What is Trade Secret Law?
Trade Secret Law in Florida is a body of law that protects confidential information used by organizations to maintain an advantage over their competitors. This confidential information can include, but is not limited to, formulae, processes, designs, business plans, customer lists, manufacturing processes, algorithms and software source code. Trade Secret Law is designed to prohibit the wrongful acquisition, use or disclosure of confidential information that could give another party an unfair competitive advantage. In Florida, the Trade Secrets Act is codified under Chapter 688. Generally, it protects against two types of conduct: (1) the misappropriation of trade secrets; and (2) the unauthorized disclosure of trade secrets. Misappropriation of trade secrets involves obtaining confidential information from another without authorization or through deceptive means. Unauthorized disclosure of trade secrets includes both intentional and inadvertent disclosure of confidential information. Under the Trade Secrets Act, employers are typically responsible for protecting their own trade secrets. Employers can protect their trade secrets by using confidentiality agreements, non-disclosure agreements, and other security measures. The Trade Secrets Act also provides for civil remedies for employers who have been wrongfully deprived of their trade secrets. Remedies may include actual damages, punitive damages, injunctive relief, and attorney’s fees. Employers should contact a qualified attorney for legal advice about any trade secret-related matters.
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