Menu
News

Insurance News

5 risks faced by an IT provider in the modern world

Thursday, January 05, 2017

5 risks faced by an IT provider in the modern world

Running your own business as a consultant is an inherently risky venture. The majority of threats come down to risks to your bottom line.

Data leaks

You may well be sick of hearing about data leaks as the news headlines continually featured many terrifying incidents last year. Unfortunately hackers or even disgruntled employees can be responsible for the data leaks even with a system in place. In 2015, Vodafone had the privacy of 1800 customers compromised. Customer names, mobile numbers and bank codes were taken. Despite the shocking stories, IT departments remain unprepared and not properly protected from a variety of these security threats.

Unhappy customers

Dealing with humans means that there can often be a difference in expectations leaving one party dissatisfied with the final outcome of a project. IT contractors risk dissatisfaction can exist on a wide ranging scale and unfortunately can blow into big problems.

Unhappy stakeholders

In the world of IT, it is not just the paying customer who you need to worry about as stakeholders often hold a lot of power too. The census fail in August 2016 will go down in the history books as a blunder not to be repeated. Big Blue was the IT contractor who was hired for the Census website. The site went down due to multiple denial of service (DDoS) attacks. This #censusfail led to an outcry of unhappy Australian’s and widespread backlash. IT consultants need to think about the customer and wider stakeholders too.

Scope creep

Projects can grow beyond the brief which causes huge headaches if additional hours and resources are required. The headache becomes traumatic if the extra costs cannot be serviced by the initial budget.

Rogue employees

You try to grow your consulting business and start hiring employees to balance the workload. The problem is… how do you know you are not employing the next Edward Snowden? Contractors who employ rogue employees or subcontractors are also facing a huge risk. Snowden, a former contractor for the US government leaked highly sensitive information from the National Security Agency (NSA) in 2013.

Request a Quote

Sorry, something about your business is not able to be covered directly online, it will need to personal attention to ensure cover it suitable for you Please fill in your details and we shall get back to you promptly.

This is required field. Please click here to change your industry.
This is required field. Please click here to change your profession.
This is required field.
This is required field.
Invalid email address.
This is required field.
Please click here to change your state.
This is required field Please click here to change your turnover.
Please click here to change.
Please click here to change.
Please click here to change.
Please click here to change.
Please click here to change.
Feedback

Your feedback is important to us, we are determined to deliver the best service possible to all customers – If we can improve our service, product or platform we welcome your feedback. Click here to complete a feedback form and we will respond to all feedback we receive in a timely manner with how we will address it to improve our offering to you.

Dispute

Clients who are not fully satisfied with our service should contact our Customer Relations/Complaints officer, Katy Hunt (phone 02 8274 8109 email katyh@gsaib.com.au. GSA Insurance Brokers trading as insuresME and Lloyd’s adhere to the General Insurance Code of Practice subject to certain specific qualifications. You can obtain a copy of the code at www.codeofpractice.com.au. Should you require further information please do not hesitate to contact us.

Our unique insurance market has an unrivalled concentration of specialist underwriting expertise and every day, more than 50 leading insurance companies, over 200 registered Lloyd’s brokers and a global network of over 4,000 local coverholders operate in and bring business to the Lloyd’s market.

The business written at Lloyd’s is brought to specialist syndicates, who price and underwrite risk, via brokers and coverholders. Much of the capital available at Lloyd’s is provided on a subscription basis – where Lloyd's underwriters join together as syndicates and where syndicates join together to underwrite risks and programmes. This kind of collaboration, combined with the choice, flexibility and financial certainty of the market, makes Lloyd’s the world’s leading insurance platform.

But in an unpredictable global climate, Lloyd’s underwriters must also rely on their experience and industry knowledge to cast light into the darkness ahead. Behind the Lloyd’s market is the Lloyd’s Corporation, not itself an insurer but an independent organisation and regulator that acts to protect and maintain the market's reputation and provides services and original research, reports and analysis to the industry’s knowledge base.

Under one globally trusted name, the Lloyd’s market and Lloyd’s Corporation work together to protect your interests, promote economic growth and underwrite human progress.

To learn more about Lloyd's visit www.lloyds.com