Lex Machina reported 1,156 trade secret litigation cases in 2022. In the competitive landscape of business, safeguarding trade secrets is essential for maintaining a competitive edge.
When you suspect a compromise of your business’s proprietary information, swift and strategic action is imperative.
Identify and document the suspected theft
Begin by identifying the specific trade secrets you believe someone may have stolen. Document the details of the suspected theft, including when you first became aware of it and any evidence supporting your suspicion.
Secure your trade secrets
Take immediate steps to secure and protect your trade secrets from further unauthorized access or dissemination. Restrict access to sensitive information within your organization and implement additional security measures if necessary.
Conduct an internal investigation
Start looking into what might have happened with the suspected theft inside the company. Find out where the problem might have come from, talk to the employees who could have known the secrets and check any papers or computer files that might be useful. While you are investigating, make sure to keep any proof, like emails or documents, safe so it can be helpful later on.
Notify relevant personnel
Notify key individuals within your organization about the suspected theft, such as management, IT personnel and those responsible for security. Establish clear communication channels to ensure a coordinated response.
Review and strengthen security protocols
Check how you keep things safe and find any problems that might have let the theft happen. Use this chance to remind your employees about how important it is to keep secrets safe. Teach them about the rules for security, keeping things private and what can happen if they tell secrets without permission.
Take lessons from what happened and do things to stop it from happening again. This might mean more training, checking how safe things are from time to time and looking closely at how things work inside your company.
By taking these steps, businesses can respond effectively to suspected trade secret theft, mitigate potential damages and reinforce a culture of confidentiality and security within their organization.