Most small businesses these days have an arguably strong reliance on computers. Whether this is using certain software or protecting your online domain, there are always certain risks to look out for.
This isn’t something limited to small businesses but, without the larger support and resources of larger companies, it is something that needs a closer inspection.
Software Escrow, as well as data escrow, can both help protect you against certain risks. This protects businesses that are relying on support or products from another party. In this case, a small business should look to protect itself against software and domain registry.
With computers and the internet becoming more and more commonplace for business, this should be done sooner rather than later.
Regardless of your business, this is likely some form of software you rely on. Without it, productivity becomes very difficult, if not rendered to a complete stop. The main problem is not being able to access the source code; you only own licenses to the product. Software escrow works like traditional escrow, only holding the relative source codes. When something goes wrong, the neutral escrow agency can then distribute the source code to the relevant parties.
On its own, the use of escrow represents trust. It shows the provider is willing to part with the code and, thus, committed to providing a working product and upholding the end user agreement.
Likewise, most businesses have an online presence; key to this is often your URL or domain name. This is often done through registry data. To get the likes of a top-level domain, the Internet Corporation for Assigned Names and Numbers requires daily WHOIS data to be sent, from you, to an escrow agent.
As such, in this case, the use of escrow is required. Still, taking the time to find a reliable agency is crucial, as you want a company that can cope with taking daily data from you and ensuring your right to a top-level domain. A domain is where people find your business which, in today’s world, is becoming more and more popular; business isn’t just done on the high street any more.
In short, both of these forms of escrow would prove valuable to any small business, whether it’s insuring against software failure or protecting important domains. To find out more about the likes of data escrow, click here.