81% of respondents believe that continuously updating technologies is necessary to compete in their sector
Investment in technology is a strategic necessity:
37% believe the adoption of transformative technology such as AI is a leading driver of business-critical technology
69% of survey respondents say their organisation will make greater use of technologies like AI over the next three years
The challenges of novel technology must be embraced:
50% of respondents believe that the use of AI technologies will give rise to risks and disputes that cannot be foreseen now
46% of organisations have no plan in place to manage cyber breaches
38% of organisations have no policies in place to regulate IP licensing
Over a quarter (28%) have left risk management strategies on the drawing board:
38% of organisations have yet to adopt a technology due diligence plan for M&A transactions
As today’s disputes recede in volume, tomorrow sees novel risks:
Leading sources of disputes over the past three years have been:
65% Compliance and regulatory issues
61% Performance/service level and outsourcing disputes
52% IP and trade secrets
51% Software licensing disputes
Disputes which are expected in increase over the next three years include:
56% Issues arising from use of AI
62% IP and trade secrets
55% Issues arising from smart contracts
52% Issues arising from crypto currencies
Dispute resolution processes should change to meet the risks of new technologies:
57% strongly or somewhat agreed that new forms of dispute resolution should be used to resolve disputes arising from new technologies
Only a third (34%) expect that disputes arising from AI technologies would follow the same principles as non-AI disputes
More than half (56%) expect AI to be a leading source of increased disputes