Trade secretTrade secret law provides a mechanism for protecting proprietary and sensitive business information. A trade secretTrade secret, by definition, is information that has economic value and is secret. There are no formal application requirements to obtain a trade secretTrade secret. Unlike patents, there are no statutory requirements that a trade secretTrade secret must be novel, useful, or non-obvious, and there is no examination process. Trade secretTrade secret protection arises once the appropriate steps are taken to create and maintain a valid trade secretTrade secret. Trade secretsTrade secret are not subject to a predefined term, and can be maintained for an indefinite period of time. A trade secretTrade secret owner has the right to prevent others from misappropriating the trade secretTrade secret. MisappropriationMisappropriation is the improper acquisition, disclosure, or use of a trade secretTrade secret. However, under trade secretTrade secret law, independent discoveryIndependent discovery and use of the trade secretTrade secret is not a misappropriationMisappropriation of the trade secretTrade secret, meaning that if someone reverse engineers or independently discovers the trade secretTrade secret, they are free to use it. Once the public knows the secret, trade secretTrade secret protection is lost.