The business environment in which technology firms operate in is becoming increasingly difficult. Risks and uncertainties are the major problems facing technology firms today. Therefore, adequate risk management will be a key success factor for firms operating in the technology sector. TechAssure Association conducted a survey between February and April 2013 on the major risk factors facing the various sectors in the technology industry. Our research revealed that certain risk factors were of concern across the major sectors in the technology industry.
Firms operating in internet-related business activities are exposed to risks of damage to reputation, brand, and image, security, network, and privacy risks, as well as risks of losing their intellectual property. Firms in this sector also face risks of changes in corporate Governance, regulatory, and Legislative environment, risks of failure to attract and retain key human resource, business interruptions, and potential failure to continue with innovations of new products and services. Our survey further revealed that changes in economic conditions, risk of access to capital, and increase in global competition were significant risk factors for operators in internet-related businesses.
To retrieve a full copy of the summary of the 2013 TechAssure Association Risk Survey, please contact a TechAssure member.