Some companies think of trade secrets as only highly valuable scientific formulas or secret ingredients.  In reality, trade secrets or confidential information covers any information which is not generally known to the public.

A recent survey suggests, however, that the door is wide open and companies are not taking appropriate steps to protect this valuable information.   A survey by the Ponemon Institute provides some disturbing results.  Ponemon questioned nearly 1000 people who had been laid off, fired or otherwise lost their jobs in the last 12 months.   According to the survey:

65 percent walked out with email lists;
45 percent walked out with non-financial business information;
39 percent walked out with customer information, including contact lists;
35 percent took employee records; and
16 percent took financial records.

The biggest concern for the employer is what happens if the former employee joins a competing company or starts a business in competition.  So what are you doing to protect your confidential information?