How Technology Companies Are Constantly Changing

Technology companies are constantly changing methods and tactics to get ahead in the world, and succeed over the long-term. Through decades of experience providing cutting-edge cyber insurance protection for our technology company clients, we have witnessed massive changes to the tech sector business model. Although technology companies invent and distribute product and service advancements, they must also adapt them to stay competitive.

While technology and IT professionals know the problems, hurdles, and software training challenges businesses face. Subsequently, they realize other issues arise as old ones disappear when new tech enhancements and solutions come online. The most significant challenges that technology teams combat is managing the growth of the corporate digital footprint. Likewise, there are challenges in boosting security and training for and supporting new devices and platforms.

In ways we couldn’t imagine five years ago, technology has changed lives and businesses. In 2022, these products, services, and developments are driving evolutions in consumers and businesses, including technology companies.

• Artificial Intelligence (AI)
• Cybersecurity
• Augmented Reality (AR)
• Virtual Reality (VR)
• Machine Learning (ML
• Cloud Computing
• Big Data
• Internet of Things (IoT)
• 5G Technology

The Most Significant Challenges Technology Companies Face in 2022.

The above list serves a full plate of activities for IT professionals and tech companies, but there is more. Additionally, the following issues are among the most crucial for technology companies and the business community to address now.

Information Security

Information security is a top priority for any business that must protect sensitive data. Consequently, the types include intellectual property (IP) data, financial documents, and customer information. Security of these items is vital for keeping the company healthy and competitive. Information security has become increasingly complex as more people work remotely from home or use mobile devices to access corporate networks. This development means that employees must protect themselves against cyberattacks, malware, and viruses. In addition, they must ensure that the network is secure so that unauthorized users don’t access confidential information.

Security Threats.

There are two main categories of security threats:

1. External threats come from outside sources, such as hackers who attempt to gain access to your network. Hackers are known to target organizations with phishing emails and social engineering techniques. Subsequently, they try to steal valuable data, take control of the network, or both. SQL injection attacks are the most common method of attack.
2. Internal threats come from within the organization itself. These could be malicious code introduced by disgruntled employees or even insider threats.

Digital Transformation

The integration of technology into businesses and daily life is pervasive. Likewise, while the conveniences are evident and desirable, the proliferation of technology can overwhelm companies with lax standards. Technology companies should fight complacency that encourages haphazard rules and training in adopting the organization’s applications. Companies that don’t care, know or pay attention to digital transformation create confusing and inconsistent user experiences for customers and employees.

Compliance

Compliance requirements can vary depending on several different factors, including

• Company size
• Industry vertical
• Specific business model
• Area of operation
• Customers.

Businesses servicing customers from the European Union (EU) must comply with the EU’s GDPR, those processing credit card payments must adhere to PCI DSS, and healthcare businesses must abide by HIPAA regulations. Likewise, compliance requires organizations to understand what information must be collected, stored, shared, and protected and what actions must be taken when certain conditions occur.

A related topic is understanding your industry’s regulations and compliance standards. For example, having an attorney and an IT professional with experience in your industry can help you avoid potential fines and penalties that could negatively impact your business.

Supporting Remote Workers

Many companies were moving toward a remote workforce before the COVID-19 pandemic. However, the coronavirus outbreak significantly accelerated these changes. Nowadays, most companies have “work from home” policies, and that won’t likely change anytime soon. According to Gallup data, about two-thirds (66%) of U.S. employees who work remotely want to keep working remotely.

Ensuring that cloud-based solutions and apps that enable collaboration between employees integrate into remote workers’ workflow will be crucial for ensuring consistency in remote work engagement. Furthermore, companies will need to look for ways to optimize their IT support for remote employees to help solve common computing problems and other issues.

Cyber Insurance

Today, cyber insurance coverage is more critical than ever and harder to secure at any cost. It can require multiple policies and carriers to adequately protect businesses with appropriate cyber insurance coverages. For example, at Dickstein Associates Agency, we use our independent agent status, industry experience, and insurance market contacts to tailor a unique plan. Of course, the plan includes complete cyber insurance protection, for your specific insurance protection needs.

About Dickstein Associates Agency

Dickstein Associates Agency has distinguished itself as a leading provider of personal and business insurance in the tri-state area since 1965. We pride ourselves on being advocates for our clients and providing them with quality and affordable coverages. As Trusted Choice™ independent insurance agency, we partner with various national and regional carriers, allowing for flexible coverage for each client’s unique circumstances. For more information on how you can leverage all your insurance to work best for you, and how we can secure the best insurance in the marketplace suited to your specific needs and business objectives, contact us today at (866) 236-8793 or www.dicksteininsurance.com.