Survey Shows Trade Secrets Are At Risk | AccountingWEB

Survey Shows Trade Secrets Are At Risk

More than half of US corporations are ill-equipped to protect their trade secrets, and do not have an established protocol to ensure their protection, according to a just-released survey of 200 top trial lawyers by PricewaterhouseCoopers and the American Bar Association.

Survey respondents estimated that 40-70% of company records are kept in electronic form, but the security and accessability to that information is questionable. With statistics running as high as 60% of networks whose security has been breached, a staggering amount of corporate data is left vulnerable.

The use of electronic information in litigation was also discussed in the survey. With an almost-unanimous response that technology will be used more frequently in the discovery process, a full 83% of corporations do not have any policies or procedures for handling electronic discovery requests.

Organizations and clients need to be educated about the issues that this survey raises, and established procedures for dealing with both the protection of trade secrets as well as handling of electronic discovery requests must be implemented.

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