Shaun Cooper Quotes (4 Quotes)

There is no 'silver bullet' to prevent losses from downtime, security breaches or mis-use of IT by staff. Technology cannot guarantee network security. Despite a continual investment in security and protection services, this survey shows businesses are still experiencing significant financial losses.

The success and even survival of many businesses today rests squarely on the security and reliability of their technology systems.

Although many firms in the survey saw increased investment in business continuity and disaster recovery planning as key areas over the next three years, the research also reveals the lack of awareness of alternatives such as risk transfer opportunities, as a means of reducing the impact of technology failure or criminal acts.

ACE's own experience as underwriters of specialist network risk insurance shows that businesses believe their traditional property and liability programmes will cover losses. But generally they do not cover damage to intangible assets, which leaves companies vulnerable. Business must recognise that transferring the risks to vehicles such as specialist technology insurance products will reduce their exposure to significant financial losses.