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 per cent, market visibility was a top concern for 20 per cent of respondents, while 16 per cent were concerned about capital availability. About 60 per cent of these firms reacted to the rapid market changes by downsizing, outsourcing, divesting and unbundling products. The remaining 40 per cent are investing in new products and services, making acquisitions or taking other measures.
Although only 4 per cent 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 per cent of companies have attempted to quantify this risk, while 60 per cent haven't done so and the rest were unsure.
Of those who have considered the economic impact of cyber-terrorism on their companies, 15 per cent 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: http://www.stpaul.com/www-technology/doesitmatter/