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Energy & Intellectual Property
(B) the information derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable through proper means by, another person who can obtain economic value from the disclosure or use of the information;
The categories of information that qualify as trade secrets are very broad. Accordingly, there is wide application for the protections of the DTSA, and many industries generate and maintain data that qualify as a trade secret. When a client suspects that information may have been compromised or stolen, it is important to consider whether it qualifies as a trade secret, and if so, what remedies may be available to mitigate the situation.
Of course, trade secret owners must be proactive in protecting their trade secrets as lax security can exclude the information from qualifying as a trade secret. What are some of the “reasonable measures” that owners can take to keep the information secret? The language of the statute is broad, but some of the measures include restrictions in employment and other contracts with third parties. Such restrictions might include a clear provision that the information that the employee or contractor will have access to contains trade
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FDCC ANNUAL INSIGHTS 2023