Smart Business Magazine, Mar 2013

March 2013 Smart Business Indianapolis 11 There are some fairly aggressive third parties that have stepped up their activity in that area she says Ahmad agrees but points out that the lions share of trade secret misappropriation he encounters is a consequence of actions taken by a companys employees or ex employees Of course we do hear from time to time about individuals or organizations especially overseas who hack in to companies systems Ahmad says But in my experience thats not a common occurrence Most of the trade secret theft I see occurs via a current or former employee That is why Passman says its essential to be straightforward with employees about your companys policies regarding confidentiality particularly as it pertains to trade secrets and other types of intellectual property You have to be very clear with your own employees about your policies and about how serious you are about protecting your intellectual property Passman says Because thats definitely where your greatest risk lies And this is a critical issue both while those employees are at the company and after they leave the company The labor market factor Unemployment and sluggish job markets are also key factors contributing to the increased risk surrounding trade secret theft Clicks and swipes banking on the move Online banking offers a wealth of conveniences for legal practices Among the most important are the ability to review recent transactions around the clock mobile device banking secure storage of historical account information the ability to pay bills with just a couple of mouse clicks electronic funds transfer for instantaneous bill payment and online invoicing Online banking allows law firms to have a tight view of their most recent payments and to determine what payments they have received recently says Jan Hoyt senior vice president of business banking deposit products for PNC Bank They can check for example whether certain checks have cleared in real time and they have access to this information 24 hours a day seven days a week In addition having constant access to historical account information is a convenient feature that many law firms are taking advantage of In most instances banks provide lengthy online statement history so law firms can go in and view statements on demand and print them on demand Hoyt says They even have online access to all the checks that have cleared associated with those statements Online invoicing is another key capability that legal practices are using for many reasons including convenience speed and cost savings Invoicing is a great example of how online banking can transform the way law firms perform essential functions Hoyt says It provides them with the capability to create an electronic invoice that can be delivered to their clients email address for example and it also allows that client to pay the invoice electronically as opposed to the old fashioned check payment system How to reach PNC Business Banking www pnc com businessbanking