Here are five key strategies companies should implement to prevent and mitigate corporate espionage.
The absence of an NDA can expose a company to significant risks, including unauthorized disclosure and misuse of confidential information.
Companies should insist on NDAs every time they engage in activities that could expose sensitive information.
Know and Control Your Trade Secrets It seems axiomatic that any company intending to protect its trade secrets should be able to succinctly identify them.
Companies may conclude that the time and money it takes to determine exactly what trade secrets they own is better spent elsewhere, including on product development itself.
Second, courts regularly reject claims from companies that are unable to adequately identify their own trade secrets.
Considering these risks, companies will benefit by adopting a program to understand their own trade secrets and limit who within the company has access to them.
Perform Due Diligence Due diligence is a critical process that companies should undertake before sharing sensitive information with business partners, vendors, potential investors, employees, and contractors.
If any red flags emerge during the due diligence process, companies should refrain from proceeding without appropriate assurances or safeguards.
Ensuring that these individuals are trustworthy and reliable is critical to a company's overall strategy to prevent corporate espionage.
Train Your Employees and Independent Contractors Employees - and sometimes independent contractors - often serve as the gatekeepers of a company's proprietary data.
Companies should invest in comprehensive training programs that educate employees about potential threats and equip them with the skills to respond effectively.
Potential perpetrators may be less likely to target a company where employees are vigilant and knowledgeable about security protocols.
This not only protects the company's sensitive information, but also contributes to a culture of security that can enhance the company's overall resilience against corporate espionage.
Promptly Investigate Suspected Activity If a company suspects unauthorized access or misuse of its proprietary information, it should act promptly.
Time is often critical in these situations, and delays can negatively impact the company's ability to mitigate damage.
Companies should ensure that potential evidence, such as documents, data, and other relevant materials, is properly preserved.
At the same time, companies must be mindful of privacy concerns and potential disclosure obligations to regulators.
These privileges protect sensitive communications and materials from being disclosed in litigation, thereby helping to maintain the confidentiality of the company's internal investigation.
By implementing rigorous legal safeguards, conducting thorough due diligence, using secure communication practices, providing comprehensive employee training, and responding promptly and effectively to suspected activity, companies can significantly enhance their protection against corporate espionage and safeguard their assets.
This Cyber News was published on www.darkreading.com. Publication date: Wed, 03 Jan 2024 15:00:05 +0000