Risk Management – EPIQ Risk Management

Holiday Risk Management for Business Owners: Essential Tips for a Safe and Successful Season

November 22, 2024/in Risk Management/by admin

The holiday season can be an exciting time for businesses, with increased sales, seasonal promotions, and a sense of celebration. However, it also brings unique risks that can impact business operations and profitability. From heightened cybersecurity threats to increased liability and employee safety concerns, business owners must take proactive steps to protect their business, employees, and assets during the holidays.

Here’s a guide to essential holiday risk management strategies for business owners.

1. Address Physical Security Risks

The holiday season often sees an uptick in theft and break-ins, especially for businesses with high foot traffic or increased inventory levels. Here are some steps to improve physical security:

Upgrade Security Systems: Ensure security cameras are functional, strategically placed, and well-maintained. Consider upgrading alarm systems if they’re outdated.
Improve Lighting: Well-lit entryways, parking lots, and walkways deter criminal activity, especially after hours.
Limit Cash on Hand: Increase the frequency of cash drops and limit the amount kept in registers. Make use of smart safes or armored vehicle services if necessary.
Encourage Staff Vigilance: Train staff to watch for suspicious behavior, and establish clear communication protocols for reporting incidents.

Physical security improvements not only deter theft but also increase the sense of safety for employees and customers.

2. Enhance Cybersecurity Measures

Cybersecurity threats peak during the holiday season as businesses rely more on online sales and digital operations. Increased online activity coupled with seasonal promotions make businesses a prime target for cyberattacks. To safeguard digital assets:

Strengthen Access Control: Implement multi-factor authentication for sensitive accounts and limit system access to essential personnel.
Educate Employees: Provide training on identifying phishing scams, particularly those that might mimic holiday promotions, invoices, or internal communications.
Backup Data Regularly: Keep regular backups of your critical data and ensure they are stored securely offline. In case of a cyberattack, quick data restoration can reduce downtime and recovery costs.
Update Software and Hardware: Ensure all systems, including point-of-sale (POS) systems, are updated to the latest security versions, reducing the risk of vulnerabilities.

By addressing cybersecurity, businesses can reduce the likelihood of data breaches and protect customer trust, which is especially important during a season when sales are high.

3. Plan for Supply Chain Disruptions

Supply chain disruptions are more common during the holiday season, with increased demand, transportation delays, and potential shortages affecting timely delivery of goods. Here’s how to mitigate these risks:

Stock Up Early: Plan inventory needs well in advance of the holiday rush. Order surplus items to account for any delays or shortages.
Diversify Suppliers: Build relationships with multiple suppliers to ensure you have alternatives if your primary supplier experiences delays.
Communicate with Customers: Set clear expectations around shipping timelines to prevent dissatisfaction. Offering early holiday discounts or extended shipping deadlines can encourage customers to shop early.
Consider Local Suppliers: Sourcing goods locally when possible can reduce dependency on longer supply chains and expedite restocking.

Preparing for potential supply chain disruptions can help businesses avoid lost sales and maintain customer satisfaction during peak periods.

4. Ensure Employee Health and Safety

The holiday season brings unique health and safety challenges as employees often work longer hours, handle heavier workloads, and engage with more customers. Protect your team by:

Encouraging Rest and Rotation: Ensure that employees have ample time to rest between shifts, especially during high-demand periods. Rotate staff in high-intensity roles to prevent burnout.
Emphasizing Ergonomics: Increased physical activity, such as lifting and carrying products, can lead to injury if done improperly. Provide ergonomic tools or refresher training on proper lifting techniques.
Implementing Hygiene and Health Protocols: Cold and flu season coincides with the holidays, so encourage sick employees to stay home, provide hand sanitizers, and maintain regular cleaning schedules.

Prioritizing employee well-being boosts morale, reduces absenteeism, and fosters a safer work environment.

5. Review Liability and Insurance Coverage

The holidays bring unique liability risks, from customer injuries in busy stores to potential property damage during seasonal events. Review your insurance policies and liability coverage to ensure you’re adequately protected against potential claims.

Key areas to consider include:

Product Liability Insurance: If you’re selling new or seasonal items, ensure they’re covered under your product liability insurance.
General Liability Coverage: Higher foot traffic increases the likelihood of accidents, so review your general liability policy to confirm it covers slip-and-fall incidents and other potential liabilities.
Cyber Liability Insurance: With the increase in online transactions, it’s worth considering cyber liability insurance to help cover costs in the event of a data breach.
Event Coverage: If you’re hosting holiday events, such as customer appreciation parties, consider special event insurance to cover potential property damage or guest injuries.

Ensuring adequate coverage protects your business from financial losses and liability, so you can focus on serving customers without added stress.

6. Prepare for Potential Weather-Related Disruptions

In many regions, winter weather can lead to storms, power outages, and transportation delays, all of which can affect business operations. Minimize the impact of adverse weather by:

Implementing an Inclement Weather Policy: Define when and how employees should report to work during severe weather. Consider allowing remote work where possible to maintain productivity.
Preparing Backup Power Solutions: For retail locations, consider investing in backup generators to keep essential systems running in case of power outages.
Stocking Emergency Supplies: Have essential items like flashlights, batteries, and emergency kits readily available in case of weather-related issues.
Communicating Closures Promptly: Inform employees and customers about closures or modified hours through social media, email, or automated messaging systems.

By preparing for adverse weather, businesses can maintain continuity and prioritize safety, even during unexpected events.

7. Manage Holiday Crowds and Events Carefully

Busy retail environments, seasonal promotions, and holiday events increase foot traffic, which can elevate the risk of accidents, overcrowding, and customer altercations. Here’s how to manage this safely:

Implement Crowd Control Measures: Use physical barriers, signage, and designated entry/exit points to streamline customer flow and reduce congestion.
Train Employees on Conflict Resolution: Higher stress levels during the holidays can lead to tense interactions. Equip your team with strategies to de-escalate conflicts and assist customers courteously.
Promote Contactless Payment: Encourage customers to use contactless or mobile payments to reduce wait times and streamline checkout lines.
Enforce Capacity Limits: Comply with any local capacity limits and monitor foot traffic carefully to prevent overcrowding.

Effective crowd management ensures a smoother, safer experience for both employees and customers, reducing potential incidents.

Conclusion

The holiday season can be one of the most profitable times of year, but it also brings a unique set of risks. By prioritizing physical security, enhancing cybersecurity, preparing for supply chain issues, and safeguarding employee health, business owners can mitigate these risks and keep operations running smoothly. Taking these proactive measures helps ensure that the holiday season is both successful and safe, allowing business owners to focus on providing exceptional service and building customer loyalty.

Thanksgiving Safety and Wellness Ideas for the Workplace

October 18, 2024/in Health and Wellness, Risk Management/by admin

As Thanksgiving approaches, the holiday spirit often spills into the workplace, bringing opportunities for connection, celebration, and gratitude. However, workplace safety and wellness can be easily overlooked amidst the festivities. With a little planning, employers and employees can celebrate Thanksgiving while prioritizing safety and well-being. Here are some key ideas to help your workplace enjoy a happy, healthy, and safe Thanksgiving season.

1. Promote Healthy Eating Habits

Workplace celebrations often involve food, and Thanksgiving is no exception. Potlucks and shared meals are common, but they can also lead to overeating or unhealthy choices. To promote wellness during Thanksgiving celebrations, consider these ideas:

Healthy Potluck Options: Encourage employees to bring healthier versions of Thanksgiving favorites. Dishes made with whole grains, lean proteins, and seasonal vegetables can still be delicious and satisfying. You might even organize a “healthy recipe swap” where employees can share their favorite nutritious holiday dishes.
Mindful Eating Tips: Offer guidance on how to enjoy food mindfully. Encourage employees to savor each bite, avoid overeating, and balance indulgent dishes with lighter options. A simple tip sheet or email reminder on portion control and making nutritious choices can go a long way in promoting wellness.
Hydration Stations: With the abundance of rich food, staying hydrated is important. Set up hydration stations with water, herbal teas, or fruit-infused water to encourage employees to drink water throughout the day, especially if there’s alcohol at after-work events.

2. Encourage Physical Activity

People tend to be more sedentary during the holiday season, so it’s crucial to keep moving, even at work. Physical activity can boost energy, improve mood, and counterbalance holiday indulgences. Here are some ideas to incorporate movement into the Thanksgiving season at work:

Walking Challenges: Organize a Thanksgiving-themed walking challenge in the weeks before the holiday. Employees can track their steps and compete for small prizes, such as a healthy snack basket or a day off. It’s a great way to foster teamwork and encourage movement.
Thanksgiving Turkey Trot: Host a mini “Turkey Trot” fun run or walk during lunch breaks. This can be done outdoors if the weather permits or indoors with a set distance. It’s a fun way to get people moving and engaged in the holiday spirit while promoting fitness.
Stretch Breaks: Encourage stretch breaks throughout the day. You can even lead employees in a brief yoga or stretching session before or after a Thanksgiving feast to help reduce stress and improve posture, especially for those who spend long hours sitting at a desk.

3. Emphasize Mental Wellness

Thanksgiving can be a time of joy but can also bring stress, particularly with deadlines, family obligations, and holiday preparations. Creating a supportive environment that prioritizes mental wellness can help employees manage holiday stress:

Gratitude Wall: Promote an attitude of gratitude by creating a workplace “Gratitude Wall” where employees can share what they are thankful for. This simple activity can improve morale, foster a sense of community, and boost mental wellness by encouraging positive thinking.
Offer Flexible Scheduling: The holiday season can be hectic, and employees may need more flexibility to balance work and family commitments. Where possible, allow for flexible hours or remote work options to reduce stress and increase work-life balance.
Mindfulness Workshops: Offer a brief mindfulness or stress management workshop leading to Thanksgiving. Teaching employees how to practice mindfulness, deep breathing, or simple meditation can help them cope with the demands of the holiday season while maintaining their mental wellness.

4. Maintain Workplace Safety During Holiday Decorations

Decorating the workplace is a fun way to get into the holiday spirit, but it’s essential to prioritize safety. Keep these safety tips in mind when preparing your workplace for Thanksgiving:

Safe Decorations: Avoid using decorations that pose a fire hazard, such as candles or lights that may overheat. Instead, opt for flameless candles or battery-operated string lights. Ensure that decorations are securely fastened and won’t obstruct walkways or emergency exits.
Electrical Safety: When decorating with lights or electronics, be mindful of electrical safety. Avoid overloading electrical outlets and ensure that cords are in good condition. Tape down any cords that may create a tripping hazard.
Kitchen Safety: If your workplace has a communal kitchen, ensure it’s safe and clean during Thanksgiving events. Remind employees to handle food safely, follow proper cooking procedures, and keep hot items away from the edges of tables or counters to prevent accidents.

5. Celebrate Safely in the Workplace

Thanksgiving celebrations can be a great way to build camaraderie, but they should always prioritize employee safety. If your workplace is hosting a Thanksgiving event, consider these tips:

Limit Alcohol Consumption: If your workplace event includes alcohol, consider limiting the amount served or offering it only during the final hours of the celebration. Provide non-alcoholic beverages and encourage responsible drinking, especially if employees need to drive home.
Safe Food Handling: Ensure food is handled safely to prevent foodborne illnesses. Provide proper cooking, storing, and reheating guidelines, and encourage employees to wash their hands frequently when preparing or serving food.
COVID-19 Considerations: If your workplace is still navigating COVID-19 protocols, ensure that safety guidelines are followed. This may include encouraging social distancing, wearing masks when necessary, and providing hand sanitizers at key locations.

Thanksgiving at the workplace can be a wonderful opportunity to reflect on the year, foster community, and celebrate safely. By promoting healthy eating habits, encouraging physical activity, emphasizing mental wellness, and ensuring safety with decorations and events, employers can create a balanced and enjoyable Thanksgiving experience for everyone. Remember, a little planning goes a long way in ensuring the workplace remains safe and healthy during the holiday season. Here’s to a happy, healthy, and safe Thanksgiving at work!

The Importance of Maintaining Proper Insurance Coverages for Your Business

September 11, 2024/in Insurance, Risk Management/by admin

Running a business comes with many responsibilities, and among the most crucial is ensuring that your company is adequately protected against risks. One of the most effective ways to safeguard your business is by maintaining proper insurance coverages. Business insurance provides a safety net that can prevent financial disaster in the face of unforeseen events. This article delves into why maintaining appropriate insurance coverage is essential for your business’s long-term success and stability.

1. Protecting Your Assets

Every business, regardless of its size or industry, has assets that are vital to its operation. These can include physical property like buildings, equipment, and inventory and intangible assets such as intellectual property and data. Insurance coverage, such as property insurance, ensures your business can recover from theft, fire, or natural disasters. Without proper insurance, a single catastrophic event could wipe out years of investment and hard work.

2. Liability Protection

In today’s litigious society, businesses face a constant threat of lawsuits. Legal claims can arise from many directions, whether it’s a customer slipping and falling on your premises, a product causing harm, or a breach of contract. General liability insurance protects your business from the financial fallout of lawsuits, covering legal fees, settlements, and judgments. Without liability insurance, your business could face crippling costs that might lead to bankruptcy.

3. Compliance with Legal Requirements

In many cases, businesses are legally required to carry certain types of insurance. For example, workers’ compensation insurance is mandatory in most states to cover employees who are injured on the job. Failing to maintain the required insurance exposes your business to financial risk and can result in fines, penalties, and legal action. Ensuring you comply with all insurance-related regulations is critical to running a responsible and lawful business.

4. Protecting Your Employees

Employees are one of your most valuable assets, and their well-being directly impacts the success of your business. Offering health insurance and workers’ compensation demonstrates your commitment to their welfare and can enhance employee satisfaction and retention. Moreover, workers’ compensation insurance protects your business from being sued by employees for workplace injuries, providing a structured process for compensation and care.

5. Business Continuity and Stability

Disasters can strike at any time, and without the proper insurance, your business may struggle to recover. Business interruption insurance, for instance, helps cover lost income and operating expenses if your business is forced to close temporarily due to a covered event. This type of coverage ensures that your business can survive tough times and continue to operate long-term.

6. Reputation Management

A well-handled insurance claim can protect your business’s reputation. For example, if a product your company manufactures causes harm, product liability insurance can cover the costs of recalls, repairs, or replacements and any associated legal costs. Handling such incidents swiftly and fairly can enhance your business’s reputation, whereas a lack of insurance could result in negative publicity and a loss of customer trust.

7. Securing Financing and Partnerships

Investors, lenders, and business partners often require proof of adequate insurance before entering into agreements with your company. Insurance coverage ensures their investment or partnership protects them against potential losses. Without sufficient insurance, your business may struggle to secure the necessary funding or strategic partnerships needed for growth and expansion.

8. Peace of Mind

Running a business is stressful enough without the added worry of unforeseen risks. Proper insurance coverage provides peace of mind, allowing you to focus on growing your business rather than constantly worrying about what could go wrong. Knowing that your business is protected gives you the confidence to make decisions and take calculated risks that can lead to greater success.

Conclusion

Maintaining proper insurance coverage is not just a prudent business decision but a fundamental aspect of running a successful and resilient business. From protecting assets and employees to ensuring business continuity and legal compliance, insurance is a crucial safeguard against the myriad risks businesses face. By investing in the right insurance policies, you are investing in your business’s future stability and growth. Don’t leave your business vulnerable—review your insurance coverages regularly and consult with an insurance professional to ensure you have the protection you need.

Autumn Risk Management

August 20, 2024/in Risk Management/by admin

What key risks could you and your business face during the autumn? And how can you prepare for the potential challenges of the season? From dangerous driving conditions caused by the weather to modifying outdoor areas to make them as safe as possible, here are some ways to protect your business from the elements this season.

Autumn weather: As the weather starts to turn, higher winds and a greater risk of rain damage could impact a business’s property, contents, production processes, and ability to trade. Assessing the risks to your property may help you prepare for any bad weather, including storms or floods.

Building enclosures, balconies, terraces, and outside heating: Cooler nights and the need to protect people from wet weather lead businesses to modify their outdoor areas. Managing this change is important. Consider changing layouts, adding enclosures, decorative elements, heaters, lighting, or making other arrangements to reduce seasonal risks.

Engineering inspection: Ensuring your equipment is safe and ready is essential. Don’t rely on your statutory inspection regime. Competent, independent people should carry out your inspections.

Escapeof water: When the weather starts to cool down, many of us use our heating systems more often, which could uncover potential issues. Any building with plumbing, waste systems, heating systems, cooling systems, or fixed water installations is at risk of damage from water escaping. Be sure to inspect your systems and address any potential issues.

Road traffic collisions: Autumn brings fallen leaves, colder weather, rain, lower sun, frosts, and more extended periods of darkness – all of which can impact driver performance and contribute to an increase in road traffic collisions. Be alert and ensure all motor vehicles are ready for the changing conditions.

Slips, trips, and falls: Wet weather and damp autumn leaves increase the risks of slips, trips, and falls inside and outside your premises. The injuries caused by slips, trips, and falls affect the individuals involved and could also mean losses for your business through customer claims, employee absence, and bad publicity. Ensure your facility’s pathways are clear and well-maintained.

Five Primary Risk Management Techniques

July 23, 2024/in Risk Management/by admin

Corporate risk management is critical to helping organizations protect themselves from losses and reduce their risk exposure. Solid risk management can help limit financial and reputational damage and may lead to increased access to capital.

There are five primary risk management techniques that almost every business should deploy:

Avoidance: It is often impossible to avoid all risks, but the possibility should not be overlooked. For example, some businesses may not release vehicles for travel during inclement weather until the weather clears, thus avoiding the risk of auto accidents during severe weather. For other businesses, if there is a known issue with water problems in some areas, the risk may be avoided by not allowing the storage of records or supplies in those areas.
Retention: At times, based on the likely frequency and severity of the risks presented, retaining the risk or a portion of the risk may be cost-effective, even though other methods of handling the risk are available. For example, businesses can plan to identify and then retain the risk of forecasted losses. When losses occur, the cost may be absorbed by their associated budget, except for those situations involving the negligence of a third party.
Spreading: The risk of loss to property and persons can be spread. Record and document duplication and the storage of duplicate copies in different locations are examples of spreading risk. A small fire in a single room can destroy the entire records of a department’s operations. Placing people in many buildings instead of a single facility can also help spread the risk of potential loss of life or injury.
Loss Prevention and Reduction: When risk cannot be avoided, the effect of loss can often be minimized in terms of frequency and severity. For example, risk management encourages the use of security devices on specific equipment to reduce the risk of theft.
Transfer (through Insurance and Contracts): In some cases, risk can be transferred to others, usually by contract. When outside organizations use or work within your business, ensure they provide evidence of insurance and name your business as additional insured under their policy, thereby transferring the risk of the usage to the facility user. The purchase of insurance is also referred to as a risk transfer since the policy actually shifts the financial risk of loss, contractually, from the insured entity to the insurance company. Insurance should be the last option and should be used only after evaluating all other techniques. Vendors and service providers may also attempt, through a contract, to release themselves from all liability for their actions relating to the contract. These are often referred to as “hold harmless or indemnification” clauses. Due to the complexity of interpreting these provisions, such contracts should be reviewed to identify and assess risks, evaluate insurance standards, and review and hold harmless any indemnification provisions.

If you have questions about risk management or want more information about implementing these techniques, please contact Epiq Risk Management.

20 Questions to Help You Assess Your Organization’s Cybersecurity Risks

June 10, 2024/in Cyber Security, Risk Management/by admin

Internal cybersecurity risk assessments are crucial for all businesses to safeguard their digital infrastructure against potential threats. Asking the right questions is essential to ensure the most comprehensive protection. By addressing critical queries upfront, businesses can effectively evaluate potential vulnerabilities and threats within the company’s internal systems to foster a more resilient and secure digital environment.

Below, Forbes Technology Council members discuss key questions for business leaders to consider and factors to explore when conducting internal cybersecurity risk assessments. Understanding these elements—from the vulnerabilities within systems to the effectiveness of current threat detection and mitigation protocols—can help an organization significantly bolster its cybersecurity defenses and maintain the integrity of its digital infrastructure and systems.

Here are their findings:

1. Where can the organization assume risk?

It is very difficult to protect all assets in an enterprise. Therefore, companies must assess and articulate their “crown jewels” and the critical functions needed to sustain business operations, and then dedicate resources to securing and protecting the most important systems. – Robert Bair, Team Cymru

2. Where are the biggest risks across the enterprise?

The most critical question to answer for any cyber risk assessment—internal or external—is, “Where are the biggest risks across the enterprise, and how can I manage and mitigate them?” This means having a clear, single view of risks across business divisions and geographies, along with a quantified understanding of how much exposure risks represent in dollar terms. Governance, risk and compliance platforms and artificial intelligence can help. – Gaurav Kapoor, MetricStream

3. What is the ‘MVB’ operation after a failure or breach?

What constitutes a “minimum viable business” operation for my organization in the face of a failure or breach recovery can be summed up in this question: “Can I identify those assets (data and people) and assure (through testing and validation) their return to business operations in the fastest possible time frame?” The risk of not being resilient in the face of a cybersecurity incident is one of the most critical planning factors. – Richard Cassidy, Rubrik

4. Who needs to be involved in the risk assessment?

Many organizations make the mistake of labeling cybersecurity an IT issue, but properly assessing the risk also involves risk management, business continuity, the C-suite and more. Consider the controls in place, assign accountability and train everyone to identify issues. And make sure you are realistic about recovery time. – Jim Wetekamp, Riskonnect

5. What are the most critical assets of the business?

The question of which assets matter most is critical, as it will enable the business to prioritize security initiatives and allocate resources to protect its most critical assets. The output of a comprehensive impact analysis will paint a clear picture of where the business should focus its efforts. – Shane Henszey, Cortrucent LLC

6. Is every industry best practice being leveraged?

Do you consistently audit your organization to ensure you’re leveraging every industry best practice? Although no one can guarantee 100% security, whether routine audits were carried out to ensure every current industry-specific best practice was in place may have been the billion-dollar question that wasn’t asked before the latest healthcare system attack. – Virgil Bretz, MacroHealth

7. What risk methodology is being used?

The type of risk methodology is crucial because the risk assessment process must be consistent, repeatable and reproducible. This is most important in creating measurable risk scores that allow an organization to design an appropriate risk-response system, complete with processes and procedures to address any incident. – Dr. Obadare Peter Adewale, Digital Encode Limited

8. Who has access to data during AI implementation?

Right now, many companies are conducting risk assessments related to AI adoption, and for good reason: A new study found that 45% of organizations experienced data exposures during AI implementation. When you’re preparing to adopt AI, you need to closely monitor and control who has access to your data. Without extra protection, your enterprise data is extremely vulnerable during these transitions. – Dr. TJ Jiang, AvePoint

9. How should this information be leveraged?

A risk assessment is supposed to drive action, so you need to be able to explain to stakeholders how to use the information it provides. Leaders are busy, and teams have plenty on their plates already. If you aren’t prescriptive about how information from an internal cybersecurity risk assessment is to be leveraged, you risk it becoming “shelfware.” – Oritse Uku, Northwestern Mutual

10. What are all the possible threats to the system?

A vulnerability without a threat may not warrant action. Risk assessments begin with a threat analysis, and vulnerabilities that don’t have an associated threat may represent a lower priority for taking action, which requires budget and resourcing. – Will Sweeney, Zaviant

11. How will we recover when the network is compromised?

How will you recover when—not if—your network, systems and data are compromised? Even though it’s important to implement preventative controls to reduce the risk of threats being realized, the fact is that even the most thorough cybersecurity is eventually going to fail. How an organization responds to and recovers from that will determine how the business and its customers are affected. – John Linkous, Phalanx Security

12. What is the impact of the risk on end users?

The most critical step is to understand the impact of the risk on the business and its end users. This enables the business to take a more targeted approach and focus on mitigating the most significant risks. It also facilitates effective planning, prioritization and resource management. – Swetha Singiri, Meta

13. Could a hacker exploit a human vector?

We readily invest in securing our systems and adding multiple safety layers, and yet hackers exploit our weaknesses. Often, the weakness is the knowledge employees possess and the way they protect that knowledge. – Bobbi Alexandrova, Loopio

14. What are the potential consequences of a breach?

“What are the potential consequences of a cybersecurity breach for our organization?” This question is crucial because it prompts businesses to evaluate the potential impact of a breach on their operations, finances, reputation and compliance obligations. Understanding consequences allows organizations to prioritize cybersecurity efforts effectively. – Michelle Drolet, Towerwall, Inc.

15. Is there complete visibility into all network traffic?

Businesses should ask themselves, “Do we have complete visibility into all network traffic and potential blind spots?” Without that answer, businesses are leaving themselves open to substantial risk. In fact, 93% of malware hides behind encrypted traffic, enabling cybercriminals to traverse laterally within an organization’s network, often going undetected for weeks to months before attacking. – Chaim Mazal, Gigamon

16. How are the most valuable assets protected?

A critical question for cybersecurity risk assessments is, “What are our most valuable assets, and how are they protected?” This is a vital question for prioritizing resources and managing limited budgets. For instance, a bank would assess protections around crucial customer data to identify weaknesses, ensuring that the most sensitive assets receive the strongest, most cost-effective defenses. – Tushar Vartak, RAKBank

17. How frequently will assessments be conducted?

Assessment is not a one-time activity, and businesses should decide on the frequency of intervals, according to their needs. The process of evaluation is not about filling out a questionnaire; it is about understanding what the risks are, who (teams versus individuals) owns them, and how the organization is prepared to overcome likely occurrences. Avoid dependence on any individual’s brilliance and take zero trust seriously. – Karthick V G, DigitusVerto

18. How are employees being educated about threats?

“What are we doing to educate employees about cybersecurity threats?” Human mistakes account for about 90% of breaches. Companies must ensure they deliver engaging, impactful awareness training and evaluate its effectiveness. Cybersecurity preparedness is not one-size-fits-all. Effective education requires targeted content and outreach done at regular intervals. – Suresh Kannan, Model N

19. How effectively does the current infrastructure shield against evolving threats?

Manual audits and in-house training have their place, but often fall short in dynamic cyber landscapes. Partnering with a trusted provider offering a robust platform and meticulously vetted packages is crucial for proactively fortifying defenses to safeguard against emerging vulnerabilities. – Rob Futrick, Anaconda

20. Are the security tools provided to employees convenient and easy to use?

Cybersecurity is often treated as a technical issue to be solved through technical means, but we shouldn’t forget that humans are the central element of the business. User experience should be a key consideration. Are the security tools provided to employees convenient and easy to use? If not, it is essentially inviting trouble by encouraging employees to work around security tools. – Song Bac Toh, Dell Technologies

Medical Providers Still Grappling With UnitedHealth Cyberattack: ‘More Devastating Than Covid’

May 28, 2024/in Risk Management/by admin

By Samantha Liss

Two months after a cyberattack on a UnitedHealth Group subsidiary halted payments to some doctors, medical providers say they’re still grappling with the fallout, even though UnitedHealth told shareholders on Tuesday that business is largely back to normal.

“We are still desperately struggling,” said Emily Benson, a therapist in Edina, Minnesota, who runs her own practice, Beginnings & Beyond. “This was way more devastating than covid ever was.”

Change Healthcare, a business unit of the Minnesota-based insurance giant UnitedHealth Group, controls a digital network so vast it processes nearly 1 in 3 U.S. patient records each year. The network is a critical conduit for shuttling information between most of the nation’s insurance companies and medical providers, who submit claims through it to get paid for treating patients.

For Benson, the cyberattack continues to significantly disrupt her business and her ability to pay her seven other clinicians.

Before the hack brought down the system, an insurance company would process a provider’s claim, then send a type of receipt known as an “electronic remittance,” which details the amount the provider was paid and whether the claim was denied. Without it, providers don’t know if they were paid correctly or how much to bill patients.

Now, instead of automatically handling those receipts digitally, some insurers must send forms in the mail. The forms require manual entry, which Benson said is a time-consuming process because it requires her to match up service dates and details to divvy up pay among her clinicians. And from at least one insurer, she said, she has yet to receive any remittances.

“I’m holding on to my sanity by a thread,” Benson said.

The situation is so dire, Alex Shteynshlyuger, a urologist who owns a practice in New York City, said he had to transfer money from his personal accounts to pay his office bills.

“Look, I am freaking out,” Shteynshlyuger said. “Everyone is freaking out. We are like monkeys in a cage. We can’t really do anything about it.”

Roughly 30% of his claims were routed through Change’s platform. Except for Medicare and certain Blue Cross plans, he said, he has been unable to submit claims or receive payment from any insurers.

The company is encouraging struggling providers to reach out to the company directly via its website, said Tyler Mason, vice president of communications for UnitedHealth Group.

“I don’t think we’ve had a single provider that hasn’t been helped that’s contacted us.” As part of that help, Mason said, UnitedHealth has sent providers $7 billion so far.

Ever since the February cyberattack forced UnitedHealth to disconnect its Change platform, the company has been working “day and night to restore services” and has made “substantial progress,” UnitedHealth CEO Andrew Witty told shareholders April 16.

“We see a fairly normal claims receipts and payments flow going on at this point,” Chief Financial Officer John Rex said during the shareholder call. “But we’ll really want to be careful on that because we know there are certain care providers out there that may have been left out of it.”

Rex said the company expects full operations to resume next year.

The company reported that the hacking has already cost it $870 million and that leaders expect the final tally to total at least $1 billion this year. To put that in perspective, the company reported $99.8 billion in revenue for the first quarter of 2024, an 8.6% increase over that period last year.

Meanwhile, the House Energy and Commerce Health Subcommittee held a hearing April 16 seeking answers on the severity and damage the cyberattack caused to the nation’s health system.

Subcommittee chair Brett Guthrie (R-Ky.) said a provider in his hometown is still grappling with the fallout from the attack and losing staff because they can’t make payroll. Providers “still haven’t been made whole,” Guthrie said.

Rep. Frank Pallone Jr. (D-N.J.) voiced concern that a “single point of failure” reverberated around the country, disrupting patients’ access and providers’ financial stability.

Lawmakers expressed frustration that UnitedHealth failed to send a representative to the Capitol to answer their questions. The committee had sent Witty a list of detailed questions ahead of the hearing but was still awaiting answers.

As providers wait, too, they are trying to cover the gaps. To pay her practice’s bills, Benson said, she had to take out a nearly $40,000 loan — from a division of UnitedHealth.

KFF Health News is a national newsroom that produces in-depth journalism about health issues and is one of the core operating programs at KFF—an independent source of health policy research, polling, and journalism. Learn more about KFF.

Summer Safety Hazards and How to Protect Your Employees from Them

May 28, 2024/in Risk Management, Safety/by admin

The summer brings several workplace hazards that can harm employees, especially those working outdoors and/or in areas without climate control. To help mitigate these risks, it’s important to remind your employees about seasonal dangers and take precautionary measures to ensure their safety.

Hazard 1: Heat Stress

“Heat stress” is a term for several heat-related illnesses that can lead to cardiovascular and respiratory complications, renal failure, electrolyte imbalances, and kidney stones in workers. Every year in the United States, an average of 702 heat-related deaths occur. Additionally, on average, there are 67,512 emergency department visits and 9,235 hospitalizations due to the heat.

Three types of heat-related illness include:

Heat cramps: Muscle spasms caused by salt and water loss. They often occur in the arms, legs, or trunk (chest, abdomen, pelvis, and back).
Heat exhaustion: Symptoms include fatigue, irritability, thirst, nausea or vomiting, dizziness or lightheadedness, heavy sweating, elevated body temperature, and rapid heart rate. Any employee experiencing these symptoms should receive first aid.
Heat stroke: The symptoms include confusion, slurred speech, unconsciousness, seizures, heavy sweating or hot/dry skin, a body temperature above 103 degrees, and a rapid heart rate. This is an emergency medical condition—call 911 immediately.

Incorporating the following safety tips into standard practice can assist in reducing heat stress exposures:

Provide workers with water at all job sites. Ensure workers hydrate before, during, and after work to prevent heat illness.
Modify work schedules. Monitor temperatures throughout the day and modify work schedules to limit strenuous activity during peak hours from 11 a.m. to 4 p.m. Also, allow frequent rest periods with water breaks in shaded or air-conditioned areas.
Avoid clothing that traps heat. If possible, choose lightweight, light-colored, breathable, loose-fitting clothing. Carry spare shirts to replace wet or sweaty shirts.
Wear cooling gear, such as wet neck towels or gel-filled cooling neck scarves or vests, to keep body heat down.
Consider air conditioning in a nearby room where workers can cool down.
Slowly acclimatize new or returning workers to the environment. Their bodies need time to adapt to working in the heat.
Educate workers on the signs of heat-related illness.

First aid for heat-related illnesses:

Take the affected worker to a cooler area (e.g., shade or air conditioning).
Cool the worker immediately. Use active cooling techniques such as:
- Immerse the worker in cold water or an ice bath. Create the ice bath by placing all the available ice into a large container with water. This is the best method to cool workers rapidly in an emergency.
- Remove outer layers of clothing, especially heavy protective clothing.
- Place ice or cold wet towels on the head, neck, trunk, armpits, and groin.
- Use fans to circulate air around the worker.
Never leave a worker with heat-related illness alone. The illness can rapidly become worse.
Stay with the worker.
When in doubt, call 911!

HAZARD 2: Sun Exposure

Not to be confused with exposure to heat, direct exposure to the hot summer sun and its intense ultraviolet (UV) rays poses safety risks to workers. Despite being almost entirely preventable, the American Academy of Dermatology estimates that more than 8,500 people in the U.S. are diagnosed with skin cancer every day.

Safety Tips:

Wear long-sleeved shirts and long pants to protect from UV rays.
Wear a hat with a brim that shades the face, ears, and back of the neck.
Wear UVA- and UVB-blocking sunglasses to protect eyes from UV rays and reduce the risk of cataracts.
Always use a broad-spectrum sunscreen (minimum sun protection factor (SPF) of 30 or above) when working outside, even on cloudy or cool days. Apply 20 minutes before heading outdoors and reapply every 2 to 3 hours.
Whenever possible, allow for breaks in shaded areas.
Get regular skin checks by a doctor to help detect any unusual skin changes that could lead to skin cancer diagnoses.

HAZARD 3: Poisonous Plants

Poison ivy, oak, and sumac have poisonous sap (urushiol) in their roots, stems, leaves, and fruits. The sap can get on the skin by direct contact with the plant or with contaminated objects such as clothing, shoes, tools, and animals. Symptoms can include red rashes within a few days of contact, swelling, itching, or possible bumps, patches, streaking, or weeping blisters. Burning these plants can also produce smoke that, when inhaled, can cause lung irritation.

Safety Tips:

Educate workers on the identification, signs, and symptoms of poison ivy, oak, and sumac plants.
Wear long-sleeved shirts and long pants that are tucked into boots.
Wear cloth or leather gloves.
Apply barrier creams to exposed skin.
Keep rubbing alcohol accessible, as it removes the sap up to 30 minutes after exposure.
If infected, apply wet compresses, calamine lotion, or hydrocortisone cream to reduce itching or blistering.
Call 911 or go to a hospital emergency room with a severe allergic reaction such as swelling or difficulty breathing.

HAZARD 4: Ticks and Mosquitoes

Ticks and mosquitoes can carry bacteria, parasites, or viruses. One of the most common tick-borne diseases in the U.S. is Lyme disease. The most common disease carried by mosquitoes is the West Nile virus infection. Symptoms of these diseases include body/muscle aches, fever, headaches, fatigue, joint pain, rash, stiff neck, and paralysis.

Safety Tips:

To decrease tick populations: remove leaf litter, mow, or cut back tall grass.
Wash and dry work clothes using “hot” settings to kill any ticks present.
Wear a hat and light-colored clothing to spot ticks easily; check skin/clothing daily.
To remove an attached tick, grasp with tweezers as close as possible to the skin site and pull upward and out with firm and steady pressure.
To decrease mosquito populations: eliminate standing water, remove debris from ditches, and place drain holes in containers that collect standing water.
Keep long-sleeved shirts and pants tucked into boots or socks.
Use Environmental Protection Agency (EPA) approved bug spray with one of the following active ingredients: DEET (20-30% strength), picaridin, IR3535, and lemon eucalyptus or para-menthane-diol oil. Do not use DEET on infants.

Spring Clean Your Workplace

April 3, 2024/in Health and Wellness, Risk Management, Workplace Wellness/by admin

The start of a new season is a great time to audit your workplace and ensure it’s safe and clean. Here are some spring cleaning and safety tips to reduce clutter, disinfect, safety test, and review your emergency preparedness plans.

Reduce Clutter and Disinfect

After the busy holiday season and inevitable frantic first quarter of the year, your workspaces and storage areas have likely been neglected. As clutter collects dust, which causes allergies, and is mentally distracting for many, now is a great time to clean, organize, and prepare for spring and beyond.

Pay particular attention to storage areas, warehousing spaces, and common areas. Remove any trash, update signage, organize, and deep clean as you go. Also, encourage employees to clean their spaces by providing ample cleaning supplies, trash disposal areas, and organizational tools.

Restock Supplies

Check your workplace storage to ensure your supplies are fully stocked. Pay particular attention to your cleaning supplies, office supplies, and paper goods.

Focus on Clean Air

Allergens spike in the spring, causing more itchy eyes, runny noses, and sneezes. To help clean the air, replace your HVAC air filters and clean all vents. You may also reduce the allergens caused by dirt, pollen, and dander, by running air purifiers and vacuuming and dusting more regularly.

Tidy Common Areas

Common areas tend to accumulate a lot of waste and discarded items. Take time to clean and organize your break rooms, staging areas, entrances, and exits.

Test Safety Equipment

Test smoke, fire, and carbon monoxide alarms to ensure they work properly. Its also a good time to replace any batteries. Check any fire extinguishers to confirm they are easily accessible and in date.

Review Emergency Plans

Having a safety plan for a natural disaster, pandemic, or other emergency is both responsible and necessary. Make sure you have a solid plan for building escapes, ideally one that includes two different routes from all major work areas. Be sure to make alternative plans for anyone with a disability and establish a meeting point safe from your building. Once your plans are established, be sure to communicate them with your teams and confirm everyone understands what to do.

Make an Emergency Preparedness Kit

Though hopefully you will never need it, it’s prudent to maintain emergency preparedness kits. Ensure that both first aid kit contents and batteries, water, and blankets are included.

Have a happy, health, risk-free season!

Autumn Workplace Safety Tips

October 2, 2023/in Risk Management/by admin

As the seasons change, and the weather begins to cool and the days begin to shorten, new seasonal hazards emerge. To help mitigate the risk these hazards pose, business owners should consider reevaluating your safety practices and reminding workers to be vigilant about the risks they may encounter during this season.

Here are 10 autumn workplace safety tips to help you get started:

Flu prevention:Fall marks the start of flu season. To help promote individual health, consider offering a free on-site vaccination clinic and encourage employees to practice good hygiene.
Ladder safety: Whether they’re at the job site, hanging decorations in the office, or cleaning gutters at home, employees should be reminded of best practices for ladder use. Be sure to stress the importance of choosing the right ladder for the job and maintaining three points of contact.
Prevent slips and falls: Keep walkways clear of leaves, which can become slick when it rains. For those living in colder climates, make sure sidewalks are cleared of ice and snow.
Prepare company vehicles: To prep for autumn and winter weather, replace wiper blades, check tires and fluid levels, and restock your emergency kit.
Consider autumn road hazards: Rain, fog, fallen leaves, sunsets, and longer, darker nights are all common hazards this time of year.
Promote mental health:The holidays can be a difficult time for many people. Leaders should be on the lookout for signs of mental illness and, if employees need support, point them to the appropriate resources.
Improve indoor air quality: Simple steps everyone can take to improve indoor air quality include staying home if you’re sick, following the company’s smoking policy, and immediately notifying maintenance if something smells off or you suspect an indoor air quality issue.
Use caution with candles: While a lighted candle creates a cozy atmosphere, it can also be a major fire hazard. Remind your teams that open flames should not be allowed in offices because of the potential for a fire.
Be safe with space heaters. If your workplace allows space heaters, educate employees on safe use practices. Consider requiring employees to request approval from a supervisor before using a space heater at work to ensure the proper precautions are followed.
General office safety: Inspect your smoke alarms, fire extinguishers, and first aid kits. A small amount of effort now will ensure these are in good working order in the event of an emergency.

Holiday Risk Management for Business Owners: Essential Tips for a Safe and Successful Season

Thanksgiving Safety and Wellness Ideas for the Workplace

The Importance of Maintaining Proper Insurance Coverages for Your Business

Autumn Risk Management

Five Primary Risk Management Techniques

20 Questions to Help You Assess Your Organization’s Cybersecurity Risks

Medical Providers Still Grappling With UnitedHealth Cyberattack: ‘More Devastating Than Covid’

Summer Safety Hazards and How to Protect Your Employees from Them

Spring Clean Your Workplace

Autumn Workplace Safety Tips

Modesto Office

Long Beach Office

Las Vegas Office

Utah Office

Get FREE Insurance News & Updates!