Confidential information is a highly important and valuable asset of a business. Â
Obviously certain information etc is protected by intellectual property rights for example copyright, patents, designs etc. Where the information is not protected by IPRs then it will only be protected if it is kept confidential. Â
As a business it is imperative to keep such information confidential i.e. not to disclose it to third parties, only provide it to employees who need to know, store it securely etc. Where you disclose information to a third party you should ensure that you get them to sign a confidentiality agreement. It is also important to review your employment contracts and amend them to contain clauses regarding confidential information. Â
One point to take to heart is that whilst confidentiality agreements / relevant employment clauses can give you some comfort and provide you with damages if they are breached this may not be enough. If your confidential information is exploited then damages may well not be enough so you need to make sure that you have appropriate internal policies in place so that quite simply the information is kept and supplied on a ‘need to know basis’.