We know how hard our clients work to refine their business processes, operations and strategies to keep pace with the rate of innovation. So we were curious to uncover more about how they regard this information and keep it confidential.
Throughout history, some companies have gone to great lengths to safeguard their trade secrets. Colonel Sander’s handwritten original recipe for Kentucky Fried Chicken was famously kept locked in a safe at KFC Corporate headquarters. Only two KFC executives know the recipe of the 11 herbs and spices and none of the suppliers of those ingredients have access to the entire formula.
Today’s trade secrets are more susceptible to the threat of being hacked or downloaded, but they are of no less value to the companies that own them. In fact, we were surprised to find that nearly half of the 400 senior executives in our survey said their trade secrets are more important than their patents and trademarks.
A majority also agreed that trade secrets are a board-level issue of growing concern, with 32% placing it among their top five issues. Given the rapid rate of innovation across global industry and the rise of cyberattacks by competitors, foreign government and hacktivist groups, we expect that concern to become even greater in the future. This prediction was confirmed by the eight experts we interviewed for this report, including senior figures from the FBI, US Chamber of Commerce, European Commission and our own partners on the front lines of trade secret protection and enforcement.
One of the more concerning survey findings was the fact that less than one-third of companies have taken basic measures to protect their trade secrets despite the growing awareness of their importance. Unlike patents and other forms of intellectual property, it’s much more difficult, if not impossible, to put the genie back in the bottle once a trade secret has become public. That makes it even more crucial for board-level executives to better understand the threats and manage those risks by taking action.
We hope this report provides you with the insight you need to take the next steps towards greater protection and security. And please, feel free to share these findings with anyone who may also find them helpful. No need to keep them secret.
In our digital age, it is more challenging than ever to keep a secret. Nearly everything it seems ends up on social media.
FOREWORD
PAUL RAWLINSON
Global Chair, Baker McKenzie
paul
THE BOARD ULTIMATUM
PROTECT AND PRESERVE
DOWNLOAD AS PDF
Download
IN ASSOCIATION WITH:
Associate
Arrow
THE RISING IMPORTANCE OF
SAFEGUARDING TRADE SECRETS
White-Patches
TRADE SECRET THEFT: A TRILLION DOLLAR PROBLEM?
COUNTING THE COST OF THEFT
RISING TRADE SECRET PROTECTIONS IN THE US, EU AND ASIA
WHAT COMPANIES NEED TO DO
CASE STUDY: SCHOTT AG
RETURN TO BAKERMCKENZIE.COM
white-banner-arrow-2
SUMMARY
KEY FINDINGS
Red-Menu-Arrow
APPENDIX
ARE YOU PROTECTED?
CONTACTS
LinkedinTwitterEmail
SUMMARY
KEY FINDINGS
Red-Menu-ArrowUp-Red-Menu-Arrow
APPENDIX
ARE YOU PROTECTED?
CONTACTS
hamburgerx-toc
Baker-McKenzie-New-LogosLinkedinTwitterEmail