AUSTIN, Texas, April 23, 2013 /PRNewswire/ -- Technology firms are fast-moving organizations and are increasingly confronted by risks that are complex. Such risks can be difficult to anticipate and respond to, even for the most seasoned business leaders. Risks and uncertainties are the major problems facing technology firms today.
TechAssure Association led its first annual risk survey on the technology industry and its research focused on the top risk concerns, and differences, in twelve of the technology sectors. "A review of the top risks by sector was enlightening. We found that while many of the technology sectors had common risk characteristics, there are differences in risk concerns," says Julie Davis, executive director of TechAssure Association. "Our research revealed that certain risk factors were of concern across all of the major sectors in the technology industry. However, each of the twelve sectors we studied had differing risk concerns."
The risks of damage to reputation, brand, and image; network, privacy, and security risks; loss of intellectual property; potential changes in corporate governance, regulatory and legal environment; and fluctuations in economic conditions, were all found to be the top risks in all the sectors in the technology industry.
Other risks identified across the board in the technology industry were interruptions in business operations; increased global competition; risks of failure to access capital; inability to attract and retain key talents; and failure to innovate.
However, some risks were found to be unique to certain sectors of the industry. For instance, the hardware sector was found to have products recall and supply chain and vendor risks as well as risks associated with partnerships with vendors and other strategic alliances as top risk factors. Regulatory and legislative risks, supply chain risks and inability to manage risks associated with partners and strategic alliances were found to be top risks in biopharmaceuticals and life sciences sector. The risk of liability concerns over violent content was found to be unique in the entertainment and gaming sector.
The aim of this survey was to enable members, and their clients, to stay abreast on the top risk issues in the technology sector and recognize the differences by sector.
Please contact a TechAssure Association member for more information on the 2013 risk survey. You can locate a member on our website at http://www.techassure.com
About TechAssure Association, Inc.
Founded in 2001, TechAssure has 22 worldwide insurance broker members in seven countries, serving over 4,000 industry clients with annual industry insurance premiums of $1 billion.
The members of TechAssure help a wide range of technology clients develop effective risk management and workforce productivity solutions, so they feel more confident about managing their future. TechAssure members are affiliated with 48 technology associations throughout the world.
TechAssure Association leads TechAssure University, TechAssure Innovation Labs and managing partner for VentureInsure.
Through TechAssure University, the association also provides technical and industry training that allows members the opportunity to elevate their leadership and insurance brokerage skills, service, innovation and technical capabilities. The University program offers brokers certifications, for their members, in three distinct areas.
TechAssure Innovation Labs
TechAssure Innovation Labs has a mission of leading the innovation of new insurance and risk management solutions for the technology industry. Innovation Lab sessions are conducted throughout the year for members of the TechAssure Association and their strategic partners.
TechAssure Association is the managing partner of the VentureInsure program.
TechAssure members include:
The Addis Group, AH&T Insurance, AHM Financial Group, Audit & Risk Solutions, Avatar, Bolton & Co, Costello & Sons, Diversified Insurance Group, Giles Insurance Brokers LTD, Globalex, GPL Assurance, Gregory & Appel, IMA Corporation, JJ Wade & Associates, Keaney Insurance Brokers, Mason & Mason Insurance, Plexus Groupe, Prudent Brokers, RJ Ahmann & Co, Roach Howard Smith & Barton, Rollins Agency, Sanderson Risk Advisors. In addition, TechAssure has worldwide innovation partnerships with legal, venture capital and key players in the insurance industry.
For more information, contact: Julie K. Davis, executive director, TechAssure Association, Inc., 512-377-9594, ext 700, email, Web: http://www.techassure.com, Follow us on Twitter: http://www.twitter.com/techassure
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SOURCE TechAssure Association, Inc.