The business world has experienced a plethora of unusual and unexpected events throughout history. Yet we are conditioned to believe “the chances of that happening to me are one in a million; that can’t happen to me!”
It is true that a probability of an “occurrence” or “accidental loss” is often compared to winning the lottery, therefore business managers believe the chances of an unexpected financial loss to their business is possible at best but not alarming enough to cause any great concern. But as we have learned from history, the more prevalent an exposure becomes the more probable a related loss also becomes (i.e.: global climate change and increased weather- related losses).
Therefore, it is equally as important to shed a light on the rise of emerging technology. As new technology becomes more prevalent the more probable related losses can become, at various degrees within its various sectors.
A strong risk management/insurance program requires a clear understanding of:
1) the unexpected losses that have disrupted other related business,
2) the frequency in which those losses have occurred,
3) and the severity of impact those losses have had on those businesses
Recent events have now intensified this light on the technology sector by:
• exposing vulnerabilities that were not previously considered as such,
• increasing demand for specific services
• forcing unplanned changes in business objectives,
• rapid factory retooling
This session will explore how companies can guard against the growing risk exposures in today’s world and through various insurance claims examples, gain a more acute awareness of the type of unexpected losses that could severely disrupt or topple business goals.
