In the current competitive business world, the business environment is quite challenging for technology firms. One of the key challenges facing technology firms is the uncertainty associated with their operations. Therefore, the possession of tools and knowledge for managing risk is a key driver of success for technology firms. Insurance costs have been rising over the past year. Consequently, technology firms are finding it necessary to have proper analysis on risk retention and management strategies, insurance purchasing, and internal risk control and management controls.
TechAssure Association, Inc has conducted its’ first risk survey for technology firms on the major risks and business concerns facing the technology industry.
Based on our survey, research, and experience we found that the top risk concerns for internet auction firms included potential damage to reputation, brand, and image; network, security, and privacy risks and loss of intellectual property. Potential changes in the corporate governance, regulatory and legislative environment, failure to attract and retain key talent as well as potential business interruption also ranked among the top risks in the sector. In addition, inability continue with new products and services innovation, changes in economic conditions, failure to access capital and rising global competition were important risk factors for firms engaging in internet auctions sector.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.