31/05/2022 · 12 min read
Technology products and services can face outages from a variety of sources – cyberattacks, coding errors, infrastructure breakdown, vendor problems, and even natural disasters. When your company helps power the global economy, any downtime can be a catastrophic, or even existential risk, for both you and your customers.
If technology companies want to be better prepared for catastrophic technology risk, they have understand how individual risks aggregate to create catastrophic risks. Individual risks can be traced, tracked, measured, and managed – and that can help plan for catastrophic risks and alleviate their impact.
Recent court rulings have increased scrutiny of boards’ duty of oversight. Essentially, if a lack of oversight of “mission critical” risks leads to a loss or failure, boards can be held responsible. For many tech companies, these means that D&O risk does not exist in a vacuum. These risks could trigger action against the board:
To learn more about measuring your risk profile before such events become catastrophic, watch our session below from May’s 2022 Silicon Valley Technology Risk Forum.
Resiliency Quantified: Impacts of Tech Failures – 2022 Tech Risk Forum Replay
Our emerging risk group discusses how tech companies can identify and quantify a range of event scenarios we have yet to experience, but can imagine happening.
Senior Vice President, Legal & Claims Practice, Marsh
Senior Vice President, Emerging Risks, Marsh