Tech execs’ top concerns

Technology executives’ top concern in 2003 was reduced spending on IT, according to the results of a survey from The St. Paul Group. The leading high-tech insurer asked about 250 policyholders about their greatest business issues and concerns.

Not surprisingly, respondents’ greatest worries were related to the lousy market. After lack of customer spending, which was identified by 30%, market visibility was a top concern for 20% of respondents, while 16% were concerned about capital availability. About 60% of these firms reacted to the rapid market changes by downsizing, outsourcing, divesting and unbundling products. The remaining 40% are investing in new products and services, making acquisitions or taking other measures.

Although only 4% identified cyber-terrorism as the greatest business concern for 2003, more have considered the impact this would have on the business. According to The St. Paul survey results, about 20% of companies have attempted to quantify this risk, while 60% haven’t done so and the rest were unsure.

Of those who have considered the economic impact of cyber-terrorism on their companies, 15% said that an incident could possibly cause the company to lose more than $1 million.

Just under half of the executives who responded to the survey said their companies have developed plans to deal with a cyber-terrorist attack. These include disaster recovery plans, alternate business channels, outsourced services or applications, public relations crisis communication plans, and trading partner or customer communication plans.

For more information, go to https://www.stpaul.com/www-technology/doesitmatter/

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