When you own and operate your own business, you probably have certain parts of it that you prefer to keep under wraps. For example, you may want to take extra steps to prevent your client lists, secret recipes or formulas, or whatever else gives your company a competitive edge from falling into the wrong hands and potentially hurting your business’s bottom line.
You may hesitate to make efforts to protect your trade secrets due to fears about costs.
However, failing to protect your business’s intellectual property through patents, copyrights or related efforts may cost you substantially more over time if someone takes your idea and decides to attempt to pass it off as his or her own. You may have heard the phrase, “an ounce of prevention is worth a pound of cure.” In regards to your business’s best interests, this certainly applies. But just how might you want to go about protecting your business’s trade secrets?
By creating strong nondisclosure agreements
As the name suggests, a nondisclosure agreement sets guidelines that your employees must follow with regard to protecting your company’s intellectual property or other sensitive information. In essence, a nondisclosure agreement creates a contractual relationship between two parties, and it may be an effective way of safeguarding your company’s private or privileged information.
By maintaining strong access control
A large number of confidentiality breaches result from compromised credentials, so figuring out how to prevent the wrong people from accessing your business’s privileged information is paramount. When storing intellectual property electronically, make sure to require two-factor authentication or, ideally, adaptive authentication.
While these are some of the steps that you should consider taking to help safeguard your company’s intellectual property, this is not an exhaustive list of all possible methods of doing so. By taking steps to safeguard your trade secrets, you should have your best chance of protecting the profitability of your business.