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Evolving technology creates new risks that technology businesses might not see. Our Risk Advisor Series on emerging risk for technology businesses helps our technology clients stay ahead of these risks by offering informational materials that explore emerging risks and legal trends, including Risk Advisor briefings and educational videos and papers.
Global Technology's Risk Advisor Series strives to help business leaders become aware of emerging risks and get ahead of them whenever possible. Current economic realities may put pressure on companies to take on greater risk, both at home and abroad. While this trend is real, there is no reason for businesses to bear risks that can be managed, transferred or avoided. One step in the right direction is to talk about emerging risks as they become apparent.
Many companies see greater risk on the horizon compared to risks faced in the past and seek effective processes for identifying and managing emerging risk. One easy step to take is to download and share our bimonthly Risk Advisor briefings. Travelers keeps an eye on industry and marketplace trends to spot emerging risks. We hope to spark meaningful conversations within the risk management community.
In an age when a negative post can go viral and reach millions of people in ever faster time, reputation management is moving to the forefront of corporate concerns. Yet the issue of protecting one's image pre-dates the technology era by centuries. Consider the advice of Socrates more than 2,400 years ago: "Regard your good name as the richest jewel you can possibly be possessed of…."
A troubling increase in counterfeit components means many industries are at risk for delivering imperfect products or faulty services. Whether it's a medical device firm counting on sophisticated components to safeguard a patient's health, a manufacturer delivering finished products to eager customers, or a transit system ordering an automated safety system, no business can afford the damage and liability that can be caused by undetected counterfeit parts. Unfortunately, distinguishing real parts from fake ones is not always easy.
Farming out the technology processes that are so vital to business today is becoming increasingly popular. Cloud computing, the stuff of futuristic dreams when it was first written about in the 1960s, is now in use by more than one out of four businesses, according to one 2011 survey. However, this cloud computing future may come with a significant downside. Once a company places data in the hands of others, risks mount. Cloud computing risks range from lack of access and data corruption to security breaches and legal liability.
More U.S. companies than ever before are reaching overseas to find raw materials and components that they can import and incorporate into their products. While beneficial, this also opens the door to potential risks and liabilities. "Importing Quality Using Best Practices to Control Overseas Supply Chains" is useful to companies as they manage risks from importing.
Everyone in business has heard of intellectual property. But many companies do not know exactly what intellectual property (IP) they own, or perhaps do not own, while others are uncertain how to protect and maximize these valuable assets.
The quantity of electronic waste that companies produce is staggering! Improper disposal can open the door to unexpected liability. "From E-Waste to E-Cycling" can help companies craft a game plan to manage e-waste and work toward e-cycling.
Social media use is widespread and growing within many businesses whether they know it or not. Engaging in social media can strengthen a company's marketing success, but it can also open the door to unexpected liability for businesses. "Social Media and Your Business Managing Liability in an Online World," is useful to companies as they craft their plan to manage social media usage business risks.
Virtually all companies engage in credit and debit card transactions or possess private consumer information. It is imperative for companies to have strong risk management programs for data security to help prevent identity fraud and theft. Companies need to be aware of the data protection requirements contained in The Fair and Accurate Credit Transactions Requirement Act (FACTA).
Odds are good most companies will have employees who travel abroad. Even with modern technology facilitating fast, easy communication between employees and the home office, travel itself and its inherent risks are old-fashioned. "Safety and Security Advice for International Travel" addresses topics you will want to share with employees before sending them abroad.
This material does not amend, or otherwise affect, the provisions or coverages of any insurance policy or bond issued by Travelers. It is not a representation that coverage does or does not exist for any particular claim or loss under any such policy or bond. Coverage depends on the facts and circumstances involved in the claim or loss, all applicable policy or bond provisions, and any applicable law. Availability of coverage referenced can depend on underwriting qualifications and state regulations.