risks

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It’s time to include Multi-Factor Authentication into your protection plan.

Many insurance carriers are starting to require strict safeguards that a company must have in place to even receive a quote on cyber insurance. One minimum requirement is Multi-Factor Authentication (MFA). Many carriers will consider it too risky to provide coverage if it’s not included in your network protection plan.

Here’s why you should consider MFA to protect your network.

  • It’s a mechanism that adds an additional layer of protection to your network.
  • It requires any user to provide multiple credentials to confirm his or her identity.
  • Most carriers now want to see MFA being implemented to authenticate remote networks, administrative access, and remote access to email.
  • Incorporating these controls will reduce the possibility of a network security breach by a compromised password, limit broader access to a hacked network, and lessens the potential for unauthorized access to company email accounts.

If you’re a small and/or medium-sized company MFA is a great way to reduce risk. Talk to your IT partners about how to implement MFA in your business to help ensure that your network stays safe and to qualify for cyber insurance coverage.

For any questions you have about cyber insurance coverage, please reach out to a Prewitt Group representative for additional information.

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Cyber security attacks continue to occur at an alarming rate. Do you have defensive steps in place to protect you and your business?

Recently, the White House warned American businesses to take urgent security measures to protect against ransomware attacks, as hackers shift their tactics from stealing data to disrupting critical infrastructure https://nyti.ms/3cGS2YE

This heightened warning follows a string of escalating ransomware attacks – from stealing data to disrupting operations. For example, we all witnessed the Colonial Pipeline event last month when they were hit with a ransomware attack. Their business records were frozen by a criminal group, forcing the company to suspend operations.

Without securing a dedicated cyber policy, most businesses likely do not have adequate insurance coverage following a data breach. Cyber insurance helps your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis, and costs associated with legally mandated notifications.

Our team of risk management specialists are in place to advise you on a cyber risk assessment. Please email Jack Prewitt, a risk management advisor specializing in cyber coverage, at jackprewitt@prewitt.group to discuss how we can put our power to mitigate risk to work for you.

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Brian Fleury assists in answering this week’s FAQ. Brian joined The Prewitt Group in 2019 as a Personal Lines and Small Commercial Distribution Leader.

Long-term care insurance helps pay for a wide range of services for those who need it and is mainly designed to assist with costs of custodial and personal care. While most of these services do not include the cost of medical care, coverage can include staying in an assisted living facility, nursing home, or adult day care. These policies pay for the cost of care due to chronic illness, an injury, or a disability. Often, just the effects of aging requires people to need help, and long-term care coverage can help.

As you go through your financial planning process, it’s important to understand long-term care costs as you approach retirement age. We have risk advisors that can walk you through this process and make sure that you are covered properly.

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There are three common misconceptions about ADA compliance

  1. It’s expensive.
  2. It’s difficult to complete.
  3. There are no standards.

If the website for your business is mainly used for engaging potential new clients or existing clients with information about your company, blog postings or updates, it should not be very expensive to update and maintain ADA Compliance on your site.

If you have an ordering system, like a grocery store for example, you might have more of an investment ahead of you in order to remain compliant.

Secondly, it is not difficult to have an expert help keep your website ADA compliant; there are guidelines. Web Content Accessibility Guidelines (WCAG) are part of a series of web accessibility guidelines published by the Web Accessibility Initiative of the World Wide Web Consortium. Automated testing can be completed quickly and easily, but advanced manual testing completed by Quality Assurance screeners can ensure that your website meets the WCAG criteria that automated testing might miss.

Overall, a lawsuit will be much more expensive than investing in a digital team to update or build your website so that it meets the ADA Compliance requirements.

Protection from potential lawsuits is not just about being proactive. At some point, any one of us could experience a temporary disability. Becoming ADA Compliant is not just for those with impaired vision or blindness. Maybe you left your reading glasses at home or maybe you’re learning how to maneuver around with a broken arm until your cast is removed. ADA Compliance meets complex needs across many disabilities.

We can all learn a lesson about how smaller and temporary disabilities could impact our use of websites. Utilizing www.ADA.gov and www.w3.org can be the first step in better understanding guidelines for compliance.

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As temperatures begin to drop, check for drafts near doors and windows and insulate each area. Weatherstrips and caulking can help with closing those drafty places.

Fans can help circulate warmer air in a room. By changing the directional switch and lowering the speed on the fan, this will help push the warmer air throughout with adding cooler air to the space.

Dusting both vents and radiators and clearing any furniture near vents will provide adequate space for air to flow throughout the home.

Note the temperature indoors when you feel the slight chill that makes you reach for the thermostat and keep it one to two degrees warmer. This will help you be more comfortable.

Have a basket of warm blankets in the common rooms you and your family spend the most time in so when the first cool front comes through, the first instinct might be to grab a throw or blanket instead of turning on the furnace.

A few additional tips can save money and help to further winterize your home –

  • Check your fireplace before the first fire.
  • Close doors to unused spaces in your home.
  • Protect any plants that might live outdoors or bring them inside before freezing temps arrive.
  • Replace air filters.
  • Protect your pipes from bursting with insulation.
  • Cook at home, the warmth from the kitchen will help warm other parts of the home, too.

The Prewitt Group encourages everyone to prepare for the changing temperatures and seasons, it can save you money by lowering power bills and preparation is priceless.

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As the leaves change color and the temperatures cool down, the likelihood of certain insurance claims increases. According to Property Casualty 360, car collision and accident, auto and home theft, house fire and water damage claims increase during the fall and winter seasons. Before you get caught up in the busyness of fall, check out these safety and property maintenance tips.

  1. When driving, be aware of changing road conditions and hazards that come with the changing season.
  • Drive slowly and decrease speeds on wet, icy or leaf-covered roads.
  • Avoid sun glare, which intensifies near sunrise/sunset and aligns with east/west roadways near the autumnal equinox.
  • Keep a safe distance between the car in front of you when driving in the rain.
  • As temperatures drop, look out for icy patches on bridges, overpasses and shaded areas.
  • Most wildlife-related accidents tend to occur between October and December, so watch out for animals on the roadways.
  • Parking lot-related claims also increase between October and December, so avoid tight spots, dark parking lots and cart return areas.
  1. Theft increases each year around the holidays. Take some preventative actions to reduce the chances of being a victim of auto or home theft.
    • Don’t leave packages, briefcases or electronics visible in your car.
    • Take photos of high value items when you purchase them and keep your receipts to prove ownership.
    • Make sure doors are locked and windows are closed when you leave the vehicle.
    • Keep lights on a timer and use motion detectors for the outdoor lights around your home.
    • Use an app, like Ring, to remotely monitor your home.
    • Store your valuables in a fireproof safe or a safety deposit box.
  1. Enjoy fall-scented candles, fireplaces, wood stoves and heaters with caution. Fireproof your home by:
    • Annually inspecting and cleaning your chimney.
    • Annually inspecting and cleaning your heating system.
    • Replacing furnace filters in accordance with the manufacturer’s instructions.
    • Keeping candles away from flammable items and unruly pets. Don’t leave them lit in unoccupied spaces.
    • Checking electrical outlets for loose-fitting plugs. Be sure not to overload electrical outlets.
    • Keeping a fire extinguisher handy.
    • Testing your smoke alarms regularly.
  1. Colder temperatures increase the likelihood of frozen or burst pipes and roof damage. Prevent water damage by:
    • Checking the condition of your pipes and cleaning out backup water valves.
    • Insulating water pipes in areas exposed to freezing temperatures.
    • Turning off the main water supply before going out of town for an extended period of time.
    • Keeping your drains and gutters clean.
    • Inspecting your roof at least twice a year.

All in all, be aware of the threats that arise with the fall and winter seasons and make home maintenance a part of your fall routine to identify potential problems before they arise. Plus, with the right insurance coverage in place, you’re on your way to a safe and happy fall!

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Umbrella Policy

Whether it’s a car accident involving expensive medical bills, an incident on your property, or a slander claim, the damage expenses you’re responsible for can add up quickly and exceed the limits of your auto or homeowner’s insurance policies. Plus, unexpected events like these could easily result in a costly lawsuit.

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cyberattacks

Recently, the City of Atlanta was crippled by a ransomware attack that The New York Times called “one of the most sustained and consequential cyberattacks ever mounted against a major American city.” The city’s computer systems were held hostage after being hacked by a third party who locked them out and demanded money in exchange for re-access to the systems.

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The roadways are not getting any safer. In fact, according to The Wall Street Journal, U.S. motor-vehicle deaths remained near decade-high levels in 2017. Distracted driving and an increase in the average miles driven on an annual basis contribute to this increasing vehicle fatality rate. As a business owner, it’s essential to establish a fleet safety program as a part of your company’s safety and risk management culture.

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With spring break looming, many students and families are gearing up for a week of relaxation and fun. Unfortunately, with trips and vacations—especially spring break, there are few inevitable risks to be aware of. Whether you are beach bound or jet setting to another country, these 3 risks are heightened during the spring break season.

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