Pace of Change in IT needs Pace of Change in Protection

By Anita Jaynes on January 12, 2014

Lockton Companies are helping to support SME’s in the  IT sector as a trend emerges in business growth.

Many of these growing firms are  at the forefront of technological innovation including App Developers, Software Engineers, SharePoint Architects, Programmers and experts in Virtualisation and Cloud Computing.  However, whilst they are experts in their fields they are often unaware of the liabilities they can be exposed to if not advised appropriately.

Lockton are dedicated to protecting these innovators and entrepreneurs by offering them access to good services and advice.

In 2013 Lockton launched a specialist IT Policy that is designed for the risks presented by consultants and contractors and also established IT service firms.  Their policy; underwritten by Hiscox benefits from a number of exclusive extensions, market leading policy wording and a discounted premium facility with Interest free instalments and a hassle free renewal process so that clients can focus on running their businesses with little interruption and an increased peace of mind.

One of the main areas of concern for any IT business is data protection. Electronic data is one of the most valuable assets a company owns. Despite the importance of this data, many companies still report that they permanently lose data. A global survey of 4,506 businesses determined that 67% of them had lost important information over the past twelve months.  Another 2013 survey noted that 43% of respondents had lost data in the cloud and had to recover from backups – and the recovery process had failed at least once for most respondents.

Lockton help educate businesses on the cost impact of such business interruption, how to create a strategy to protect against loss prevention and offer insurance coverage that equips a business for recovery should such an event occur. Their advised steps to protect your business are:

Steps to Mitigate Permanent Data Loss

1. Document what and where data is stored

2. Determine Cost Impact of losing data

3. Note the Risk of Loss by accidental deletion, hardware failures etc

4. Implement Loss Prevention measures such as redundancy and access

5. Purchase Insurance to protect the company from financial hardship.

For more advice on managing your data loss risks, or to find out more about insurance solutions, contact Lockton Companies LLP T: 0117 906 5008 E:  insure@uk.lockton.com