Banks are joining the Linux Patent Group to better protect their customers information and to be part of the same global solution.
In a company as diverse and large as banks, having a global solution that brings together banks from around the world is a huge success.
Like all technology, banks have a vested interest in keeping their customers data secure. We’ve seen this already with the recent theft of customer data from the British bank PwC, which has since come to light. That data is now in the hands of the FBI.
Banks have already figured this out and are now using a global patent solution to protect their customer information. This patent protection has been established as an important part of their overall business, and can be used as a way for banks to better protect their customers data.
The patent group is a bit of a catch-all term for large technology companies that want to protect their intellectual property. There are a variety of different patent groups and companies, but the ones that are most relevant to banks in this case include: Cisco, Verisign, and Symantec.
Cisco, for instance, is a company that has a patent on “Secure Web Conferencing”. This would be a way for banks to better protect their customer information, but it also has the potential to make it easier for others to snoop on their customers. The group is trying to bring together the large tech companies that are most active in this field.
This is a good thing. Having a large number of different companies with very similar technologies fighting to protect their business from hackers is a good thing. When you have a large number of patent holders trying to protect their property, it means they are acting as the most effective government law enforcement force possible.
Banks, it’s safe to say, don’t do much snooping. They are, after all, a big business and the very thing that makes them so easy to bug. They are also, of course, very large businesses. With the large number of computer systems in our lives, and the fact that hackers have made it so easy to breach them, it’s no wonder banks don’t want to know what your password is.
It’s amazing how the patent system works, especially when it comes to computers. If you have a patent, you have absolute legal immunity from lawsuits. This is especially true for software patents, because of how important software is to our daily lives. So any software patent is automatically void, and only the owner of the software has the legal right to sue. The idea of a software patent is that anyone who comes up with a better way to do a specific task can get patent protection.
Banks join the Linux Patent Group, a non-profit organization that promotes software patent reform by giving banks the right to sue anyone for software patents. This opens up the door for Microsoft, which hasn’t really been a fan of software patents, and Google, which has had a number of legal battles with banks over patents, to join.