Formulate a disaster continuity plan.
Ask yourself:
Ensure your property is stored safely and in the event, a storm is coming.
Ask yourself:
Prepare your employees.
Ask yourself:
Remember to remind your employees to formulate an emergency plan of their own, with their families, so they can be prepared in the event of a hurricane.
Ask yourself:
Have an evacuation plan.
Ask yourself:
Cyber Attacks have been on the rise in recent years and with the Covid-19 pandemic, American businesses have seen a substantial increase in the number of employees they have working remotely. As a result, the risk of cyber-attacks has never been higher. As more employees are working from home and businesses are pivoting their operations to run online, it is important you stay vigilant and consider the cyber exposure of your business and whether you are covered in the event of a loss.
According to data from Advisen, ransomware attacks reached an all-time high in Q4 2020. The focus of these ransomware attacks shifted from the public administration and education services sectors, in 2019, to over half of the attacks targeting health care, manufacturing, and public administration, in 2020.
Another factor to consider with cyber liability, aside from the direct cost to your company, is that of third-party liability. In the insurance industry, we are seeing a large increase in the number of lawsuits raised after a ransomware attack due to third-party liability. For example, on May 1st, Scripps Health, a San Diego based health care system, experienced a cyber security breach that affected all five hospitals in its system. This caused the business to partially shut down for several weeks, however, three months later, the five-hospital health network is now facing multiple class-action lawsuits alleging that Scripps Health failed to keep their clients’ medical data safe. The security breach exposed the medical information of almost 150,000 patients to hackers. The information could contain the patient’s names, addresses, D.O.B., medical records, account information, and more.
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