Small Business Owners Concerned with Risks Associated with IT Security

Small Business Owners Concerned with Risks Associated with IT Security

With major innovations in technology for business owners to use, investing in tech insurance is nearly essential. A new report from Hiscox found that IT risks have become a main concern for many small business owners, especially in Texas, while the issue could reach other states nationwide who require information security.

According to the survey, 77 percent of IT professionals reported that their clientele has reported being more worried about risks associated with IT than seen the same time last year. This could be because more small businesses rely on technology, though safety should remain up to par with increased use of the internet, electronics and technology for business success.

Another stat from the report revealed that half of those professionals surveyed said they would focus on extra security for their clients in the new year to ease their minds of these concerns. Additional information revealed that just 19 percent of IT professionals in the Lone Star State have been asked to cover tech insurance to offset potential risks associated with the work they do.

“As technology continues to evolve, the IT industry is seeing tremendous growth and new risks, leading to increased apprehension of small business owners,” said Kevin Kerridge, director of Hiscox.

Business owners are urged to invest in an adequate tech insurance policy, but depending on the industry, some companies may require additional coverage or larger limits. Additionally, it is crucial to determine the safest way of storing client and company information, as there are many options. Online resources can provide off-site access, while they often come at reasonable cost for owners.