Security And Privacy: Storing Trade Secrets In The Cloud—Bad Idea?

Cybersecurity and the security of the data in the cloud is a hot topic. The number of companies hacked and the magnitude of losses have been growing at an alarming rate. Earlier this year, an international hacking ring stole as much as $1 billion from over 100 banks in 30 countries in what may be the biggest banking breach ever, and personal information for four million current and former federal employees was stolen when hackers breached the U.S. government's computer networks.

What about your company's trade secrets? Are they next? In the "old days" the protection of trade secrets was a simple as locking up your company's code or formula in a safe or a secure, access-restricted area. But in today's connected world, where data is often stored on networks designed to be accessed remotely and shared by many employees, "locking up" confidential information while allowing access to those with need-to-know is not as simple. In this article, Finnegan attorneys Linda J.