The Costs of Keeping Trade Secrets Secret

Posted by: Aimee Sanders

Keeping your documents, confidential information, and trade secrets safe should be a top priority for any organization. However, it is growing harder and harder to do so in today’s business world. In a society where sensitive data can be stored on a device smaller than your hand, keeping track of your information is challenging. In fact, businesses across the nation are struggling to effectively protect their trade secrets. As employees leave to work for competitors, they are taking valuable company knowledge with them.

The Thumb Drive Trend

thumb drive in computerBefore the digital workplace was established, employees that wanted to take information from an employer would have to walk out the door with literal papers and folders. Now, employees can simply walk out undetected with a flash drive containing, potentially, hundreds of gigabytes of data in their pocket. Unfortunately, this practice is becoming more commonplace. In fact, a recent study by Lex Machina found that the number of federal trade secret cases filed in North Carolina alone increased over 140 percent between 2016 and 2017. This same trend was mirrored nationally.

The Value of Ideas

light bulb representing idIn most industries today, companies value their intangible goods more than anything else. This, in turn, also makes the same information just as valuable to your market competitors.

Trade secret lawsuits often revolve around employee theft of ideas, plans, and specific trade knowledge that is then utilized at competing companies. Regardless of who is at fault, having to engage in such litigation is guaranteed to become a heavy financial burden on any company, regardless of size or experience.

The Solution

By not properly protecting your digital data and documents, you could be putting your entire company at risk. We now know that storing sensitive information on a network folder or thumb drive is no longer sufficient or secure. That’s why it’s essential that businesses utilize a software system that allows for strict permissions and easy ways to control authorized users.

With an encrypted and secure ECM system, such as iCOR® by M-Files®, you can manage who has access to what, and can quickly add or remove access for both individuals and groups. In addition, audit trails will ensure you can always pinpoint when and by whom documents or files were accessed or modified. This ensures that your most valuable files and documents are protected 24/7/365. Protecting your records with iCOR® by M-Files® means that you never have to stress over the security of your trade secrets again.

Want to Know More?

Whether you are ready to protect your assets today, or simply have questions, our team can help. Fill out the form below for more information, or Contact Us to speak with a COR365 representative. 

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