December is the time to finalize your technology plans and goals for the coming year.  Here are some tips to making next year the most efficient, effective year yet for your business technology.

Take Advantage of Year-End Discounts & Incentives
Manufacturers want to close their fiscal/calendar year on a high note, so hardware discounts and incentives are often available.  If possible, consider making larger technology purchases capital expenses in your budget; this type of purchase may count as a deduction on your taxes, as long as the purchases are invoiced, or you’ve partially paid for the purchase, prior to the start of the new year.*

Consider Industry Changes & Company Goals
Review current technology trends and upcoming industry-specific regulation changes, if applicable.  Discuss with your in-house and/or managed services provider if the new tech would mesh with your company’s needs and goals and if it complies with industry requirements.   

“The technology discussions that we have with businesses really set the tone for the new year,” says Emil Pilacik, Jr., president + CEO of EMCO Technology, Inc., in Levittown, Pennsylvania. “Our customers ask great questions, and the conversations are very important and insightful as we create their technology plan for the new year.” 

Your Tech is On Track
Developing a proactive plan for the next 12 months gives you an opportunity to enjoy the holidays with a sense of calm.  You’ll be confident about what is currently running in your server rooms or in the Cloud, and you’ll be prepared with strategic, technology-related next steps for the new year.

 Ensure your technology will support your efforts for the upcoming year.  Consider a quick discussion – either in person or over the phone – with EMCO Technology.  It’s not too late to enjoy the holidays, secure in the knowledge that experts are monitoring your tech during this busy season, and ready to support your continued business success next year.

*Not intended to be tax advice. Consult your tax professional for details.

What is Cyber Liability Insurance?

According to The Hartford insurance company, “[c]yber liability insurance and data breach insurance…helps cover costs like notification, identity protection solutions, public relations, legal, liability and more depending on the coverage you choose.”  Should your data be exposed, lost, or corrupted, the costs associated with managing the situation are contained using the policy’s settlement funds.  It also helps to offset the costs of business lost as a result of the breach.

A Tangled Insurance Web

In concept, Cyber Liability insurance is a valuable contribution to the well-being of your business.  However, the application and claims process can be tricky for those not familiar with it. If the application isn’t completed properly, you may find it difficult to file a claim and receive a settlement.

When you apply for Cyber Liability insurance, the insurer requires that applicants fill out an intensive assessment questionnaire, focused on your company’s technology, as well as its processes and procedures.  Providing the information requested, correctly and honestly, is crucial.  “A strategic approach is necessary when completing this evaluation so that businesses can secure their settlements if the need should arise,” says EMCO Technology President + CEO Emil Pilacik, Jr.   If companies don’t provide proper answers, they find they’ve been paying premiums for, essentially, no coverage.  “If something within their technology strategy, processes, or procedures doesn’t fit the insurance company’s criteria, their claim is denied,” explains Emil.

Ask An Expert

Emil recommends that Cyber Liability applicants consult an expert to guide them through this assessment process.  “Their expertise can provide insights and recommendations for the business, so they can make needed adjustments.  It improves their chances of receiving the coverage they need.”

EMCO Technology provides C-level technology consulting and advising services to companies of all sizes.  If you are considering a Cyber Liability insurance policy for your business, contact Emil Pilacik, Jr., at EMCO Technology to learn more about how EMCO can assist you during the application and/or claims process.

Reference in this blog post to any specific commercial product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public and does not constitute endorsement, recommendation, or favoring by EMCO Technology, Inc.