Can trade secrets be lost through the disclosure of information?

Yes, trade secrets can be lost through the disclosure of information in Virginia. Under Virginia’s trade secret law, a trade secret is defined as any information, whether it is a formula, pattern, compilation, program device, method, technique, or process, that is used to derive economic value from not being generally known or reasonably ascertainable. Disclosure of the trade secret, in any form, can result in the loss of that trade secret. For a trade secret to still remain protected, it must be the subject of reasonable efforts to maintain the trade secret’s secrecy. If a trade secret is disclosed to a third-party, such as a customer, employee, or contractor, without confidentiality measures, the trade secret is no longer protected and can be lost. Additionally, trade secrets can be lost through the failure to properly mark all documents and materials containing trade secrets as “confidential” or “trade secret.” It is also important to note that a trade secret does not refer only to certain types of information; it also covers any type of information that is used to create economic value. For example, customer lists, pricing strategies, manufacturing processes, or marketing plans could all constitute trade secrets. Because of this, it is important for Virginia trade secret holders to use caution and always take reasonable steps to maintain the secrecy of their trade secrets.

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Can trade secrets be lost through the disclosure of information?

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