It's a Secret So keep it that way--protect your proprietary information.
By Ellen Paris
Opinions expressed by BIZ Experiences contributors are their own.
Thanks to technology, information theft is a growth industrythese days-and companies are losing money. A survey jointlyconducted by the American Society for Industrial Security andPricewaterhouse-Coopers, found that proprietary information theftcost Fortune 1,000 companies more than $45 billion in 1999.
Even if you're not a major corporation, you still haveproprietary information to protect, and smaller companies oftenhave a tougher job protecting themselves than larger corporationswith dedicated security staffs. According to Bill Boni, a former director atPricewaterhouse-Coopers' investigation group in Los Angeles andco-author of the survey, "Even though legal safeguards doexist for information theft, they're after the fact, so if youdon't have a large war chest to spend on attorney's fees,safeguarding your information is the best thing to do."
What are information thieves looking for? Concepts or sources ofinnovation that give you a competitive edge. Here are two simpleways to protect yourself: Do background and police checks on newhires and use locks and keys to deter snoops and criminals. SaysBoni, "Your competitive information is your crown jewels, andthey should be locked up with only owner access."
Ellen Paris is a Washington, DC, writer and former Forbesmagazine staff writer.
