What type of information can be protected under trade secret law?

In Virginia, trade secret law protects confidential business information from being disclosed. Trade secrets are defined as any information that has economic value because it is not generally known, which gives the owner a competitive advantage over other businesses. Examples of information that can be protected under trade secret law include formulas, recipes, processes, programs, compilations of information, techniques, inventions, and designs that are used in a business. A trade secret can also be a business plan, customer list, or marketing strategy. In order to protect a trade secret, owners must take reasonable steps to keep the information confidential by implementing procedures for maintaining its secrecy. Methods for protecting trade secrets may include limiting access to the information, encrypting data, or using non-disclosure agreements. In Virginia, violations of trade secret law can have serious consequences for the offender. If trade secrets are wrongfully disclosed or misused, the owner may be able to sue for damages, including lost profits, royalty payments, and attorney’s fees. In addition, the wrongdoer may be subject to a criminal penalty.

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