You have worked hard to create a successful business. The last thing you want to grapple with is losing important information that sets your business apart. This is where the protection of your trade secrets becomes so important.
Basically, a trade secret is a property or information that gives a business a competitive edge over its competitors. A trade secret must have commercial value such as a production process, a marketing plan or a supplier or customer list. One of the best strategies for keeping your business’ trade secrets safe in the digital age is strong password protection.
Here are a couple of tips that can help you strengthen your organization’s passwords:
Routinely audit your passwords
From smartphones to personal computers, passwords are part of everyday life. They provide simple yet reliable access to valuable data so only those who have the right can access them. However, just like your physical key, your password can be stolen and used for malicious purposes.
As such, it is important that your employees routinely change passwords from time to time. If you have several employees, be sure to train them on best practices to ensure that their passwords are both strong and secure (and regularly updated).
Train your team on phishing awareness
Phishing is a major threat to businesses of all sizes. Phishing happens when you are sent a mail or text message with the goal of tricking you into providing vital information in return. Training your team on common phishing tricks can ensure that your employees safeguard vital data and prevent them from falling into the trap. Some of the steps your employees can take to avoid phishing tricks include verifying suspicious requests before taking action and avoiding unknown links.
Your trade secrets are basically the lifeblood of your business. Losing confidential information can translate into a costly loss for your business. Find out the steps you can take to protect your trade secrets from theft.