Technology companies’ success depends on their ability to capitalize on the opportunities presented by innovation, while mastering related business risks. Sanyog's specialists can help you identify and manage your own risks using industry-leading risk assessment tools, data, analytics, and technology.
Risk management is a critical tool in the technology industry, because the
stakes are so high. During the COVID-19 pandemic, it became clear how much our world runs
on technology. When many people could not leave their homes, technology allowed the globe
to keep spinning in some capacity, thanks to work-from-home and digital commerce
capabilities as well as platforms for social connection.
Success in the technology industry hinges on an ability to size opportunities afforded by innovation in a rapidly changing marketplace, while managing associated risks. Data breaches, equipment and software failures, and other cyber risks remain ever-present, despite concerted efforts to reduce the impact of these and other business disruptions.
sanyog’s global Technology Practice can help your company assess its risks, prioritize what’s most critical to you, and work together to help manage and mitigate your exposures.
First is cyber liability insurance, which can help pay for recovery efforts following a data breach and associated legal fees. Next is errors and omissions (E&O) insurance, which can be useful in situations involving claims regarding performance of your company’s product.
Finally, another possible consideration is fidelity insurance, which is tailored to industries that rely heavily on intellectual property. Fidelity insurance offers protection for your company, as well as clients, in the event that an employee discloses proprietary information.
Depending on specific terms and conditions, intellectual property insurance can provide protection from:
- Defense costs and damages resulting from IP infringement or misappropriation claims brought by third parties.
- Defense costs and damages resulting from contractual obligations to indemnify vendors, partners, upstream manufacturers, or downstream customers in the event of third-party infringement claims.
- The costs of defending against third-party attempts to cancel or invalidate registered IP, patent, trademark, or copyright registrations.