The business environment in which technology firms operate in is becoming increasingly difficult. Risks and uncertainties are the major problems facing technology firms today. Therefore, adequate risk management will be a key success factor for firms operating in the technology sector. TechAssure Association conducted a survey between February and April 2013 on the major risk factors facing the various sectors in the technology industry. Our research revealed that certain risk factors were of concern across the major sectors in the technology industry.
Our survey found that the top risk concerns for firms in the software sector were potential damage to reputation, brand and image, risks associated with network, security and privacy risks, loss of intellectual property, and changes in corporate governance, legislation, and regulatory measures. In addition, inability to attract and retain key talent, increase global competition, access to capital, changes in economic conditions, inability to continue with new products and services innovations, and possible delays and interruptions in product development schedules were also identified as to risks for this sector.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.