Digital Transformation オンライン カジノ 初回 ボーナス the Growing Risk of Exposure to IP Infringement

A storm is brewing オンライン カジノ 初回 ボーナス sectors such as banking オンライン カジノ 初回 ボーナス retail look set to face a rising tide of litigation relating to potential cases of intellectual property (IP) infringement connected to their growing portfolio of intangible assets as they transition to online trading models.

Intellectual Property expertsAoife Woulfeオンライン カジノ 初回 ボーナスEllie Webbatオンライン カジノ 初回 ボーナスkio Marine Kilnexplore what this means オンライン カジノ 初回 ボーナス how insurance can support businesses to mitigate these evolving risks.

In the face of strengthening economic headwinds, technology companies are looking to make the most of their IP. They’re being more protective of their patents オンライン カジノ 初回 ボーナス trademarks, オンライン カジノ 初回 ボーナス more aggressive in their pursuit of infringements. We’ve seen this before. Following the financial crisis in 2008 the number of patent infringement cases filed in US courts doubled between 2010 オンライン カジノ 初回 ボーナス 2013.

Whereas they used to focus on their direct competitors, we are now seeing software developers take a more proactive approach to the protection of their IP. They’re now casting their net wider オンライン カジノ 初回 ボーナス especially looking at the technology that other sectors are using to expオンライン カジノ 初回 ボーナス オンライン カジノ 初回 ボーナス evolve their operations.

At a time when businesses are investing heavily in オンライン カジノ 初回 ボーナスir online assets, this is increasing オンライン カジノ 初回 ボーナスir exposure to potential legal action.

In 2021, US bank branch numbers fell by a record of 2,927. This was a 38% increase on the 2,126 closures recorded the previous year. Between 2014 オンライン カジノ 初回 ボーナス 2021, net bank branch closures in the US have totalled 14,855.

Consumers are turning to digital solutions オンライン カジノ 初回 ボーナス banks are seeking to modernise their operations オンライン カジノ 初回 ボーナス minimise their cost base. This trend is unfolding across many industries around the world. Similarly, the retail sector is undergoing major changes. Store closures far outweigh the number of new openings オンライン カジノ 初回 ボーナス in 2020 オンライン カジノ 初回 ボーナス 2021 a combined net total of 19,936 stores exited UK high streets, shopping centres オンライン カジノ 初回 ボーナス retail parks. We see this replicated globally.

As businesses reduce their number of physical outlets, they’re rapidly developing the online side of their operations. COVID-19 has only accelerated this shift towards digital オンライン カジノ 初回 ボーナス increased the rate at which companies are growing their portfolio of intangible assets.

Banks オンライン カジノ 初回 ボーナス retailers have invested enormous amounts of time, money オンライン カジノ 初回 ボーナス resources into developing their online capabilities オンライン カジノ 初回 ボーナス there’s exceptional pressure on them to deliver the latest functionality combined with a slick user experience.

オンライン カジノ 初回 ボーナス the pace of evolution means they’ve got to continually refine オンライン カジノ 初回 ボーナス improve their proposition or face being overtaken by competitors オンライン カジノ 初回 ボーナス a growing number of disruptive market entrants. In seeking to evolve their online operations, companies are often working with hundreds of suppliers to help them deliver the IT functionality they require. In many instances, banks オンライン カジノ 初回 ボーナス retailers aren’t using their own proprietary technology オンライン カジノ 初回 ボーナス rely on that provided by third parties, which is then used under various contractual オンライン カジノ 初回 ボーナス licensing agreements.

But given the immense number of technology patents in place オンライン カジノ 初回 ボーナス the complex オンライン カジノ 初回 ボーナス technical considerations required to determine exactly what’s protected by each one, it’s easy for companies to infringe a patent unknowingly.

The risk of infringement is heightened by the speed at which organisations are developing their digital capabilities オンライン カジノ 初回 ボーナス the number of development programmes they’re running concurrently.

In instances where a company believes its IP has been infringed, it may seek damages オンライン カジノ 初回 ボーナス/or payment for licences as well as for any future use of its technology.

Businesses sued for patent infringement can quickly find themselves in a costly オンライン カジノ 初回 ボーナス complex legal battle. They may have to stop using the disputed technology while the disagreement is settled オンライン カジノ 初回 ボーナス this can have a significant impact on their ongoing operations オンライン カジノ 初回 ボーナス development plans.

Recently, there have been a number オンライン カジノ 初回 ボーナス high-prオンライン カジノ 初回 ボーナスile cases brought by the United Services Automobile Association (USAA) relating to patents it holds for technology that enables people to pay in cheques remotely via mobile devices.

USAA has secured more than 0m in damages following multiple cases brought against two major banks. オンライン カジノ 初回 ボーナス more recently – 29 July 2022 – USAA filed a further case again relating to its cheque deposit technology.

Banks may have hundreds of software suppliers working on their online propositions オンライン カジノ 初回 ボーナス so it’s exceptionally difficult to predict where an infringement issue might arise, whether it’ll be merited オンライン カジノ 初回 ボーナス the cost オンライン カジノ 初回 ボーナス speed at which it can be settled.

For sectors such as banking オンライン カジノ 初回 ボーナス retail, which are becoming ever more reliant on technology, this leaves them facing a growing threat of legal action. Even where due diligence has been completed thoroughly, it’s still possible for accusations of infringement to arise as interpretations of how オンライン カジノ 初回 ボーナス where a patent applies can vary significantly.

In addition, there are also examples オンライン カジノ 初回 ボーナス firms bringing actions on a speculative basis. Even if a case is without merit, defending it comes at a cost.

The insurance market has developed a wide range of products that offer financial オンライン カジノ 初回 ボーナス practical support to policyholders, depending on their specific needs オンライン カジノ 初回 ボーナス circumstances.

Typically, IP insurance will provide cover for defence costs オンライン カジノ 初回 ボーナス subsequent damages オンライン カジノ 初回 ボーナス settlement payments. In addition, carriers will generally offer access to supplementary services such as crisis management support.

Defence costs alone can be millions of dollars, driven by the need for specialist legal representation in this niche オンライン カジノ 初回 ボーナス complex area of the law. As seen in the cases brought by USAA, settlements can run to hundreds of millions of dollars.

At the moment, it’s the biggest firms in the banking オンライン カジノ 初回 ボーナス retail sectors that are finding themselves at the centre of IP infringement lawsuits. As a result, more are starting to consider insurance as a means to safeguard their operations.

However, it is already an issue that is cascading into the mid-corporate オンライン カジノ 初回 ボーナス SME space, where businesses are likely to have less financial オンライン カジノ 初回 ボーナス administrative resources to deal with such technical legal actions.

How well businesses understオンライン カジノ 初回 ボーナス オンライン カジノ 初回 ボーナス mitigate the potential exposure will have a significant impact on their ability to continue to grow their portfolio of intangible assets オンライン カジノ 初回 ボーナス successfully switch to more online-based models.