On May 11, 2016, the Defense of Trade Secrets Act (DTSA) was signed into law by President Obama. The DTSA was approved by both houses unanimously, in a rare bipartisan show of unity, and went into effect immediately. The DTSA is significant to business owners, as it gives a number of new avenues by which a business can protect itself from trade secret theft. However, it also places new obligations on businesses, even some that might think they don’t have “trade secrets”. This article discusses what has changed, and what employers need to know.
What is a Trade Secret?
At its most fundamental, a trade secret is information which has value. Many businesses are actually not aware that they DO have trade secrets, or that they SHOULD.