“Social Business” Companies need to assess the risks

The world of business is constantly changing and evolving. One of the most obvious changes has been the impact of the internet which has revolutionised how we do business and how we interact with our client base and prospects.

If we go back just 13 years to the Millennium hardly any businesses had a website and those that did have sites were vastly different to what we are used to today. When I think about my own business, we are now on the 4th version of our site.

So where is this all going and what is the next major change? According to IBM by 2016 50% of businesses will be involved with “Social Business”.  The same social network technologies that we are already use to will help us to get closer to our clients and to our employees, share collective intelligence, learning and innovation.

“Big data” is a buzz word that will become more common in the future. Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone.  Mining this information will become increasingly more important.

There are risks as well as rewards. The human element is key to social business however it also opens up the risk of damage to brand and reputation if things go wrong.  Where data is involved there is always a risk surrounding confidential information and possible breaches of privacy.

Insurance policies have been evolving to meet the changes and there are a number of insurers focusing on internet liability. These policies including brand protection insurance and privacy breach insurance.

For more information on cyber and internet liability contact Tony Gibbs on 0118 9165 485 or complete an enquiry form.

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Author: Tony Gibbs | April 12th, 2013

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Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk