A trade secret audit evaluates and reports on the status of your business’ trade secrets. A trade secret audit outlines considerations relevant to your ability to secure, protect and enforce your trade secrets and, if desired, provides an appraisal of the value of these trade secrets.
To know if you need a trade secret audit, consider:
- Does your business rely on information that is not readily known to others and that provides a business advantage over your competitors and do you require a confidential disclosure agreement to be signed to see such information?
- Does your business have and maintain a trade secret program?
- Does your business monitor terminated employees, the single largest reason trade secrets are lost?
- Does your business permit others to examine and use your trade secrets, do you require a use license and do you have copies of these agreements?
- Does your business use trade secretsof others and do you require maintenance of these outside trade secrets?
- Do you have copies of authorizations to examine and use the trade secrets of others?
Your answers to these questions will indicate if it is time to contact an IP audit specialist to ask about a trade secret audit.