Most of us have seen the headlines over the past couple years about massive data breaches affecting millions of people. We have all likely received at least one letter notifying us that our confidential information may have been implicated in one of these breaches. The reason for this is that most states have breach notification laws that require a company to notify individuals if the company has reason to believe that certain types of personal identifying information has been taken by a third party. While businesses of all sizes would do well to carefully consider their approach to securing such information, an additional important consideration is the protection of the trade secrets that represent the lifeblood of many companies.
Trade secrets come in many forms such as research and development, business strategy, market research, and client lists. Many of these trade secrets comprise the foundation of companies and provide the differentiators that give them an edge over their competitors. Yet many of the trade secrets do not implicate the types of personal identifying information that trigger notice requirements. For example, North Carolina requires businesses to notify people of a breach involving their personal identifying information, which includes data such as a social security number, driver’s license number, and financial account information. North Carolina’s law is consistent with the approach taken by most states and federal agencies in that its notice provisions relate primarily to concerns of individual financial harm.
https://ncbarblog.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.png00NCBARBLOGhttps://ncbarblog.com/wp-content/uploads/2018/06/Blog-Header-1-1030x530.pngNCBARBLOG2016-11-18 20:33:562016-11-18 20:33:56How Well Does Your Company Keep Secrets?