While it is certainly true that IT companies tend to have greater risk exposures than those that don’t work as closely with customer data, cyber liability risks can affect any industry, just in different ways. As a result of differing needs, insurance companies developed two separate types of cyber risk insurance to meet the needs of those in the IT business and non-IT companies.
First-party cyber liability coverage is the type of cyber risk protection that companies outside..
Chances are, your clients have a basic understanding of what Directors and Officers (D&O) Insurance provides them with; coverage for those employees of a business that serve on boards of directors or are in executive positions of their companies. Understanding this coverage is essential to obtaining the right policies for their business, but do your clients truly understand all the nuances of a Directors and Officers policy?
Understanding Directors and Officers definitions could help your clients make an educated decision when it comes to..
Last year, we published a post highlighting some of the reasons that Directors and Officers Insurance for private companies. Some of the reasons we cited were; providing financial protection from lawsuits due to bankruptcy, regulatory exposures, mergers and acquisitions, and new directors. These are not the only reasons it’s important for private companies to carry directors and officers coverage, however. D&O Insurance coverage serves various goals for privately held companies, even small ones.
One of the goals..
For your clients in the financial sector, mistakes are rare and costly. They could also damage the reputation of the financial institution they work for. Still though, even though mistakes are rare, they do happen. Nobody is immune to errors and omissions, and your financial sector clients are no exception.
Banks and other financial institutions are increasingly facing pressure to comply with regulatory mandates, strengthen balance sheets, and meet high customer demands. Accomplishing each of these objectives puts..
When Colorado enacted Amendment 64 to Article 18 of the state’s constitution in order to legalize marijuana, a provision was included that specifically stated the law does not require employers to permit or accommodate marijuana use and does not affect the ability of employers to have policies restricting the use of marijuana. Not only do Colorado employers need be aware of this, but employers nationwide should pay attention, as it’s likely that other states will see this legalization happen sooner or..
Privacy and Network Security: Get Ahead of Cybercrime
Earlier this week, we looked at what it takes to create an effective cyber security protection strategy, and what the common roadblocks are facing companies when it comes to cyber security. Now we will look at what can be done about all of this. Experts claim that an organizations’ cyber security response falls into three particular stages; activating, adapting, and anticipating. The goal throughout these stages is for organizations to implement increasingly advanced cyber-security measures.
In our previous post, we discussed the importance of creating an effective cyber security strategy, citing factors that present the biggest challenges to business owners nowadays. Of course, when creating any type of security strategy, there will be challenges. A recent report revealed the most common cyber and network security roadblocks facing companies today. Understanding these roadblocks is the first step in successfully getting ahead of cybercrime.
Roadblock 1: Respondents of an EY study stated that they realize..
With the growth of the digital and technological world, cyber threats have continuously multiplied, and show no signs of slowing down. According to experts from EY, in order to get ahead and stay ahead of cybercrime, it’s important to anticipate cyber-attacks. In EY’s 17th Global Information Security Survey (GISS) this year, risk managers focused on how well organizations are managing cyber threats and what they need to do if they are to get ahead of today’s cyber..
No matter what industry your small business clients work in, it is necessary to regularly evaluate the effectiveness of their internal controls. Doing so will help these companies and small businesses obtain reliable financial reporting which will help to prevent fraud and misappropriation of assets, thus also helping to limit small business professional liability risks.
Sources from business website chron.com recently reported a few reasons why audit systems are so important to small businesses; the main reason being that regular audits..
In recent years, cyber-crimes, data breaches, and network breaches have become more of a real threat to business integrity than ever before. Experts believe that the number of breaches will only grow along with the exponential growth of digital transactions and record keeping. We’ve posted blogs in the past about how to prevent network breaches, and how to potentially recover from a network breach, but despite this knowledge, are your clients truly prepared?
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