Your company has competitors around the world. The important and innovative products that your teams have developed contributed to the global success achieved by your company. Encouragement, dedication and a great amount of financial investment have all played roles in the development of these products and eventual patents.
Protecting your company’s trade secrets and intellectual property should always be a priority with company leaders. The safeguard measures your company has in place for these valuable assets must be regularly revisited. And, sometimes, you may have to take legal action against an employee or former employee suspected of absconding with trade secrets. Such theft can drastically affect your company’s profits.
Non-disclosure agreements and legal action
Here are some critical matters to consider and important ways in which a company may prevent the theft of trade secrets:
- Have a firm understanding as to what you and your company can legally protect. Trade secrets fall within this category. Do not neglect such valuable assets, and the few company representatives who know about them must keep their details under wraps.
- Non-disclosure agreements are effective tools to protect valuable internal information. Make sure that every employee and contractor – especially the new hires – sign these agreements, which can prove to be a critical way to protect intellectual property.
- Upon the resignation or termination of employees and contractors, revoke their computer access. Then escort them out of the office building. These are basic precautionary measures that every company should have.
- If your company suspects wrongdoing, maintain close surveillance of the employee or employees involved. Enlist the help of your company’s IT security team, corporate counsel as well as an outside attorney who focuses on intellectual property matters.
Make sure your company has security measures in place. Its livelihood may live or die on its trade secrets. The actions of even one employee can damage your company. Anticipate what could happen and be ready if litigation is necessary.