News & Updates

More remote employees? Time to review trade secret policies

In the ongoing work conditions surrounding the COVID-19 pandemic, business owners may consider that their principal concern is how to make it easier and more efficient for employees to do their jobs remotely. But as businesses streamline connections and move information from office hardware to home computers, they should not forget to safeguard the trade secret information that may be moving around.

Indiana’s trade secret statute (I.C. 24-2-3) came out of the Uniform Trade Secret Act and so is quite similar to the provisions of many other states. It defines a “trade secret” as information that has economic value from not being generally known to or readily ascertainable by others and that is subject to reasonable efforts to maintain its secrecy (I.C. 24-2-3-2). Such information includes formulas, patterns, compilations, programs, devices or processes. Anything from a data processing algorithm to the “secret ingredient” in the local restaurant’s chili can qualify as a trade secret, so long as it has value from its secrecy and its owner takes steps to keep it secret.

To read the full article, visit The Indiana Lawyer