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Legal Challenges with Technological Innovation

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The tech industry continues to rapidly grow, but this brings the potential for legal challenges as innovations dive into unknown territory. 

Technologies such as robotics, process automation, machine learning, natural language processing, blockchain, predictive analytics, data analysis, and cloud services have the potential to transform the world, including legal work processes, and can improve business results. However, there are challenges in adopting and innovating technologies, and technology strategies need to address these challenges to be successful.

Related Post: FinTech Startups And Regulation: The Challenges Facing Them

This article discusses some of the legal challenges of technological innovation. 

Shortcomings of regulation

Technology is growing exponentially, at a rate that cannot be understood by many. This means there are significant gaps in knowledge, security risks, lack of regulation and left open to abuse. This, in turn, means businesses face many legal challenges as innovation continues to grow. 

The issue of technology companies and competition law resurfaced with the 2017 imposition of a fine for $2.7 billion by the European Commission on Google for abusing its trust in users and giving themselves a dominant market position over its competitors. Concern was also raised with the investigation into the Facebook/WhatsApp merger and illustrates trends that highlight the major challenges innovation and technology poses to lawyers and potential shortcomings of law in regulating technology giants

Lack of skills 

Technology-related core competencies are taught, if at all, in only a handful of law schools. Never before has a law firm welcomed technology-related jobs such as legal solution architects, a position with skills that can be deployed to keep on top of the challenges that are faced with technological innovations.

Also Read: Everything You Need to Know About Endorsing Business Checks

Technological innovation in the legal industry has been a long time coming. Lawyers acknowledge that the sector is changing and that the problem is as much about technology as anything else. Technological innovation and development are greater than the legal industry which brings challenges for lawyers in court as well as legislation that has not advanced at the same rate. 

Lack of skills 

Data security

With the huge amount of business and personal data being transmitted and stored online, the potential for data breaches has increased and businesses have to anticipate a faster response to address the patchwork of these rules. State and federal data protection regulations should further raise standards of data security practices, and Parties will expect greater accountability for these standards.

Also Read: Do You Have What It Takes to Be an Entrepreneur?

At a time of exponential technological change, companies are emerging and dying at an astonishing rate, and entire industries are being transformed. Technology makes life easier and facilitates access to and exchange of information, but it also has a wide range of legal implications for businesses. This means it is more important than ever to ensure you, your business, and your customers are protected. It is advised you have adequate security infrastructures in place and research the best lawyers for criminal defense cases

Concerns about data security due to technological advances and the way consumers, businesses, and other organizations use them have been and will continue to be a major concern for years.

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