Trade Secrets

Trade Secrets Synopsis

A trade secret is confidential, commercially valuable information that provides a company with a competitive advantage, such as customer lists, methods of production, marketing strategies, pricing information, and chemical formulae. Well-known examples of trade secrets include the formula for Coca-Cola, the recipe for Kentucky Fried Chicken, and the algorithm used by Google's search engine. To succeed in the global marketplace, U.S. firms depend upon their trade secrets, which increasingly are becoming their most valuable intangible assets. However, U.S. companies annually suffer billions of dollars in losses due to the theft of their trade secrets by employees, corporate competitors, and even foreign governments. Stealing trade secrets has increasingly involved the use of cyberspace, advanced computer technologies, and mobile communication devices, thus making the theft relatively anonymous and difficult to detect. This book discusses the theft issues, legal protections and industry perspectives on trade secrets.