Trade secrets protection

Federal contractors are being advised to update their policies and procedures regarding trade secrets, following the recent passage of a new law, the Defense Trade Secrets Act of 2016 (DTSA). It was signed by the president on May 11.

A trade secret is protected confidential information that provides economic benefits to your company and which you have taken steps to protect. Examples include contract bids, data and financial, scientific or technical information used in your business that provides you with economic benefits.

There is no official registration for trade secrets at the federal or state level. Key questions are whether your competitors can duplicate the information, how valuable the information is to your company, and how much time and effort has been invested in protecting the information and keeping it confidential.

If your trade secrets are stolen, the new DTSA law offers relief, according to an analysis by Kimi Murakami, counsel to PilieroMazza PLLC law firm.

• DTSA allows civil actions to be brought for trade secret misappropriation in federal courts under the federal Economic Espionage Act. DTSA does not preempt existing state trade secrets laws but will coexist with those laws.
• DTSA provides whistleblower immunity for disclosure of a trade secret, if the disclosure was done to report an alleged violation of law. Under the new law, employers must notify employees of this immunity protection. It should be included in employee handbooks and in any confidentiality agreements with employees.
• Under certain extraordinary circumstances DTSA provides for seizure of “any property necessary” to prevent further disclosure of a trade secret. The law sets a high bar for such seizures and most specialists predict that seizures will be made sparingly.

More information:PilieroMazza analysis http://goo.gl/x1ft7Q

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