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.
Following our survey and based on our research and experience, we identified the top risk concerns for information technology firms. Ranked first, second and third respectively, the top risks for the Information Technology Sector were identified as reputation and brand image; network, security, and privacy risks; and legislative, corporate governance and regulatory changes. Other risks included business interruption, inability to attract and retain key talent, changes in economic conditions, failure to continue with new products and services innovation, increase global competition, and access to capital.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.