1. The FBI has significant resources devoted to investigation and prosecution of trade secret theft and they are willing to help companies better protect their trade secrets.
2. Companies need to identify what information is a trade secret and develop a plan to protect it — this can be a daunting process, but companies have to start somewhere.
3. Everyone in the company does not need access to everything and shouldn’t.
4. CREATE.org (Center for Responsible Enterprise Trade) has some great resources regarding trade secret protection available to the public.
5. A federal trade secrets statute is coming…
6. Hawaii recently banned the use of non-competes in the tech industry.
7. In 1978, 20% of the assets of US companies were intangible. Now 87% of the assets of US companies are intangible.
8. The tone for trade secret protection has to be set at the top, company leaders must understand the regulatory framework and company leaders must understand the threats and the risks.
9. Massachusetts still has not joined the vast majority of states in the U.S. that have adopted the Uniform Trade Secrets Act.
10. Some states are considering legislation that would ban non-competes, like California; Some states are considering legislation that will allow for greater enforcement of non-competes.
Benjamin Fink is known for his work in noncompete, trade secret and competition-related disputes. A shareholder at Berman Fink Van Horn, Ben concentrates his practice in business and employment litigation.
