Helping clients build risk resilience
Risk management must be embedded from day one. Lowther noted key exposures for tech firms include “financial loss from product or services liability, cyber and privacy liability, business interruption, system and data rectification costs, and risks from regulatory investigations and fines.” He added, “management risks are another important consideration for tech companies,” highlighting the importance of directors and officers liability cover. To mitigate these risks, Lowther stressed: “Strong cyber risk management is the first step.” He also noted that regular software updates, tight access controls, and staff training will reduce risks. He pointed out that building resilience in product development processes, “through thorough testing and regulatory compliance, can minimise risks down the line.”
