What is a trade secret?
A trade secret also referred to as undisclosed information, must fulfil the following conditions to be considered as such: (1) it must be confidential and not known to the general public, (2) it must have commercial value due to its confidentiality and commercial significance (otherwise it cannot be considered as a form of intellectual property), and (3) the lawful owner of the information must have implemented reasonable measures to ensure its confidentiality.
In general, most objects of intellectual property protection need to be publicly disclosed and are therefore subject to patent, trademark, and copyright protection. However, business secrets can only be protected if they remain confidential, and are not publicly disclosed. As a result, in many cases, business secrets provide greater competitive advantages and are increasingly attracting public attention.