The United States Administration recently introduced the “Administration Strategy on Mitigating the Theft of U.S. Trade Secrets” report. The report offers the Administration’s strategy action items:
1. Focus Diplomatic Efforts to Protect Trade Secrets Overseas
2. Promote Voluntary Best Practices by Private Industry to Protect Trade Secrets
3. Enhance Domestic Law Enforcement Operations
4. Improve Domestic Legislation
5. Public Awareness and Stakeholder Outreach
The Administration is focused on protecting the entrepreneurial spirit, creativity and the innovation that drives the American economy. The protection of Trade Secrets and intellectual property rights (IPR) is important to industry as it often represents their net worth. Trade secret theft is a serious issue and one that if not addressed can threaten American businesses, put American jobs at risk and can further displace the security of the U.S. economy. The United States thrives on innovation and creativity so it’s no surprise that we’re prime targets for other countries who are not as blessed and who seek to steal U.S. trade secrets for their own benefit and to grow their economy.
Trade secrets are considered an intangible asset aka “Intellectual Property,.” Intellectual property includes —copyrights, patents, trademarks and trade secrets, and reflect America’s advantage in the global economy.
Trade Secrets are excluded from cyber insurance. However, your business or organization may wish to explore the purchase of a standalone “Intellectual Property” insurance policy if you’re seeking insurance coverage for trade secrets and/or patents.
While cyber insurance does not offer coverage for trade secrets or patenrs, coverage may be available for infringement of copyright; infringement of domain name, trademark, trade name, trade dress, logo, title, metatag, or slogan, service mark, or service name.
It’s important to note that all cyber insurance policies are not standard policies and vary by insurance carrier.
CYBER DATA RISK MANAGERS LLC is an Independent Insurance Agency specializing in Cyber Security and Data Breach response insurance. We offer solutions that help you quickly respond to cyber events and data breaches as well as to plan in advance for their occurrence. Given the ever changing nature of information assurance and compliance, you don’t want to be caught unprepared.
For assistance, call 1-(855) CUT-RISK Toll Free -or- complete the form below.