Are you adequately protecting your confidential information?

Adequate protection of confidential information is an absolute must for SMEs as that information is so often one of the business' best assets.
The first question for businesses is “what is our confidential information”?
Often, confidential information will include client lists, your financials (including your margins), your design and methodology, ‘secret’ ingredients, contracting arrangements and proposed business takeovers/mergers.
The next question for your business is “how can we protect that confidential information”?
There are a range of legal and practical mechanisms that businesses can and should implement to protect their information, which is often one of their key assets.
These mechanisms include:

• an appropriately drafted confidentiality agreement (also known as a non-disclosure agreement);
• inclusion of appropriate confidentiality obligations in all employment agreements and independent contracting agreements; and
• adopting practical measures such as distributing certain information on a strict "need-to-know" basis or requiring recipients of certain information to only access that information via secure networks or premises.

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