Rise in ransomware leads to rise in cyber insurance premiums Rise in ransomware leads to rise in cyber insurance premiums If you carry cyber liability coverage, you’ll likely need to budget for much higher premiums going forward.
Practice management is key to minimizing accounting malpractice claims Practice management is key to minimizing accounting malpractice claims One of the biggest risks to an accounting firm is an accusation that their mistakes caused a clients’ financial loss. Errors happen. A few wrong calculations could result in a client being assessed a tax penalty. Errors in financial statements can negatively impact the purchase or sale of a business. A lack of organization often results in lost documents and missed deadlines.
Why standalone cyber protection policies are superior to general liability endorsements Why standalone cyber protection policies are superior to general liability endorsements The worst time to discover an insurance policy doesn’t cover a specific incident is when you file a claim expecting a payout. Many homeowners thought their property policy would cover flood damage from a heavy rainstorm before learning they needed a separate flood policy. Workers have filed claims for disability insurance benefits only to be told that being physically able to work in another job voids their claim. Several businesses have learned too late that their general liability insurance does not cover the costs of a cyber attack.
Knowing how cyber insurance is underwritten can help you save on your premium Knowing how cyber insurance is underwritten can help you save on your premium With most types of insurance, there is an underwriting process. This involves assessing the risk that an insured party will file a claim to receive policy benefits. With life insurance, underwriting involves the risk of death. With auto insurance, you are rated on how likely you are to be in an accident. The underwriting process is the main determining factor of how much a policyholder will pay in premium for insurance coverage. The more risk you pose to the insurer, the more you will pay.
How Hackers Can Attack Your Firm How Hackers Can Attack Your Firm Law firm and accounting firm databases are a virtual treasure chest for hackers: confidential financial data, privileged communications and other potentially damaging information. A cybersecurity analysis of thousands of global law firms conducted at the beginning of 2020 found that 15 percent of firms analyzed showed signs of compromised networks.
How to Choose the Right Malpractice Insurance Carrier How to Choose the Right Malpractice Insurance Carrier Professional liability insurance protects you if a client files a malpractice claim against you. Before selecting an insurer, it’s important to assess the company’s reliability to ensure it will be there for you when you need it. It’s also essential to weigh the cost of a plan against the value it provides and be certain that any plan you purchase fully covers your practice.
Is Your Firm Prepared for a Third-Party Cyber Attack? Is Your Firm Prepared for a Third-Party Cyber Attack? Cyber risks can be lurking in the most unsuspecting places. Members of a state professional society recently learned that the hard way. The society’s website had been compromised through a social engineering ploy, which allowed hackers to insert a Trojan virus on the site that targeted the victims. When members logged onto the “members only” area on the website, they were unknowingly giving hackers back-door access to their firms’ computer networks.