All businesses have information they need to keep safe and secure. This may be to maintain a competitive edge or to protect customers' personal data. Imagine if an airline didn't secure its passenger information, or a food manufacturer had its recipes leaked!
WHAT DOES IT COVER?
A Confidentiality Deed is a binding legal document which holds those with access to confidential information accountable.
Companies have many uses for Confidentiality Deeds. They can be used to bind company employees to confidentiality, as well as external parties (like contractors) who you need to grant access to your internal information. Another way confidentiality deeds are used is when a business or individual is seeking to protect their intellectual property. Most commonly, Confidentiality Deeds are used by businesses who hold sensitive information and data which must not be made publicly available.
WHY IS THIS IMPORTANT?
Having a Confidentiality Deed can protect your business in a couple of ways. First, it can act as a reminder to those with access to the company's confidential information to keep it confidential. If this wasn't enough, when a confidentiality deed is contravened you will have a legally enforceable cause of action to recover your losses for any potential or actual breach. All this protection should mean less headaches for you and a more trustworthy business.