Data breaches are the biggest risk to organizations in the IT industry, according to a survey of 1,000 CIOs worldwide. Nearly half of respondents (47%) identified data breaches as the most significant risk, 6% more than last year. To protect against such losses, technology companies can add high-liability limits to their existing coverage structures with Travelers Umbrella and Excess Casualty insurance. This can help cover costs that exceed the limits of the underlying policies and protect assets needed for daily operations or capital expenditures. Business owners also face risks, with 45% citing “rising costs” as the biggest threat.
To combat this, 63% plan to raise prices in the next three months. Accidents and injuries in the workplace can also be a risk to daily business operations. Technology companies should be aware of 14 risks and specialized insurance solutions that can help protect their business. For example, Travelers CyberRisk Tech insurance can cover lost business revenues and legal action brought by customers if operations are disrupted due to a covered loss. Risk management is essential for companies to benefit from the opportunities offered by today's technology sector. The report provides a universal view of key risks in all sectors, but several of the eleven key risks have a direct intersection with the technology sector.
An informal survey of business executives showed that rising costs, cybersecurity, data governance, business continuity, server interruptions, and fraud are some of the biggest risks and threats that companies face today or will face tomorrow. Effective risk management requires continuous evaluation of monitoring and mitigation activities. With more work being done remotely, rapid investments in new applications and system upgrades, as well as changes in organizational structure and workforce, companies must be prepared to evolve and adapt quickly. Commercial auto insurance for travelers can help ensure that your company is covered against risks posed by employees who travel in vehicles used for business purposes. It is important that companies have an updated crisis management plan to deal with crises when risks become realities. The report analyzes how three key risk management actors in an organization align (or misalign) in their vision of these risks. With trusted employees, internal and external oversight, and strong risk management controls, companies can be well prepared to prevent fraud.
