The most important asset of your company is the unique technology that you develop and therefore you must protect and defend it. Here are some recommended actions to keep your company’s trade secrets:
- Cyber Security – In the present era, there is a vital need for servers to be protected by the latest cybersecurity systems. This simple action will help prevent unwanted persons from accessing your important secrets.
- Non-Disclosure Agreements (NDAs) – Whenever you consider engaging a potential business partner, whether an individual or a corporation, and disclose it with confidential information, you should have it sign on an appropriate NDA in which it undertakes, at least (a) not to disclose the confidential information to a third party without the company’s consent, (b) to use the confidential information only for the purpose that you defined, (c) to keep the confidential information of the company in the same manner as it would maintain its own confidential information, and (d) to avoid reverse engineering, analysis or similar actions on the confidential information you disclose. In addition, it is also important to pay attention to the term of confidentiality obligations and to check that it matches the lifespan of the information disclosed. The recommended term for confidentiality is between 5 to 7 years, and ideally – with no time limitation.
- Partial Information – Even after signing the NDA, it is recommended to limit the information you disclose to others only to information that is necessary for the specific purpose for which you are disclosing the information. A good legal advice is such that makes sure that all the information you want to disclose is covered under the NDA and under its definition of “Confidential Information”.
Right here at the JumpStart website you can find a variety of customizable agreements for download, including NDAs.