How do you handle confidential information?
There’s been a lot of talk in the press lately about how confidential matters have been handled, and I was just curious where people stood on this subject. Let’s view it from a business perspective.
I worked in Silicon Valley for many years where I was given a lot of confidential information regarding product development, product launches and any number of other projects in order to properly do my job. I also observed early on in my career that even at the same company, not everyone was read into a project. So, if employees within a company aren’t allowed to know about the subject, why would someone think they can share that material with anyone outside?
To me, confidential is confidential. Whether obligated by a formal written agreement or a verbal acknowledgement, confidential data should not be shared with anyone who is not directly involved in the matter at hand.
Some confidentiality agreements (also known as non-disclosure agreements or NDAs) allow you to share the data with those you contract with to help execute the project. However, the agreements typically state that you are responsible for all those you share that knowledge with to keep the information confidential until such time as it’s made public by the company. So, don’t share unless you must.
When you share confidential information, you do a number of things. First, you potentially undermine the success of the project. If information is released too soon from a source other than a corporate announcement, a lot of bad things can happen including the complete failure of the project or business. In some cases, the information is never to be made public and is strictly for use within the company.
Second, you put the person you told at risk of releasing the information accidentally. It’s a small world and you never know who knows whom or what data might be valuable to them. Making an off-the-cuff remark while waiting for your Pumpkin Spice Latte at the Starbucks counter at Target could be overheard by a potential competitor even though it was a seemingly innocent location.
Third, you risk your own reputation. If people can’t count on you to keep your mouth shut, they won’t tell you anything. You’ll be deemed untrustworthy and may lose your job, your clients or even relationships with friends or family, depending on the circumstances. Why risk it?
Confidential means everyone is not privy to the information. In this age of social media, some people feel they need to share everything. Sharing confidential information on social media can get you fired before your next paycheck. Don’t do it!
I’ve had people hit me with the spouse or significant other excuse, that spouses tell each other everything. Really? EVERYTHING? And, when I do raise that argument with others, I’m often told of stories of couples who were married for decades and never quite knew what their spouses did for a living because they were required to keep their work life confidential.
If I look back to my Silicon Valley days, it wasn’t unusual for people who worked for different companies to wed. With all the secretive product development going on, I’m sure they didn’t sit around the dinner table sharing design specs.
Keeping your mouth shut and doing the right thing can have a negative effect as well. At one point, I had been working with a client for about a year when another company contacted me to consult with them. I was really excited until I discovered that their products would compete with those that my current client had in their long range plan. I had to turn down the new client inquiry. Unfortunately, my existing client eventually chose not to pursue that market so I lost the opportunity to work with a great company on a long term contract, impacting my bottom line. Still, it was the right thing to do.
So, now that I’ve rambled a bit about my observations regarding the sharing of confidential material, where do you stand?