Can you imagine if every soda company on the planet had access to Coca-Cola’s recipe? Or if every fast food chain knew the secret spices that went into Kentucky Fried Chicken’s meals? If either of those things were true, then every soda company would make Coca-Cola and every fast food restaurant would make KFC chicken. The secrets that these companies have are valuable because of the secrecy behind their products. If their trade secrets were public knowledge, there would be no reason not to copy them.
It is for this reason that companies must protect their trade secrets. They hold immense value and they allow you to differentiate your service or product from other companies. So how do you go about securing your trade secrets?
In order to protect your trade secrets, you need to identify them and then label the information accordingly (whether this is in the form of physical documents or electronic files). Then you need to properly store them and secure them. Utilizing passwords and keys is obviously important, but you would also want to make sure that there isn’t a particularly largely group of people that even have access to those passwords and/or keys. Regardless, you will want to train and educate your employees on this matter.
Having security measures for your trade secrets is also a plus — and again, whether it is a physical document or an electronic file, you can find effective security measures to protect your trade secret.