By Greg Sallis
Trade secrets often define the success of a company. They create the competitive edge critical to organizations' success, especially in highly competitive industries. Yet, data reported by Statista shows that, in just the third quarter of 2022, more than 15 million data records were exposed through some type of data breach. As a business owner, it’s essential to recognize just how vulnerable your data and trade secrets are. Once a breach happens, it’s difficult to ever protect that information again. That’s why redaction technology, a tool that can help to prevent the loss of sensitive material, is so important.
Why Do You Need to Protect Trade Secrets?
Trade secrets are any type of sensitive business information that provides some type of competitive edge to the business owner. These are details that are often critical to helping your business stand out and remain competitive with others.
This information could provide the following:
- Instructions on how to make a product
- Details about the materials or processes used
- Data about the company’s effectiveness
- Information about what makes the product effective or better
- Insight into the product's uniqueness
Even a recipe can be valuable data if it means that it helps the company to maintain an edge over the competition because customers prefer it. Without some level of protection of this information, it could easily be used by any other company or person to achieve the same success your organization has, diluting the uniqueness of it.
How Can Redaction Technology Help You?
Imagine being able to know that any document or bit of data that goes out about your company is protected. That is, if there is a data leak – which is so common today – you know that sensitive trade secrets are not contained in a way that could expose them, putting your business at risk and jeopardizing your company's profitability.
Redaction technology works to remove sensitive information in any of your documents. What's more, it is done automatically, which means you do not have to rely on people to catch every detail that should not be exposed. As a direct result of this, you can be sure the information is well protected without having to manually go through every document yourself to delete or hide sensitive data.
This helps organizations to:
- Protect their privacy – do not let others see your private information
- Ensure sensitive material is not at risk if a data leak occurs
- Protect documents from people who are actively trying to gather trade secrets
As you move towards the use of digital documents, this is even more important. Because there are so many instances in which sensitive data is exposed today, whether it is in a shared password or a ransomware attack, you need to take aggressive steps to protect your business from financial loss. Over the long term, this is critical to keeping your business competitive. It also helps to ensure that what you’ve worked so hard to build within your company isn’t lost as a result of a simple mistake in who sees a document.