Is Your Business Prepared for Technology Obsolescence?

As we head into 2024, technology obsolescence has emerged as the biggest digital threat facing businesses today. But how often do you stop to think about whether your own technology is falling behind?

Technological obsolescence occurs when a product or service is no longer useful or efficient compared to newer alternatives. And it can happen for many reasons—new product releases, technological advancements, changing user needs, or even the end of product support. We've seen it before: floppy disks gave way to flash drives, and legacy software struggles to keep up with modern 64-bit processors.

Here’s the challenge: When was the last time you assessed your technology stack to ensure it’s still relevant?

A recent report Risk resilience report: Spotlight on cyber and technology 2024, which surveyed 3,500 business leaders and insurance buyers across the UK, US, Canada, Singapore, France, Spain and Germany, found that 27% of global business leaders identified technology obsolescence as the biggest digital threat to their organizations. But shockingly, 24% admit they’re unprepared to manage the relentless pace of technological change.

This isn’t just about adopting the newest tools; it’s about having a proactive risk mitigation strategy. That means performing horizon scanning, understanding emerging tech like AI, and identifying potential risks before they become critical.

Consider this: 68% of business leaders are worried AI will replace jobs in their organisations, but at the same time, hackers are using AI to create deepfake cyber-attacks. Are you prepared for this double-edged sword of innovation?

With cyber threats evolving alongside technology, the need for robust risk management is more pressing than ever. Insurance, combined with actionable insights, can play a crucial role in helping businesses navigate these risks.

So, I challenge you—is your business ready for what’s next, or are you already behind? Let’s make 2024 the year you outpace obsolescence.

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