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It also holds a “reason to know” standard, stating that if a company should have known they were using trade secrets – even if they were unaware – they can be held liable. Texas law includes financial data and customer lists as trade secrets, which sets its statute apart from those in other states. Trade secrets are normally guarded under reasonable secrecy measures. It is economically valuable and difficult to independently copy. To break this down further, a trade secret is something known only by employees inside a particular company. The Texas statute defines a trade secret as “information, including a formula, pattern, compilation, program, device, method, technique, process, financial data, or list of actual or potential customers or suppliers, that: (A) derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use and (B) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy.” Economic espionage is type of white-collar crime, and can lead to incredibly serious penalties if you are convicted.īecause of this, it is important to know exactly how the laws of our state define “trade secret.”
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If these secrets are improperly shared or obtained, a corporate or economic espionage charge may be filed. It’s important that they guard their inventions, software, marketing information, customer lists, techniques, recipes, formulas, processes, and other information that helps them stay competitive. Texas is well known for its tech and energy companies, which rely on trade secrets to develop their businesses. They’re really looking at the company as a whole to find out every little thing that you do that makes you a better company on the world market.” Whether it’s the widget that you use to drill, or it’s a process that you use to track inventory better. “Foreign governments or foreign companies are looking for any competitive advantage. “It’s corporate espionage, there no question about it,” FBI agent Christopher Combs said. Earlier this year the FBI’s Office in San Antonio told the local news media that it was “very concerned” about industry secrets from companies located in Eagle Ford Shale. “Fracking” has made billions of dollars for states like Texas, Pennsylvania, Wyoming and Ohio, but this relatively new energy technology had also produced its fair share of corporate espionage, either through hacking or rogue insiders, seeking to steal industry secrets.