Importance of information in businesses
Information, of all kinds, is a very important tool for the success of a business. The contemporary competitive economic environment has further increased the importance of information to businesses. This information may be formal in the form of written records provided by various governmental or statutory publications; or these may be informal in the form of oral or written records provided by customers, suppliers and other business associates. It helps the business to achieve operational excellence and productivity for the business through providing a link between the suppliers and the business and finally, the customers. Right information at the right time helps the business to make an informed decision and thus, improves decision making. It follows from here that a business having thus gained operational efficiency, productivity, and improved decision-making stands to gain competitive advantage over other of its competitor businesses.
Definition of Confidential Information
Information may be available for free use for the entire public or it may be confidential and thus pose restrictions as regards the situations and the people to whom it may pass. It is difficult to give a precise definition to the term confidential information ( Re Corrs Pavey Whiting & Byrne v Collector of Customs (Vic) ) and it may at best be described as information having an requirement of confidentiality. This requirement of confidentiality in information may arise either expressly as part of the contract between the parties or may be implied as a result of the fiduciary relationship between the parties concerned. It must be noted that this characteristic of confidential information, being independent of contract and existence of equity to protect trade secrets, was first upheld in the case of Saltman Engineering Co. Ltd. v Campbell Engineering Co. Ltd. (1948) 65 R.P.C. 203.
“ The information, to be confidential, must, apart from contract, have…