While a significant emphasis is placed on both elements of physical security and restrictive covenants, in recent years, most companies have started to devote more time and resources to protecting online assets. Cybersecurity is an evolving field and organizations face challenges related to changing technology and increased consumer data security needs. Fortunately, there are numerous common tips that can result in an increased level of protection.
When protecting trade secrets, organizations will typically focus their attention on four areas, including:
- Access protection: When considering the security of trade secrets, it is crucial that the information is stored on secure servers and is always password protected.
- Employee training: Managers and supervisors in all sectors need to ensure all employees receive comprehensive training regarding protecting the integrity of digital security. Training should cover storage methods, password rotation and the use of company VPNs and password-protected Wi-Fi networks when working remotely.
- Limiting access: One significant way to ensure trade secret security is to limit the number of people who have access to information. Once the trade secrets are stored behind firewalls on a secure server, ensure that only a select few individuals can access the information.
- Secure departing employees: While employee attrition is a natural thing, it is crucial that you limit any residual access these individuals might have to sensitive information. It is imperative that you recover any company-owned devices, remove passwords and disable access to electronic systems.
Organizations should take the time to consider all aspects of their digital vulnerability. Gone are the days when trade secrets would be written in a ledger and locked in a safe. Now, companies must worry about cybersecurity including firewalls, protected servers, limiting devices and password protection. If you need guidance on these matters or feel your security has been breached, it is wise to discuss your unique situation with an experienced legal professional.