What is proprietary information?

Proprietary information refers to sensitive data that is unique and exclusive to a particular organization. This type of information is typically protected from unauthorized access or disclosure because it offers a competitive advantage, reflects trade secrets, business strategies, customer lists, research and development data, or any other types of confidential information that are not disclosed to the public. Organizations often implement stringent security measures to safeguard proprietary information from being exposed, as its unauthorized disclosure could potentially harm their competitive standing in the market.

The other options describe different types of data. For instance, software with open-source accessibility is made available for public use and modification, which contrasts directly with the essence of proprietary information. Data that can be freely shared with the public is generally openly accessible and does not carry the confidentiality that proprietary information does. Finally, the term used for lawfully acquired information can refer to a broad array of information that may not necessarily be proprietary, making it insufficient as a definition. Hence, the definition provided in the correct choice accurately captures the essence of proprietary information and its significance in a business context.