“Shh! The importance of keeping your trade secrets, secret
We receive many customer queries on patents, trade marks, copyright and designs, but we find less is known about trade secrets. We asked Andrew Beale OBE of IP Wales, an award-winning SME business support initiative, to explain what a trade secret is, how it applies to businesses and how it can be protected.” (UK IPO Blog 5th July 2021)
IP Wales is indebted to the UK Intellectual Property Office for this invitation, as an “industry expert from the world of IP”, to explain on its blog for its readers these important matters.
The introduction into UK law of the Trade Secrets (Enforcement etc.) Regulations 2018 has proved a useful reminder to all firms, whatever their size, that trade secrets can be a valuable business asset.
Questions addressed for businesses during the course of the article include:-
How do I recognise my trade secrets?
What constitutes the “reasonable steps” now demanded of business in order to protect their trade secrets?
How does a business legally preserve its trade secrets?
Why is it important to educate and train staff about trade secrets?
How does my business risk manage its cybersecurity?
The online threat to trade secrets during the current pandemic has never been greater, which is why IP Wales has developed free guidance to help SMEs better manage their IP cybersecurity (see www.ipcybersecurity.com).