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Time For Midmarket Firms To Spruce Up Data Security

Time For Midmarket Firms To Spruce Up Data Security

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Almost every midmarket organisation takes care in protecting their company specific intellectual property such as copyrighted documents, trademark information and patents that are federally registered. But it has been seen that similar valuable data and confidential corporate documents are often not treated with as much importance as top ranking data.

Given the substantial development and maintenance costs involved in creating registered intellectual properties that are important in driving revenue directly, most small and mid-size firms lay emphasis on protecting such documents also because of the rising frequency of federal infringement lawsuits, according to risk management professionals and intellectual property experts.

However, in a bid to concentrate on highly critical data, other valuable information and confidential corporate data is often neglected, even though every bit of that information is just as vital to these small and medium-sized firms.

Generally, trade secrets are defined as technical data that offer a literal or prospective economic clout over contenders, including formulae, instructions, and blueprints, design patterns along with manufacturing procedures or service methods and techniques. On the other hand, confidential data comprises critical, non-technical information relevant to an organisation’s management and business strategy, functional and operations planning and also including financial information, human resource data, contract terms of employees, remuneration structures, and internal data and market research, and customer databases.

Intellectual property attorneys consider various forms of confidential data and trade secrets as important intellectual assets to a midmarket company just as documentation containing patents and copyright infringement are vital to the organisation.

If such organisations are not tracking the intellectual property and various others important data, there is a strong likelihood that such materials might be captured or disseminated by individuals unknown to them that would ultimately weaken the value of the organisation. Legal experts opine that although the long-term tolls of misplacing exclusive possession or use of a confidential matter might not be easy to calculate, the expenses of taking the issue to court to protect it is more substantial.

Research indicates that the biggest menace to the security of an organisation’s confidential information and data lies in its own manpower. In a study of 360 trade secret embezzlement cases tried in state appeal courts from 1996 through 2010, legal experts based in Los Angeles revealed that over 80% of the defendants were present or ex-employees. The rest of the cases focused on outsourced parties, third-party service providers and contractors.

Legal experts suggest that small and medium-sized companies undertake several steps in order to prevent the embezzlement of confidential data and trade secrets. To begin with, firms must include nondisclosure clauses on classified and sensitive data in contract agreements with employees and within the information security policies of the organisation. Regular employee training must also be provided by the companies. By emphasising company policies concerning intellectual property, organisations can remind their workforce about their duties and responsibilities towards the company that will help in nurturing a culture of conscientiousnesstowards safeguarding such data.

Additionally, identifying internal point persons who will gather, identify, archive and monitor all forms of company information including written data, media files and various other documents produced within the company can help in reducing the risk of confidential data misappropriation or data theft. Such information must be limited to only potentially identified candidates on a need-to-know basis that can help in controlling the dissemination of valuable data.

LockLizard, offers powerful, yet easy-to-use document security and dynamic Digital Rights Management solution (DRM) and robust document encryption with real-time action for small and medium-sized businesses.

Author Bio: Author is a well-known online security expert and mostly shares her experiences and knowledge about how to secure PDF files with the help of PDF DRM Software.