A Business-First Approach To The Practice Of Law

Safeguarding proprietary information in your business

On Behalf of | Sep 30, 2023 | Business Law |

The Small Business Association reports that as of 2022, there were over 2.8 million businesses in Florida, and most of those businesses have proprietary information. Safeguarding proprietary information is paramount. Regardless of what type of business you have, protecting your unique business data is important for maintaining a competitive edge.

If this information falls into the wrong hands, it can pose significant threats to your business, and being proactive in your approach to protect this valuable data is the key.

Implement strict access controls

Not every employee needs access to all your business’s information. Limit access to sensitive data only to those who require it for their job functions. Using authentication methods, like passwords or biometric access, can also help keep unauthorized individuals from accessing vital information.

Educate your employees

Make sure your employees understand the importance of proprietary information. Provide regular training sessions on the dos and don’ts of handling, sharing and storing this data. Emphasize the consequences of mishandling such information, both for the business and for them.

Use non-disclosure agreements

When working with external parties, such as vendors or partners, consider having them sign a non-disclosure agreement. An NDA is a formal contract that obliges the signee to keep your business’s proprietary information confidential.

Regularly update your security systems

From firewalls and antivirus software to secure communication tools, ensure that your business uses the latest security systems. Regularly update these systems to protect against potential cyber threats and breaches.

Monitor and audit regularly

Conduct regular audits to see who accessed what information and when. Monitoring can help you detect any unusual activity early on, allowing you to act swiftly in case of any potential breaches.

Secure physical documents

While much of today’s data is digital, many businesses still have physical documents that contain proprietary information. Secure these in locked cabinets or safes. Limit access to these storage areas and keep a log of who accesses them.

Protecting proprietary information in your Florida business is not just a one-time task. It requires consistent effort, regular updates and a culture of security awareness. By implementing these steps and maintaining a proactive stance on information protection, you can ensure that your business thrives and remains competitive in the vibrant Floridian market. Remember, in the business world, knowledge is power, but only if you can keep it safe.

Founding Partners Damaso W. Saavedra and Allyson D. Goodwin