A trade secret is any confidential information relating to your business that gives your business an edge on competition. For example, if you have a specific process for developing products at a low cost, you wouldn’t want your competitors to discover that. If your competitors did, then you would again have to compete with others who could sell similar items at the same price point.
The unauthorized use of a trade secret by an employee or other who is not the holder of the trade secret is a violation of the trade secret. If an employee leaks a secret, he or she may be in breach of contract or of confidence and could even be accused of commercial espionage. There are many things to consider with a trade secret’s leak.
To protect trade secrets, many companies have noncompete clauses that prevent employees from leaving to join a similar company with the current company’s secrets. Additionally, the number of people allowed to have access to a trade secret may be very small, limited only to the chief executive officers (CEOs) or management of the company.
Trade secrets are very common in business, and it’s vital that they stay secure. A leaked trade secret could quickly ruin a business and many people’s lives. If you believe someone has given away a trade secret or violated a contract, you have a right to pursue a claim against him or her for your losses and the violation of your trust. With the right evidence, you can hold those who threaten your business accountable for their actions against you.