20% of companies believe trade secrets have been stolen: report
One in five companies know or believe that their trade secrets have been stolen, with former employees the main culprit, according to a survey by international law firm Baker McKenzie.
Over 400 groups and companies took part in the survey, with input from the FBI, European Commission and US Chamber of Commerce.
It also found that less than a third of companies maintain inventories of their trade secrets and have action plans for responding to theft.
“Given that trade secrets are no longer protected once they become public, the question is how much more they should be doing to manage this risk,” said the firm in the release.
Mark Elliot, executive vice president of the US Chamber of Commerce’s Global IP Center, stated that while many CEOs recognise the importance of trade secrets, not enough is being done to protect them.
“We still see too many who have their ‘aha!’ moment when their company becomes a victim,” he said.
“Only then do they realise that they should have done more to protect their trade secrets.”
The survey further found that 48% of respondents considered trade secrets to be more important than other IP rights such as trademarks and patents, while 69% saw the protection of trade secrets as increasing in importance compared to other IP, because of the advancement of technological innovation.
The survey read: “The tricky issue with trade secrets is they are only protected as long as they are kept secret. The moment the information becomes public, anyone can use it, unlike other IP that can be retrieved through the courts.”
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