Keeping It Secret: Start Preparing For Trade Secrets Directive

Trade secrets are an important asset for all businesses as they are at the core of their competiveness. A trade secret can be any information that is of value to the business whether technical, such as a certain process, or commercial, such as client lists and business strategies. The proposed EU Trade Secrets Directive is now quickly winding its way through the legislative process. Protection will only be afforded to undisclosed information where reasonable steps have been taken to keep this information secret. Therefore, it is imperative for any business to make sure that appropriate measures are taken to safeguard trade secrets. If these measures have not yet been taken, this should become a priority. Moreover, companies should be aware that the arsenal of remedies available under the Trade Secrets Directive is similar to that for IP rights under the Enforcement Directive.