Helping Clients Strengthen Their Risk Management
Effective risk management should start right from the beginning. Lowther highlighted that tech companies face several key risks, including financial losses from product or service issues, cybersecurity threats, privacy concerns, business disruptions, costs for repairing systems and data, and potential regulatory penalties. He also emphasized the significance of management risks, pointing out the need for coverage for directors and officers. To tackle these challenges, Lowther suggested that strong cyber risk management is essential. Regular software updates, strict access controls, and employee training can all help lessen these risks. Additionally, he mentioned that building resilience in product development—by thoroughly testing and ensuring compliance with regulations—can significantly reduce future risks.
