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  • Internet of Things

The Internet of Things brings risk and opportunity to businesses

Internet of Things (IoT)

Inside the Opportunities & Risks of IoT

For businesses, the Internet of Things (IoT) can increase productivity, efficiency and reliability, but also introduce cyber and other risks associated with gathering, storing and sharing data. From medical device manufacturers to municipalities, the organizations that understand the risks and how to protect against them will be best positioned to take advantage of what the technology can make possible.

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>> SPEAKER: As the Internet of Things continues to expand, so do the opportunities for your organization.

From collecting and analyzing data, to monitoring equipment and improving processes, adding IoT capabilities could give your business a competitive advantage.

But IoT risks are evolving as fast as the technology that supports them.

That’s why it’s important to have the right insurance – so you’re covered if something unforeseen happens. Here are four common IoT risks to businesses – and what you can do to help manage them.

One: Unsecured devices. The risk? If a hacker breaches a sensor, it could be their gateway to disrupting your entire manufacturing process. If you’re unable to deliver products on time, Business Interruption coverage can help cover your lost income.

Two: Vulnerable communications. The risk? If the communication networks that allow devices to communicate to each other, to the cloud, or to someone’s mobile device, are not properly encrypted or lack firewalls, intruders might gain access to your customer data. A privacy breach can mean costly  public relations activities and required notifications to inform customers about the exposed data. Cyber insurance can help cover those expenses, as well as fees for legal counsel and digital forensics expertise.

Three: Corrupted data. The risk? Many IoT devices depend heavily on data stored locally or in cloud servers. If that data is lost or damaged, causing the delivery of an unsatisfactory technology product or service to your customers, it could lead to a lawsuit. Errors and Omissions coverage can help you defend yourself.

Four: Faulty analytics. The risk? With the increase in use of IoT devices to improve manufacturing processes, a faulty computer program intended to manage predictive maintenance on equipment, might lead to equipment failure, taking your business offline until it can be replaced. Equipment breakdown insurance can help you cover the costs. 

The Internet of Things continues to open the door to new possibilities. 

Travelers has deep experience in the risks of IoT and can help you understand the unique threats to your business … and ways to manage them.

Learn more at Travelers.com

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Manufacturing

person using Internet of Things to manage equipment

4 Risks of IoT in Manufacturing

Here are four key risks to consider when introducing IoT into manufacturing processes, procedures and finished products.

manufacturing equipment using internet of things

Connected Manufacturing: The Tech Behind IoT

The technology driving this revolution has been called the Industrial Internet of Things (IIoT). Here are four elements manufacturers need to consider.

manufacturing employee using IoT to train

Employee Training in the Age of IoT

The Internet of Things (IoT) is transforming virtually every aspect of manufacturing. Are your employee training and safety programs keeping pace with manufacturing industry changes?

graphics from Industrial Internet of Things motion graphic

Innovation and Opportunity in the Industrial Internet of Things [Video]

Today's digital technologies make it possible for manufacturers to stay competitive with streamlined processes that enable efficiency and precision.

employee using manufacturing smart technology

Six Ways IoT Can Create Competitive Advantage and Risk

Smart tech is changing virtually every aspect of manufacturing. Here is a look at six areas where it provides opportunities, and potential risks.

Manufacturing IoT infographic

The Potential of Connected Manufacturing [Infographic]

Here’s a look at six areas where the technology provides potential opportunities and risks.

Manufacturing equipment using IoT

Understanding Connected Manufacturing [Video]

New technologies can bring both great opportunities and inherent risks. Here’s a look at four elements of the Industrial Internet of Things.

Technology

person using technology to help perform work

Human-Machine Collaboration

Human-machine collaboration can help keep employees safer, more productive and more engaged in the task at hand. Learn more about this technology.

person using drone over building

Geospatial Intelligence Informs Safer, Smarter Business Decisions

Here’s a look at what’s driving the growth of geospatial technology, how it’s being used, and some key considerations for implementing it in your business.

Medical IoT infographic

Medical and Healthcare IoT [Infographic]

The Internet of Things (IoT) is rapidly changing medical and healthcare technology. Here's a look at some opportunities and risks.

Monitoring cars on the highway

Smart Fleet Management

Telematics can provide realtime insights for smart vehicle management. Here are some ways that companies are using the technology.

Doctor looking at X-rays using medical IoT technology

The Risks of IoT in Medicine and Healthcare [White paper]

From the smallest sensors to entire operating room systems, the Internet of Things (IoT) is helping to save lives and changing the practice of medicine.

Transportation IoT Opportunities and Risks Infographic

Transportation IoT: Opportunities and Risks [Infographic]

The Internet of Things (IoT) has transformed all modes of transportation. For tech companies, this brings both new opportunities and new risks.

Transportation IoT GPS view

Understanding the Risks of IoT Technology in Transportation Manufacturing

Connected technology has been transforming the transportation industry at a brisk speed. Here are some risks and ways to help minimize them.

Public Sector

person using smart technology to lock bike on street

5 Ways Public Entities Apply Smart Tech to Enhance Transportation

The technologies being deployed to improve transportation systems present public entities with new risks.

person using smart technology for public safety

5 Ways Cities, Municipalities and Other Public Entities Use Smart Tech for Public Safety

Smart street lights & predictive policing are two ways smart technology is used for public safety. Explore smart tech for public safety.

interconnected smart city infrastructure

How Smart Cities Prepare for Technology Infrastructure Risks

Considering implementing smart city technology? Know the risks and how to help protect your public entity.

Real Estate

woman monitoring commercial property on wall monitors

Using Smart Technology to Manage Commercial Property from a Distance

Smart technology is a powerful tool because it can reduce time, effort and costs associated with property oversight.

More Topics

Connected Protection: The Travelers IoT Vendor Program

Travelers Connected Protection program helps our customers reduce risk by introducing them to a range of IoT solutions and connecting them with vetted IoT vendors.

Learn More
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