• Legal Escrow & Arbitration Services Ltd.

    Escrow news

Could your business survive a technology crisis?

Posted on by admin

shutterstock_92065769

If there is one thing that every 2017 SME will have in common, it is a huge dependency on technology. Business critical software is at the core of day to day operations in thousands of enterprises from every sector, from managing client data to accessing software applications. Entrepreneurs understand that time is money, and as computer technology can work harder, faster and longer than any individual, investing in an ICT and specialist software is essential. However, as we become more dependent on technology we need to consider the implications of what will happen to our business if our technology fails.

When things go wrong

Ask yourself the question; what if the unthinkable happened and your technology failed today? What if you were to lose access to your Software as a Service (SaaS) or watch client data be wiped from your hard drive? How long could your business actually survive without access to emails, data and software? A matter of weeks or a matter of minutes? The cold hard fact is that if our business technology fails then our businesses will likely fail also, unless we step in and do something about it fast.

Why things go wrong

Like most things in life, business technology is not invincible, and even the most robust ICT systems can and do fail. There are many reasons for this, it could be due to hackers or human error, or it could be due to a software provider failing to complete vital updates, or going into administration. Bespoke business software is often cloud-based or accessed via a software provider who holds the source code, so should this access fail or the service be withdrawn, end users are left with redundant software or a complete loss of all client data.

What can we do about it?

Preparation is the key to overcoming a business technology crisis, and contingency plans should be included in your business plan for when things go wrong alongside strategies to help you succeed. In the event of business technology failure, you will rely on these contingency plans to regain access to, and use of your business software and data as soon as possible. Regular backups should be completed and tested, but savvy entrepreneurs will go one step further and protect their business software before a crisis hits, and this is where Software Escrow comes in.

Why Software Escrow is the solution

Software Escrow is the perfect solution to protect your business technology as it enables you to gain access to your source code quickly in the event of a crisis. At LE&AS we offer a specific SaaS escrow agreement, AccessAssure, which features built in trigger points to highlight any potential issues with the provider in advance. We work hard to help you maintain your business continuity, so let LE&AS manage your escrow and give you total peace of mind.

Share it now!