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Trade secrets, are the lifeblood of many companies. Minnesota business secrets are three main elements: to be circumcised (a) the information is not generally known or readily ascertainable, (2) the information derives independent of the economic value of confidentiality, and (3) the reasonable steps to maintain the confidentiality of information.
For example, a list of names and addresses is drawn from the address book does not rise to the level of a trade secret. And as a customer list of names and addresses can not be protected, a list of customers includes highly detailed information about the offer, purchase and / or marketing strategy would rather benefit from trade secret status.
Independent Economic Value of secrecy
The group claims a trade secret must prove that the information provides a competitive advantage. Old or outdated information is expected to be the secret protection if it can not be reasonably calculated to provide actual or potential value of trade. This too is a fact intensive situation with a greater weight of authority places on sales data and other information that the real economic value than the potential economic value.
reasonable efforts to safeguard the
The degree of attention to information is often the deciding factor and the most difficult obstacle to overcome for a company to claim a trade secret rights in the digital age. In addition to maintaining the legal status of trade secrets, including a good practice, follow the following tips to promote healthy and predictable results with confidential business information:
Stamping or marking, documents or other information as “confidential”.
-Provide clear guidelines for employees to trade secrets and confidential business information by the employment contract, confidentiality or non-compete contracts, manuals and memos
Define knowledge and access to employees and others on “need to know.”
Exchange of information with suppliers and business partners have well-developed Non-Disclosure Agreements.
-Create and password or access code, the input of the physical space and / or computer files containing sensitive information provides.
Securing backup data from unauthorized access and manipulation.