can proactively protect your business and avoid the significant losses that are inherent in this kind of theft as someone who has Business intelligence.
What is A trade secret
This is a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information not generally known or reasonably ascertainable by others by which a business can obtain an economic advantage over competitors or customers.
Trade secret protection differs significantly from patent protection. Patent protection is available only for certain types of unique inventions, processes and designs. Trade secret protection is available for all types of ideas and information, so long as they are secret and provide a competitive advantage.
If a business owner who has done good business evaluation then reveals his business trade secrets absent-mindedly, someone one who has the resources and technical know-how would beat the person to it by establishing the same business and even improving on it to make it bigger.
The Uniform Trade Secrets Act of the United States created a uniform law that all states could use to counteract misappropriation (theft, embezzlement, swindling) of trade secrets by improper means.
Trade secrets are protected by law. In the U.S., the UTSA and the Economic Espionage Act of 1996 forbid their misappropriation for commercial use. If you are a victim of trade secret misappropriation, the Defend Trade Secrets Act of 2016 (DTSA) gives you the right to bring a private civil lawsuit under the Economic Espionage Act.
The scale of the Waymo v. Uber trade secrets case : An employee took 14,000 documents containing sensitive data resulting in a US$1.859 billion claim and a settlement of around US$245 million. Waymo claimed it had instituted sufficient security precautions to protect trade secrets, such as encryption, security cameras, and confidentiality agreements.
The Economic Espionage Act of 1996 protects trade secrets that can be used to benefit a foreign power. Violations of this act may be tried in criminal court as well as a civil court.
Unfortunately, trade secret laws don’t usually cover reverse engineering (taking your product apart and putting it back together then copying it).
Steps to protecting your trade secrets with good Business analysis.
1 Set Up Employee Training and Policies
2 Identify What Needs Protection
3 Label Documents That Contain Protected Information
4 Use Caution Internationally
5 Limit Public Access to the Company
6 Monitor Where Information is Stored
7 Monitoring where confidential information is stored, including electronic items such as computer hard drives, discs, and thumb drives
8 Provide Adequate Security
9 Maintain Secrecy With Outside Vendors
10 Undertaking disciplinary action with employees who have violated your policies and procedures
11 Consistently following your own policies and procedures
12 Assessing vulnerabilities and risks, both internally and externally
lawsuit if your secrets are stolen
Damages: If the court finds in your favour, you can collect damages, including lost revenue, attorneys’ fees, and possibly punitive damages. Keeping good records of costs and income can give you an advantage when it comes time to determine the amount of damages.
Injunctive relief: The first thing you should do if you think a trade secret has been stolen is to get the help of an attorney to get you an injunction. An injunction is a court order for someone to stop doing something. This is called “injunctive relief,” because it relieves or minimises the injury to your business from the theft. An injunction may be temporary while the legal process is going forward, or it might be permanent, depending on the circumstances.
Litigation: Once you have limited the damage with an injunction, you and your attorney can start to take legal action against the theft.
Act quickly: You will need to act quickly; the quicker you file a lawsuit, the more weight the court gives to your seriousness in protecting your trade secret.
Find an Attorney to Help You Protect Trade Secrets
Taking responsible actions can not only help prevent trade secrets from falling into the wrong hands, but should a trade secret ever be misappropriated, a court of law may be more sympathetic to your case. If you believe your trade secrects have been compromised in any way, your best course of action is to contact an intellectual property attorney