Technology companies are behind the wheel and driving us into the future. In doing so, they are facing many unprecedented challenges, constantly under pressure to innovate while keeping up with issues that may threaten their bottom line. These challenges include the possibility of errors and omissions, business interruption, and, perhaps most importantly, the looming threat of cyber crimes.
These are all serious concerns that threaten the fabric of our society as we develop driver-less cars, augmented reality, and wireless technology, all being made available now and in the near future. If technology is your passion, and your company is vulnerable to the risks associated with your business, then speak to an Insurance Agent near Boston about what you can do to better protect your assets.
Risks and concerns for your industry
The technology industry is fraught with concerns. Chief among them are compliance with federal, state, and local regulations, international political and economic uncertainties, cyber security and intellectual property infringement, along with attracting and retaining top talent, product liability suits, and the constant need for research and development investments.
As technology and business models evolve, so do the laws that govern them, and regulatory agencies, prudently so, are stepping up their oversight on new technologies. As a result, every company must make it their priority to comply with all the new laws, since noncompliance can wreak havoc on their profits and their reputation.
Cyber risk continues to be at the forefront of discussions, and it’s currently on the minds of most companies in industries across the globe. Recent high-profile data breaches have been happening at an alarming rate, and the technology sector is without a doubt increasingly apprehensive about the risks they may be facing. That, along with corporate copyright, intellectual property infringement, and trademark violations, means they have several issues with which to contend.
Tech companies are continually ramping up their efforts to develop new ways of sharing data and communicating internally, creating more secure products and services, and inventing technologies that help protect customers from attacks, among the many other strategies at hand.
Doing business without robust insurance protection is no longer an option, so contact an Insurance Agent near Boston to discuss your concerns and get the proper protection in place.