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 findings on the top risk concerns for computer networking firms shows that the three top ranking risk factors are damage to reputation, brand, and image, risks associated with network, privacy, and security, and potential loss of intellectual property respectively. Other top ranking risk factors in this sector include inability to continue with innovation of new products and services, potential economic changes, difficulties in accessing capital, interruptions in business operations, and risks involved in partnerships with vendors and other strategic alliances. Firms operating in the computer-networking sector also face risks of failure to attract and retain key talent as well as increased competition in the global scene.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.