Big Data and Trade Secrets (A General Analysis)

Abstract

The role of Data used by various algorithms tools and techniques in business and the global economy is extremely high. There is no human activity present these days that do not capture data, right from the mobile devices that capture our movement data to the smart electronics in our house that can save electricity or even purchase items that are soon to be out of stock. While there are many laws to keep competition in place Intellectual property is sometimes considered to go against competition and this can done through Trade secrets which is one of the most underused and rarely known IP is trade secrets which can be summarized as “Trade secrets are secrets that add value to a business. A generally less well-known form of intellectual property right, for many years trade secrets have been in the shadows, but today they are gaining traction as an effective way to protect certain intellectual assets. Any commercially valuable and sensitive information – a business strategy, a new product roadmap, or lists of suppliers and customers – can qualify as a trade secret. And unlike other IP rights, trade secrets can protect a much wider range of subject matter and are not limited to a set term of protection. The U.S. Supreme Court has explained that for subject matter to be protected as a trade secret, the material must meet minimal standards of novelty and inventiveness to avoid extending trade secret protection to matters of general or common knowledge in the industry in which it is used. This paper compares the extent of data protection that is given in the form of Trade secret in different regions by taking a closer look at the different legislature and acts enacted. The paper gives a conclusion that may suggest best practice from each region in an effort to have the best possible legislature to protect data as a trade secret and also an effort in harmonization of said laws.