No industry is foreign litigation, but for the technology sector, it appears disputes over intellectual property (IP) and patent rights, then issues of cybersecurity and data protection, is one of the Top legal issues keeping tech company managers up at night.
According to 17order Norton Rose Fulbright Annual Litigation Trends Surveywhich surveys hundreds of internal litigation leaders from global corporations, employment and labor disputes are also high on the list for tech companies.
Startup teams, legal advisors, and other internal stakeholders looking to address these regulatory challenges should consider three key factors affecting the sector.
Intellectual Property Rights Disputes: Top Litigation Concerns Facing Industry
Technology respondents were more likely to be concerned about IP disputes than any other potential source of dispute, with 46 percent listing them among the most worrisome, compared with 16 percent of all. all industries.
Since the core function of most technology companies is to develop and market innovative technologies and solutions, it is not surprising that technology companies list IP disputes as relevant and most important to them. Respondents cited the critical nature of intellectual property to their core business as the reason why disputes are such a concern.
The costs associated with these disputes, especially when defending against allegations of patent infringement, are of primary concern to respondents. Protecting against IP rights disputes can be a drain on resources, especially given the ongoing costs and prevalence of disputes caused by “patent fraudsters” – entities whose activities are The main business is obtaining and enforcing patents against technology companies – far beyond the costs involved in leveraging a patent to provide goods and services.
Many respondents said they are expanding their legal team. Strategies include adding in-house legal staff, engaging external attorneys to focus on specific IP strategies, and expanding investigation and enforcement actions against potentially infringing activity. infringement, strengthen protection of company patents, and build a more robust and complete contract review and drafting process for IP. – related contracts.
Tech companies feel exposed to cybersecurity, data protection disputes
Tech respondents listed cybersecurity and data protection issues as the top dispute trend, more than any other industry – 71% said they feel more exposed to technology. network security/data protection disputes, compared to 12 months earlier. They say it is important to protect their own proprietary information and that of customers, especially in an increasingly global market.
