Attorney James Denaro, a patent infringement expert, recently spoke with Tom Field, a representative from Information Security Media Group, to discuss how organizations can avoid legal battles related to software and technology patents.
"We've ... seen a substantial increase in the number of patent lawsuits being filed where patents covering information security are at stake," Denaro said in the interview. "For companies that are innovating in information security, they can use the patent process to their advantage in a lot of cases."
When businesses are able to obtain patents, they are able to license their technology to companies and use it as a revenue source, while they also protect their intellectual property and gain additional revenue through patent infringement lawsuits, according to Denaro.
Professional liability insurance gives businesses the necessary funding to help them afford these costly lawsuits should they be unavoidable.
According to Entrepreneurship.org, the costs of obtaining a patent are often worth it, due to the amount of money that can be won on lawsuits protecting intellectual property. Underscoring the importance of having the proper insurance coverage in place, the website also pointed out that attorneys' fees alone can run to hundreds of thousands of dollars in patent cases.