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Cyber Security While Working From Home

Cybersecurity While Working From Home

Working from home increases cyber risks.

With so many businesses shifting rapidly into a new model where employees work from home (WFH), old risks are returning, and your company’s Cyber Security and Cyber Insurance may need to be revisited.

Cyber criminals’ attacks on individuals, small businesses, and corporations through ransomware attacks increased by 131% between 2018 and 2019. This increase in frequency was accompanied by an increase in the value of the ransoms demanded, some reaching the millions and tens of millions. As employees shift to WFH, companies are at a much higher risk of ransomware attacks through phishing emails and breaches to Remote Desktop Protocol (RDP) software that allows the employee to reach the company’s primary server network from home.

Cyber Security 

If your company has shifted to partial or primarily WFH, you can reduce the vulnerability of your IT structure. Katherine Keefe, global head of services for Beazley Breach Response, a global leader in IT security, suggests the following measures: “Always ensure employees can access their computer using a virtual private network with multifactor authentication. It is important to whitelist IP addresses that are allowed to connect via RDP, and make sure that unique credentials for remote access are in place – particularly for third parties.”

Cyber Insurance & Risk Management

T Hudson offers Technology and Cybersecurity Insurance to mitigate the financial consequences of a multitude of cyber incidents, including data breaches, business interruption, and network damage. This coverage can be “first party” coverage that applies to you and your business’s damages or “third party” to cover the damages sustained by others sue to the breach to your Cybersecurity.

However, a good risk management strategy, beginning with the security measures suggested above, can help you avoid breaches in the first place. Train your employees about cyber threats and handling of Personally Identifiable Information (PII), and update that training regularly. One-fifth of all reported breaches in 2019 were “accidental exposure”— for example, an employee accidentally sending an email containing PII to the wrong recipient.

It is impossible to be perfectly cyber-secure; threats evolve at least as rapidly as patches and security tech. T Hudson Risk Advisors is here to help you avoid major issues with our Success University(R) employee training program and cover your liability with affordable Cybersecurity Insurance. Give us a call today to see how we can help you.

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COVID19 Small Business Relief

COVID-19 Small Business Relief Business Interruption Insurance Coverage Businesses large and small are experiencing financial consequences of the COVID-19 pandemic itself and the attempts of

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Small Business

COVID19 Small Business Relief

COVID-19 Small Business Relief

Business Interruption Insurance Coverage

Businesses large and small are experiencing financial consequences of the COVID-19 pandemic itself and the attempts of state and federal governments to limit and control its spread. All of the traditional risk management and insurance coverage options are failing business owners as they navigate full and partial closures, accommodate social distancing, and try to keep their employees safe and their businesses in the black.

Our clients have been dismayed as we review Business Interruption Insurance policy’s with them, confirming that closures due to pandemic and virus protection are universally excluded. Business Interruption Insurance is an integral part of many risk management portfolios since it covers income lost due to an inability to do business. However, these policies require physical damage that causes the loss of income– forced closures due to the COVID-19 threat and government response don’t qualify.  

Unfortunately, there is no insurance designed to provide “Pandemic Closure Coverage”. If your business has lost income due to government-mandated full or partial shutdown because your industry is classified as “non-essential,” the only financial relief available is provided by state and federal government relief programs.

Paycheck Protection Program

The US Small Business Administration Paycheck Protection Program was part of the Federal Government’s economic response to COVID-19 business shutdowns. Designed to incentivize keeping employees on the payroll through the partial shutdown, the entire loan can be forgiven if your business uses the funds correctly. Full terms for PPP loan eligibility and forgiveness are available at sba.gov. You can apply for funds with any SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution that is participating.

Economic Injury Disaster Loan

EIDLs provide economic relief to businesses that are currently experiencing a temporary loss of revenue. EIDL funds can be used to cover a wide array of working capital and operating expenses, such as healthcare benefits, rent, utilities, and fixed debt payments. These low-interest loans are not forgivable”, but offer an affordable option for managing expenses during a COVID-19 related loss of revenue.

SBA Debt Relief & Bridge Loans

For those small businesses that are up to date on their payment terms for a 504, SBA 7(a), or Microloan, or who apply and receive funding through one of these SBA programs before September 27, 2020, SBA will pay principal, interest, and any associated fees for six months. This is not forgiveness, and it is not a deferment. SBA will pay the processing lender, and the borrower will maintain their current repayment schedule. Borrowers who already have relationships with SBA Express lenders will also have priority access to up to $25,000 in funding through Bridge Loans to meet operational needs while longer-term funding like an EIDL is processing.

If you have any questions about how you can improve your situation by creating a better risk profile, combining policies, and getting better rates on your insurance coverage, T Hudson Risk Advisors is here to help.

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COVID19 Small Business Relief

COVID-19 Small Business Relief Business Interruption Insurance Coverage Businesses large and small are experiencing financial consequences of the COVID-19 pandemic itself and the attempts of

Read More »