How to Protect Your Business Trade Secrets From Being Stolen

Are you familiar with the Waymo v. Uber trade secrets case? An employee took 14,000 documents containing sensitive data, which resulted in a US$1.859 billion claim and a settlement of around US$245 million. How could something like this happen? Especially with companies of this caliber? Waymo stated they had been following sufficient security precautions to protect trade secrets. Things like encryption, security cameras, and confidentiality agreements. Of course, as the case would show, that wasn’t enough. 

A Waymo competitor likely obtained access to Waymo’s information. During the court hearings, Waymo had to explain the measures they used were consistent with the Defend Trade Secrets Act (DTSA). Yet, somehow over 14,000 documents filled with sensitive data were leaked. 

The question we have to be asking ourselves here is: How can a company take “reasonable measures” to satisfy DTSA requirements and protect it against theft of trade secrets?

Here are some ways that can help your business trade secrets from ending up in the wrong hands.

Identify and mark your trade secrets:

One way to protect a company’s trade secret is to understand what information is considered to be (and should be) guarded as a trade secret. What information requires secrecy? Once an institution can establish this, the information should be deemed a trade secret, identified, and marked confidential.

Limit and track access to trade secret information:

As soon as trade secrets are marketed, access must be immediately restricted. Limit the disclosure of the information only to the people “need to know” it to perform their tasks adequately. Not sure how to control access? Taking precautionary steps like physical security, passwords, encryption, and data segregation are the best ways to start. We saw a good example of this after the Waymo case played out. Waymo employees who were working on projects unrelated to self-driving cars were prevented from obtaining the information they did not need to know.

How to manage secret information:

Yes, you can take initial proactive steps to protect trade secret information, and that’s a great start! But now, you have to be mindful that continuing to manage the trade secrets is critical. Some steps to secure information like password-protected servers and folders, and employing a third-party internet security company to protect its servers from outside hacking is a great way to keep your info safe.

Sharing sensitive information:

Companies and individuals will inevitably have to send and share confidential information over the internet. Especially since the COVID-19 pandemic. People don’t have the option to hand-deliver files anymore. Trustwire is a platform that allows users to send and receive files online without the risks. Using end-to-end encryption, only the rightful receiver of the file will gain access to it. No one else, including Trustwire, will be given access to view the file. 

When you need to keep your private information safe on the internet, trust Trustwire.

Privacy in The Era of Big Data

Let’s face it. We live in a world where practically everything we do is being monitored and saved on the internet. Yes, we have access to tech devices that make our lives so much easier, and they come cheap. But what people tend to overlook when they’re browsing the web, downloading the new “it” app, or even sending a selfie to their friends is that they may not be as protected as they may think. When was the last time you read a company’s privacy policy or the T&C page? If you can’t answer, you’re not alone. Data protection and privacy are some of the most underrated acts of personal security.

Do you know how valuable your data is?

While you may think you’re just another user in the pool of thousands, brands do whatever it takes to find out more about you, your browsing habits, and even your spending history. Machine learning has enabled companies to learn things about you, like where you tend to shop, your personal contact information, and where you’re geographically located. Sounds invasive, right? Consumers must be aware of how valuable their data is, and companies must start being more transparent with their audience about their business models. Shouldn’t consumers be offered a fair and transparent trade for data about THEM?

Government’s are exploiting user data:

While we may not be entirely shocked to learn that corporate institutions are exploiting user data for their own gain, did you know that governments are doing it as well? Unfortunately, cases of identity theft are rapidly growing in developing countries. Governments who should be educating their citizens on proper data protection are instead abusing user data for their own benefits without proper consent or acknowledgment. Until appropriate laws, rules, regulations, and sensitization concerning data protection are put in place; people are at a loss. Legislation should be used to help serve their community; instead, government officials are using it for personal and financial gain. People all around the globe are simply not told about the dangers of having their information stolen. And it seems like the governments in some countries are hoping to keep it that way.

Trustwire can help keep you protected:

Everyday people online are unknowingly exposing themselves to cases of identity theft and data fraud. With the lack of rules and regulations concerning data protection laws in most countries, people are forced to take matters into their own hands. There’s a severe lack of consequences for the mishandling of private or personal information. Trustwire is tool businesses and individuals can use to ensure the data they share over the internet remains safe. Using end-to-end encryption, all files sent through Trustwire are protected from vicious internet predators.

Identity theft is at an all-time high. How do you know you’re not giving hackers exclusive access to your most sensitive information? With Trustwire, never fear your personal information being in the hands of the wrong people.