Black's Law defines Trade Secrets as a formula, process, device, or other business information that is kept confidential to maintain an advantage over competitors; information — including a formula, pattern, compilation, program, device, method, technique, or process — that (1) derives independent economic value, actual or potential, from not being generally known or readily ascertainable by others who can obtain economic value from its disclosure or use, and (2) is the subject of reasonable efforts, under the circumstances, to maintain its secrecy. Some examples of information that have been protected as trade secrets are customer lists; manufacturing methods; chemical processes, formulas, and related equipment; computer program code; marketing data and strategies; blueprints for machines; geological data gained from surveys; and genetic information.
According to the United States Patent and Trademark Office, the Economic Espionage Act of 1996 criminalizes the theft of a trade secret "knowing that the office will benefit any foreign government, foreign instrumentality, or foreign agent," as well as theft that is related to a product or service used or intended for interstate or foreign commerce. These crimes are prosecuted by the U.S. Department of Justice.
The Defend Trade Secrets Act of 2016 amended the Economic Espionage Act to establish a private cause of actionfor misappropriation of a trade secret. Learn more about trade secrets on the U.S.P.T.O.'s Trade Secret/Regulatory Data Protection page.
The U.S.P.T.O. has produced a brief video on what trade secrets are, why you should protect them, how they can impact a business's bottom line, and their importance as intellectual property. Watch the video below or on Youtube.
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