As more employees are furloughed and laid-off during the COVID-19 pandemic, now is the ideal time to update your trade secret protection program. After all, taking company information is easy for an insider: forward emails to a personal account, copy files from a company laptop to a USB drive, or use a smart phone to scan paper documents.
So how often does this happen? The Ponemon Institute surveyed nearly 1,000 Americans who left an employer during the 2007-08 financial crisis. The survey found that 59% took company data, 67% admitted to using their former employer’s confidential data to find a new job, and 68% intended to use company information on a new job. The current risks are much greater because entire workforces have transitioned to working from home.
What Employers Can Do About It: Effective Off-Boarding
As discussed in our April 10, 2020 Client Alert, there are a number of measures companies can take to reduce the risk that discharged employees will retain trade secrets. One of the most important aspects of a successful trade secret program is the exit interview. However, because of the pandemic, employers are facing unique challenges in conducting exit interviews remotely. Further complicating matters, employers may be forced to off-board many employees at once. It is critical to develop a simple and effective plan. Consider the following steps, easily remembered with the acronym P.A.I.D.
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