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Tag Archive for: manufacturing

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Cyber Insurance: Not just for consumer-facing businesses

Post originally published by TechAssure-member: Plexus Groupe

The wide range of cyber risk faced by businesses continues to be in the news.

In a story published recently, The Wall Street Journal reported that a growing number of manufacturers have begun to secure cyber insurance.

According to the Journal, manufacturers paid about $37 million in cyber coverage premiums last year, per data from Advisen, an increase of 89 percent from 2015. Also, per BusinessInsurance.com, cyber threats were a top concern of more than 90 percent of the top 100 publically traded manufacturing firms in 2016, according to findings from accounting firm BDO USA LLP.
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Risk Management Trends and Observations for Semiconductor and Electronic Component Manufacturing

During 2012, the semiconductor industry managed some improvements in what turned out to be a challenging economic year.

In order to succeed and continue growing in 2013, the industry must get better at managing all its business challenges. This includes becoming more competitive with foreign firms, continuing to manage product obsolescence, finding alternatives to requirements for heavy capital investments and better managing the concentration of customer risk.

With outsourced manufacturing and collaboration in manufacturing, the semiconductor firms of 2013 will be more focused on insurance and risk management concerns surrounding supply chain and sole suppliers. In addition, reducing foreign currency risk and promoting favorable legislation and regulation will be of vital importance.

The firms that can take the flip side of “risk” and turn it into “opportunity” are those that can make the most of collaborative partnerships while developing new technology and products.

TechAssure members know that a successful insurance and risk management program addresses general business risks as well as risks associated with your industry and risks specific to your company.

Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

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Telecommunications Industry Sharpens Questions on Risk Management

January 4, 2013 – The most commonly asked questions that TechAssure members receive about risk management include:

  • What are the risks associated with the introduction of new services to our customers?
  • What impact does geographic expansion have on our insurance and risk management program?
  • What ways can a solid insurance and risk management program help our firm minimize turnover?
  • What role does our distributors and supply chain have on our insurance and risk management program?
  • What can our company do to decrease our overall cost of risk?

Have an insurance or risk management question? Give a TechAssure member a call to find out more about our insurance products and risk management solutions.

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Risk Management Trends and Observations for Wireless Telecommunications Manufacturing

2012 was indeed a challenging year for the wireless manufacturing industry. Apple led the way in the industry. Demand was driven by consumers that wanted more. While the industry continues to be bright in selected areas, the industry was not without its challenges.

In order to succeed in 2013 and beyond, the industry must get better at managing its business challenges. These challenges include the rapid change of technology, dependence on large corporate customers, their ability to negotiate exclusive contracts where possible and management of the supply chain.

But the firms that can take the flip side of “risk” and turn it into “opportunity” are those that can innovate new ways to evolve their network infrastructure and better serve the customer that needs a variety of connectivity solutions. They also must get in front of the risks associated with deregulation and intellectual property protection and grab the reins of opportunity in cloud computing.

TechAssure members know that a successful insurance and risk management program addresses general business risks, as well as risks associated with your industry and risks specific to your company.

Give a TechAssure member a call to find out more about our insurance products and risk management solutions.