Are there any laws concerning the protection of trade secrets related to technology?
Yes, there are laws in Arizona that address the protection of trade secrets related to technology. The Arizona Uniform Trade Secrets Act (AUTSA) was enacted in 1996 and provides for civil remedies to a company that has suffered a misappropriation of its trade secrets. Under the AUTSA, a trade secret is defined as information that derives economic value from not being generally known or readily ascertainable and is the subject of reasonable efforts to maintain its secrecy. Under the AUTSA, a misappropriation of trade secret is defined as the acquisition, disclosure, or use of such a secret without the express or implied consent of the owner. And if a misappropriation of trade secret is proven, a company can seek an injunction to prevent further misappropriation as well as an award of damages. In terms of specific penalties that can be imposed for a misappropriation of trade secrets, the AUTSA provides for both compensatory and punitive damages as well as an award of attorney’s fees and other costs of litigation. Additionally, the AUTSA provides for criminal penalties, including fines and imprisonment, for those that misappropriate trade secrets intentionally or recklessly. Overall, the AUTSA provides companies in Arizona with important legal protections regarding the protection of trade secrets related to technology. It is important for companies to familiarize themselves with the AUTSA in order to ensure that their business interests are properly protected and that they are aware of the remedies available to them in the event of a misappropriation of trade secret.
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