How do you identify trade secrets?

Trade secrets are confidential information not known or readily ascertainable by others that provide economic value. In Washington, the Uniform Trade Secrets Act (UTSA) helps to protect businesses against misappropriation of their valuable information, including trade secrets. It is important to identify trade secrets so that they can be properly protected. Under the UTSA, trade secrets can include a wide range of information, such as customer lists, business plans, pricing plans, product designs, formulas, methods, processes, techniques, and procedures. For an item to be considered a trade secret, the business owner must be able to demonstrate that reasonable measures were taken to keep the information confidential. To identify a trade secret, the business owner must first determine if it is confidential information that is not known or readily ascertainable by others. Then, the business owner must assess whether the information provides economic value to the business--whether it could be used to gain a competitive advantage over others in the industry. Finally, the business owner should consider if reasonable measures have been taken to protect the information, such as requiring employees to sign non-disclosure agreements or password protecting electronic files. Identifying trade secrets is important to ensure that a business’s confidential information is protected from misappropriation. With careful consideration of the UTSA, Washington businesses can determine which of their information qualifies as trade secrets and can take the appropriate steps to guard against its unauthorized use.

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How do you identify trade secrets?

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