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The last two decades have been dominated by technology; we have become completely immersed and dependent on it. One of the largest effects technology has had on society has been a change in communication. We no longer communicate face-to-face; it’s all carried out via texting, talking on the phone, through social media applications or direct messaging. Because communication can be performed this way, it is no longer necessary to schedule an appointment with someone in person because it can just as easily be carried out through a phone call or an email which certainly adds a factor of convenience.

This digital age has transformed society from a standpoint of accessibility; everything is easier and oftentimes faster. Daily responsibilities and tasks such as payments, transportation, dating and even communication in general can be performed digitally. Wouldn’t you rather complete a task in 30 minutes than in two hours? Why spend more time on something when it can be completed in less amount of time? We, as consumers, enjoy convenience, and the primary goal of technology is to make life easier, and that it does… hence the phrase of having everything at the “tips of your fingers.”

Not surprisingly, because of this convenience factor, young adults make up the highest number of digital users. UNICEF’S State of the World’s Children 2017: Children in a Digital World report* revealed that one in three internet users is younger than 18 years and 71% of 15–24-year-olds are online. Further, according to Chubb Insured**, 53 million young professionals, born between the years of 1981 and 1992, manage more and more of their business digitally. Based on recent reports from Statista, 77% of the US population has a social media account / profile.*** Over ¾’s of our country’s population is online!

Although these new ways of conducting business have proven to be more efficient and therefore convenient, they are also associated with dangerous risks, such as financial loss, a damaged reputation and legal problems. The reliance that young professionals place in technology is very risky. However, certain types of insurance can assuage these negative effects of living and working in a primarily digital age. By purchasing cyber liability insurance, you can protect your yourself and your company’s valuable information. This is the only type of insurance created specifically for the event of electronic data theft. If you don’t properly monitor your digital channels, you can even become the victim of identity theft, incur travel/transportation-related risks as well as failing to attain renters’ and other non-compulsory insurance.

Even though this age group forms the largest demographic of users, their knowledge on the power of technology is insufficient, which would explain the increasing number of hazardous occurrences among this group. In order to avoid such dangers, young professionals must educate themselves on the many risks that exist in today’s digital world. It’s imperative that they can identify these risks and know how to avoid them. These young professionals need to seek out the advice of an expert to teach them about the insurance solutions. Experienced professionals in this industry can help instruct them on these dangers of an ever-growing digital society and how to decrease these potential risks.

It is absolutely crucial that this generation stay informed on the liabilities and effects of using technology in the workplace. Just because something is easy or convenient does not mean that it is the safest course of action. We at Penny Insurance can help you. Give us a call today to connect with a Penny Insurance agent to discuss your coverage options.

* https://www.thelancet.com/journals/lanchi/article/PIIS2352-4642(18)30002-6/fulltext

** file:///Users/baileyverrault/Downloads/the-sharing-economy–digital-risks-for-young-professionals.pdf

*** https://www.statista.com/statistics/273476/percentage-of-us-population-with-a-social-network-profile/