Business relationships often lead to the exchange of sensitive information or access to highly confidential matter. When faced with this situation, is it enough to merely tell your business partner that something is confidential? According to a recent decision, it appears the answer is no.
Trade secrets are those things that provide your business with a competitive advantage over others. Classic examples of trade secrets are the recipe for Coca-Cola or Colonel Sanders’ blend of herbs and spices. Many different types of information can be protected as a trade secret. However, in order to maintain a trade secret and protection for it, the owner of a trade secret must take “reasonable steps” to protect the information from disclosure to others.
Lessons from the WSI Decision