Protecting confidential business information is essential for ensuring the success and longevity of any company. Here are some steps you can take to protect your business information from theft:
- Identify what information needs to be protected: Start by identifying the type of confidential business information that is most critical to your business, such as financial data, customer information, intellectual property and trade secrets.
- Limit access: Limit access to confidential business information only to those who need it to perform their jobs. Implement strong password policies, use multi-factor authentication, and regularly audit user access to ensure that only authorised personnel can access the information.
- Non-disclosure provisions: Every commercial agreement should include a non-disclosure provision to protect concepts/ideas which are not yet in the public domain, and that cannot be protected by traditional intellectual property rights. If there is no pre-existing contractual relationship (e.g. if you are at the pre-contract stage with a new client or if you are in talks with a potential manufacturer/investor) then it is advised to have a stand-alone non-disclosure agreement in place so that any confidential information that you disclose at the pre-contract stage is protected.
- Train your employees: Educate your employees on the importance of safeguarding confidential business information and provide them with clear guidelines on how to handle it. Regularly remind employees of the policies and procedures in place for information security.
- Monitor for breaches: Implement a monitoring system to detect potential security breaches and unauthorised access attempts. Respond promptly to any incidents and take steps to prevent future breaches.
By taking these steps, you can help protect your business from the theft of confidential information, reducing the risk of financial loss, legal issues, and damage to your company’s reputation. If you need advice on the protection of confidential information please don’t hesitate to get in touch.
Written by Katie Moruzzi – Solicitor
