(Solved Homework): What are three ways you can keep your trade secrets confidential? Compare each method and…

What are three ways you can keep your trade secrets confidential? Compare each method and defend which of these three might you have to concern yourself with when building your new business ventures plan.

Expert Answer

There are sevreral ways to keep the trade secret confidential. Some of which are stated below.

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1.Physical and electronic access- Companies must implement physical and electronic access restrictions in order to keep information secret. Companies should also incorporate confidential information protection into physical and information technology (IT) security system planning as well as restricting system access.

2.Never disclose without first having a confidentiality agreement- This is the agreement with the person whom you want to disclose the confidential information. This agreement is properly signed by the contractor with a promise that he want disclose the personal information and will not misuse the information.

3.Develop a trade secret protection policy for the company- This policy may give advantages to the company by several ways, such as it assist the management in the situation where the trade secrets must be revealed to the ousiders, employers have known about the requirement to make secresy etc.

4.Conduct employee and vedor training- The employees must know that what information can be revealed and what information has to be strictly confidential. Hnece for this, a proper training must have to provide to the employers.

5.Keeps your IP address secure- It is important to keep the confidential information and intellectual property in secure locations and in a secure manner.

Hence, while building a new venture, it is necessary to address all the above issues and factors stated above for the appropriate protection of all the trade secrets.

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