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Tag Archive for: TechAssure Risk Management Survey

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Reducing Your Cyberliability Risk

Cyberliability is a term used to describe how much damage will be done if your company experiences a data leak. Handling private data, as every modern business does, puts you at risk for having it lost or stolen which in turn could leave you facing some very costly lawsuits. Fortunately, there are some relatively easy steps you can take to reduce your cyberliability exposures.

Don’t carry vital data around with you. Mobile devices are great for efficiency. You can look over reports or check your email almost anywhere you go. The down side is that any vital data you carry on these devices becomes a cyberliability risk. It’s too easy to lose or have a smart phone, laptop, or tablet, stolen, then all that data is there for everyone to see. A great alternative is cloud storage. It allows you to access data online without ever downloading it. You log on with a password, use the data, and log off. Nothing is stored so if your device goes missing, the data doesn’t go with it.

Password protection and firewalls are great ways to protect data, but sometimes they are not enough. If a hacker gets through these, you need data encryption as a last line of defense. When you encrypt all your data, even if someone does hack into your system and steal it, they can’t use it.

Strict password policies are something most staff members hate. Coming up with new passwords every month can be irritating and difficult. If you really want to reduce your cyber liability risk this is a vital tool to use. Do not use one password for all your personal and business accounts. All it will take is for a hacker to gain access to one of those accounts, then all of your company data is in jeopardy. It may seem like a pain and it will upset your staff, but a strict password policy will save you a lot of money in the long run.

To discover other ways in which we can help you protect your organization from cyberliability risks, please give us a call.

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Cyberliability Costs Can Challenge Emerging Growth Firms

More and more focus has been put on cyberliability. Internet data breaches, denial of service attacks, and other cyber losses affect Fortune 500 companies as well as small businesses. Loss of customers, sales, costs of investigations, responding to losses, lawsuits and regulatory fines can be astounding. Ponemon Institute estimates that costs to remediate compromises caused by loss or breach can run as high as $200 per affected account. At that rate, it’s easy to imagine how costs can quickly run into the millions of dollars. Most media coverage goes to the big companies, but small companies also run the risk of cyberliability expenses. Big businesses can more easily absorb or has the means to stave off such costs. But emerging companies may be left bare.

Fortunately, there is some help from the insurance industry. In response to serious gaps left by typical liability coverage, companies continue to fine tune their insurance products for cyberliability exposures for emerging firms. Most old policies only covered physical losses such as damage to servers, laptops, or other hardware; the data itself wasn’t protected. The new cyberliablilty policies can be tailored to cover almost any loss, whether tangible or not. In this way, small businesses can protect themselves because of an error, theft, or malicious act against them.

As with any other type of insurance, coverage, rates and reimbursement policies vary from provider to provider. For more information and tips on protecting your corporation from cyberliability exposures, please give us a call and we will connect you with a TechAssure member.

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Top Risks for Data Storage Sector Revealed in the TechAssure Risk Survey

TechAssure Association, Inc has conducted its’ first risk survey for technology firms on the major risks and business concerns facing the technology industry.

The top ranking risk concerns for firms operating in the Data Storage Sector were diverse and included risk of damage to brand, image, and reputation, network, privacy, and security risks, and risks of losing intellectual property. We also found out that uncertainties that may arise from changes in regulatory corporate governance, and legal environment, fluctuations in economic conditions, inability to continue new products and services innovations, risk of failure to access capital, and interruptions in business processes were key risk concerns for the sector. Our survey also found that risks associated with partnerships with vendors and other strategic alliances as well as the inability of a firm to attract and retain key talent were top ranking risk factors for firms in data storage sector.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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TechAssure Risk Survey Highlights Risks in the Entertainment and Gaming Sector

During our 2013 risk management survey, we found that executives in the Entertainment and Gaming sector were aware of the main organizational risks.

The entertainment and gaming sector is one of the technology firms faced with high uncertainties due to the nature of the industry. In our survey, we have identified the top risks for firms in this sector. The risks associated with damage to brand, image, or reputation of firms in the entertainment and gaming sector along with privacy, network, and security risks are the top risks for firms in the sector. In addition, firms in the entertainment and gaming sector face risks of losing intellectual property, uncertainties associated with changes in corporate governance, legislative, and regulatory environment, liabilities over violent content, inability to attract and retain key talent, fluctuations in economic conditions, and failure to innovate new products and services. Finally, delays and interruption in business and product development schedules and risks of failure to access capital significantly pose threats to firms in this sector.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.

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TechAssure Risk Survey Reports on Top Risks for Computer Networking Sector

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.

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TechAssure Risk Survey Highlights Challenges in Regulatory and Legislative Risks for Life Science Firms

The 2013 TechAssure Risk Survey highlights the challenges in regulatory and legislative risks for biopharmaceuticals and life science firms.

The Biopharmaceuticals and life sciences sector was also included in the survey. Based on the survey and our research and experience we identified the top risk concerns for firms operating in the sector. The top three risk factors were risk of damage to reputation, brand, and image, potential changes in the corporate governance, regulatory, and legislative environment, and failure to access capital in that order. Our research has also found that increased competition in the global scene, risk of losing intellectual property, risks associated with the supply chain and inability to manage risks with partners and strategic alliances are among the top risk factors for concern in the Biopharmaceuticals and life sciences sector. Other top ranking risks are associated with network, privacy, and security, inability to innovate new products and services, and risks of delays and interruptions in R&D.

To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.