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Risk assessment and the approach you take on challenges, are two fundamental aspects of a cybersecurity plan. It may sound complicated, but it does not require any specific equipment to create a plan. You only need a few documents, trustable data about your own company, and a lot of drive from yourself and employees to put the planRead more

Being informed on cyber security is a subject all companies should be ready to address. It is an important matter that focuses on protecting your companies’ digital assets.   Cybercrime is on the rise and industry regulatory organizations are setting up bigger fines for violations of privacy, unsafe data sharing, and data storage solutions that feel like a liability. A single incident could cost millions of dollars. For many small- to medium-sized business owners, that means it could end your business. Read more

The insurance industry has been undergoing changes in the 21st century. Along with a majority of other industries in products and services, it had to adapt to a new landscape: a digital world, with a digital cloud over it, oceans of data, and an increased reliance on what can be done remotely.    The digital landscape is where insurers struggle while others are able to thrive. That is the reasonRead more

After the COVID-19 pandemic and the subsequent move from offices to virtual work environments, employers have started paying serious attention to cyber security. According to the Report “Cost of a Data Breach” from IBM, during 2020 the average cost of a data breach was 3.86 million dollars. More specifically, in the health care industry theRead more

Reinsurance is defined as insurance for insurers. It works by insurers transferring portions of their risk portfolios to other insurers in some form of agreement.  The insurer that “buys” risk, or that “reinsures” an insurance policy is known as the “ceding” party. The party that accepts that part of the risk is the reinsurer.   The Insitute of Insurance Information cites the Reinsurance Association of AmericaRead more

There is a part of the insurance industry, Insuretech,  that contrary to the industry as a whole firmly says, “We embrace change.” Both In their own internal channels –blogs, websites, forums- and in their external actions. While a traditional broker may still be on the phone, Insurance technologists are ready to give fresh solutions a go. This adaptability is making insurance policies easier to manage.  The reality, especially after COVID– 19 is that Insuretech has provided solutions that were not expected to surface for years to come. Although theseRead more

What is Self-Insurance? According to Investopedia, “Self-insurance is a risk management technique in which a company or individual sets aside a pool of money to be used to remedy an unexpected loss.”  Self-insurance can be summed up as the decision to retain risk. For example, it means that if your house burns down you must pay for everything, rather than the insurance company, since you own yourRead more

Social Inflation has factors that can influence it to be higher or lower at various times, but the fact is that it exists and its effects are being felt across the insurance industry. Let us start by clarifying what Social Inflation is.  No matter the type of insurance you specialize in or the offers your company has available, you have probably heard the term ‘social inflation.’ Although many do notRead more

Whether you have insured a small business or a multinational enterprise, commercial general liability insurance should always be present. It is a fantastic way to protect property, and yourself, against damages that could be experienced by you or others because of professional negligence during business operations.   But in a digital world, manual entry of claims is disappearing so it is time to start considering   Commercial General Liability in the 21st Century  According to Investopedia, Commercial General Liability insurance is commonlyRead more

Prevention is Key When you purchase a cyber policy, you should maintain appropriate security measures to prevent a cyber incident from happening in the first place, as discussed in parts one and part two of this series.  In this case the focus will be in actions you can take to reduce cyber risks.  Imagine an employee accidentally opens a link in an email. This link turned out to be attachedRead more