Trade secrets are an important, but invisible component of a company’s intellectual property (IP). Trade secrets are a type of intellectual property that comprise formulas, practices, processes, designs, instruments, patterns, or compilations of information such secrets are referred to as confidential information. It is not generally known to the public, it discusses economic benefit on its holder because the information is not publicly known, and where the holder makes reasonable efforts to maintain its confidentiality.
Many businesses are finding it challenging to safeguard their crucial information, due to the various online and physical tools available to ease the transfer of data. The threat they face is not only external, but can also come from internal sources such as employees and contractors who have access to important business information.