Regardless of the industry or type of business, each company is equipped with their own set of specific intellectual property. From patents to trade secrets to trademarks, there are various forms of intellectual property that warrant specific protection. While trade secrets are critical to a business, they are more difficult to protect. However, starting with a Cyber Liability Insurance Program is any business’ first line of defense.
The Federal Bureau of Investigation states that intellectual property theft costs U.S. businesses billions of dollars per year. These staggering statistics are enough to make any business owner fret, so here’s how to protect yourself.
What is a trade secret?
These are less obvious than a patent or a trademark. For example, these could include recipes, software programs, manufacturing and packaging processes, research, and even customer lists. Anything that sets a business apart from the competition and makes it unique, but is not eligible for a patent, qualifies as a trade secret.
How to protect trade secrets.
An attorney drafted confidentiality agreement is necessary to keep trade secrets private. All employees who have access to this information need to sign a waiver of discretion to bind them by law to protect these secrets. In addition, prevent hackers from accessing this information by having the right protective measures in place. If a third party has been contracted to protect network security, inquire about their breach prevention methods and how they would navigate a potential attack. Remember, being prepared is the best defense!
About Genesee General
At Genesee General, we specialize in insuring the medical sector. For 34 years, we have continued to provide quality and affordable solutions. For more information, contact us today at (800) 282-8755.