Howard A. Miller
In speaking with a number of companies regarding the potential risks of a data breach or unauthorized access, a common response is that we are not on the scale of company such as Target. We do not have the volume of information that would make us a target for attack and therefore do not need to be as concerned with the exposure of a breach of protected or confidential data.
Howard A. Miller, L/B/W Insurance & Financial Services, Inc.
Being adaptable is the key to survival. Your ability to review and adapt to changing and emerging threats is critical to your long term success. The world changes and so does your business. This is why you need to review your risk management and insurance program every year. Has your business grown or contracted over the past year? Here are a few things to consider:
Howard A. Miller
In an effort to protect customers and end users, leadership in the electronic component industry has evolved from putting parts into the supply chain to determining if those components belong in the supply chain or whether they meet correct specifications. From an insurance and legal perspective this has expanded liability exposure for both distributors and manufacturers. As organizations evolve and grow, it is important to note that the risk management process is cyclical in nature. The first and most important step in the risk management process is identification. Taking the time to consider how your organizations operations have changed and where you’re headed needs to be reviewed at certain intervals. Failure to identify emerging exposures can lead to surprise lawsuits, finding out you are not covered by your insurance program and ultimately a financial loss that can destroy your organization.
The accidental circulation of counterfeit goods is a very real issue facing distributors today and one that can potentially produce significant legal and economic consequences. It is vital for distributors to understand the risk of accidentally distributing counterfeit goods, how to minimize that risk and what will happen if those risks are not addressed.