Health Care Industry Trends to Watch

Apr 14, 2023

The health care industry is comprised of companies and institutions that provide and coordinate medical services and related goods. These organizations may range in size and specialize in various types of patient treatment and care. This industry plays an important role in the U.S. economy by promoting the continued innovation and advancement of medical solutions, thus contributing to a healthier and, in turn, more productive society.



The health care sector has experienced a number of ups and downs in recent years, brought on by fluctuating market demands amid the COVID-19 pandemic, supply chain struggles, evolving industry technology and ongoing medical inflation issues. Yet, industry spending continues to rise. Specifically, the Centers for Medicare and Medicaid Services reported that the nation’s health care expenditure reached $4.3 trillion in 2021, and is anticipated to climb to $6.2 trillion by 2028.


What’s more, there are several industry trends that could pose challenges in the coming months and years, including labor shortages, the expansion of telemedicine, the adoption of artificial intelligence (AI) and machine learning (ML) tools, and the utilization of wearable safety technology. As such, it’s best for health care organizations to closely monitor these sector developments and adjust their risk management practices as needed. This article provides more information on health care industry trends to watch.


Labor Shortages

The past few years have been met with labor shortages across industry lines. Further, the pandemic motivated some employees to reevaluate their job expectations, thus prompting additional workforce adjustments and exacerbating such shortages. The health care sector is no exception to this trend. After all, the pandemic made many health care positions more dangerous and difficult, placing extra pressure on medical professionals and pushing some of them to exit the field due to burnout. According to credit rating agency Fitch Ratings, health care job openings reached a record high of 9.2% during 2022, more than doubling the average rate over the past decade (4.2%). Looking ahead, the Association of American Medical Colleges is expecting the country to face a shortage of up to 124,000 physicians by 2034.


Labor shortages can have far-reaching impacts in the medical field, heightening health care organizations’ employee injury rates and associated workers’ compensation exposures. In particular, having fewer workers may force these organizations to extend their existing employees’ shifts and job responsibilities, putting them at greater risk of experiencing overexertion or repetitive motion injuries from patient-handling tasks. Additionally, these employees could be increasingly exposed to violent or aggressive patients on the job, further placing them in harm’s way and driving them toward mental exhaustion. In fact, a recent study conducted by the American Nurses Association found that 25% of registered nurses (RNs) and nursing students have been physically assaulted by a patient or patient’s family member, while half have been verbally abused.


Such shortages can also elevate health care organizations’ professional liability exposures. For example, overworked and mentally fatigued employees tend to be less alert and focused on their job tasks, making them more likely to make mistakes. In the medical field, such errors could lead to incorrect treatment methods or ineffective care, therefore threatening patient safety. According to recent data from market research company OnePoll, 90% of RNs believe the overall quality of patient care has declined because of staff shortages. Compounding concerns, patients or family members of those who receive improper care due to treatment errors could ultimately take legal action against the health care organizations responsible for such care, holding them liable for the resulting damages.


As a result, it’s critical for health care organizations to invest in measures aimed at attracting and retaining employees. These measures may include offering more competitive wages and benefits packages (e.g., tuition reimbursement options, flexible work arrangements and additional paid time off); implementing employee assistance programs and other staff well-being initiatives; and promoting a positive, safe working culture that empowers employees to voice their concerns regarding hazards and other incidents they encounter on the job. Apart from prioritizing employee attraction and retention strategies, health care organizations may also want to utilize technology to automate certain workplace processes, increase operational efficiencies and, subsequently, mitigate labor concerns.


Telemedicine

Telemedicine (also called telehealth) refers to the facilitation of medical treatment and services via digital communication methods, such as text messages and video calls. While telemedicine options were available before the pandemic, they surged in popularity over the past few years as a growing number of individuals began seeking virtual treatment for their ailments.


Telehealth can offer benefits to both patients and health care organizations. For instance, patients can utilize telemedicine to receive timely and simplified access to treatment for a variety of injuries and illnesses, as well as avoid potential problems that could arise when obtaining in-person services (e.g., exposure to ill patients, troubles navigating abnormal clinic hours, difficulties finding specialized treatment and challenges traveling to medical facilities). In addition, health care organizations can implement telemedicine to help reach a larger number of patients, boost operational efficiencies, combat rising medical expenses, expand diagnoses and screening options, and enhance chronic disease management capabilities. Even as the pandemic subsides, telehealth is likely here to stay (and evolve). According to research conducted by management consulting firm McKinsey & Company, telemedicine utilization is currently 38 times higher than pre-pandemic levels, accounting for 17% of patient visits across medical specialties.


Nevertheless, telemedicine can still present significant risks for health care organizations. Namely, virtual care comes with cybersecurity concerns. Considering patient data is an attractive target among cybercriminals and, as these hackers’ methods continue to advance, organizations that leverage telehealth could be particularly vulnerable to security breaches. Complicating matters, telemedicine regulations are constantly changing, leaving health care organizations with substantial compliance considerations.


Additionally, because telehealth visits don’t permit medical professionals to conduct physical examinations, they could miss out on crucial patient information while providing virtual care, possibly resulting in misdiagnoses, delayed treatment and related lawsuits. Telemedicine can also make it more challenging for health care organizations to ensure consistent treatment standards and expectations between in-person and digital services, as social cues may vary between these mediums. In some cases, poorly managed telehealth offerings could even end up fragmenting care rather than simplifying it, creating confusion and frustration among patients.

To reduce these risks, health care organizations should consider strategies such as using solid cybersecurity measures (e.g., multifactor authentication, network segmentation and antivirus tools) across virtual care platforms; consulting legal counsel to maintain compliance with applicable telehealth laws; requiring employees to diligently document important details during virtual visits to limit the likelihood of missing vital patient information; setting appropriate standards of care and social cues for employees to follow when providing digital services; and ensuring clear communication protocols between treatment channels to minimize fragmented care concerns.


AI and ML Tools

In addition to telemedicine, AI and ML tools have also become more heavily utilized throughout the health care industry. According to the latest data from market research company Global Industry Analysts, AI in the health care sector was valued at $14 billion in 2020, and is projected to skyrocket to nearly $120 billion by 2027. Examples of AI and ML offerings may include customer service chatbots, virtual care assistants, early diagnosis and imaging tools, and data storage and processing devices. Such technology has emerged as a way to help health care organizations customize patients’ treatment plans and automate certain tasks by analyzing medical records, detecting potential patterns and highlighting opportunities for enhanced health outcomes at rapid rates. This technology can be leveraged by medical professionals of varying experience levels and specialties to treat patients with a number of conditions, saving time and money among all parties involved.


Similar to telemedicine, however, AI and ML tools also pose exposures for health care organizations. Primarily, much of this technology operates based on human-generated algorithms and inputs, which means they may contain mistakes and biases. These issues could elevate the risk of treatment errors, misdiagnoses and patient discrimination incidents, therefore opening the door for increased liability concerns and associated litigation. Further, AI and ML tools carry cybersecurity risks, as both internal and external threat actors could attempt to infiltrate this technology for malicious purposes—whether it’s to steal patient data or interfere with treatment processes.


To limit such exposures, health care organizations should carefully and regularly review AI and ML tools for mistakes and biases, making changes when necessary. Implementing strict access controls and threat detection software across this technology may also be valuable to help mitigate possible cyberthreats.


Wearable Safety Technology

To keep a closer eye on patients’ conditions, some health care organizations have started leveraging wearable safety technology. This technology refers to a variety of electronic devices that patients can wear comfortably on their bodies while they engage in their daily routines. Such devices can be used to assess patients’ vital signs (e.g., heart rate, body temperature and blood pressure), track their activity levels and manage any chronic diseases they may have. By using wearable safety technology, medical professionals can better monitor patients in various settings and empower them to be more accountable for their own health. This technology can also help minimize employees’ workloads and decrease operational costs.


Yet, there is always a risk of this technology malfunctioning or delivering inaccurate data, leaving patients susceptible to injuries, illnesses or death if they aren’t treated in time. In some cases, health care organizations could even be held liable for these errors and the related damages. Mirroring other medical technology, such devices could also create cybersecurity concerns, as cybercriminals may seek access to patient data. To reduce these risks, health care organizations should perform extensive testing on wearable safety technology before offering it to their patients; review product manufacturers’ contracts to determine their specific liabilities as it pertains to technology malfunctions or errors; and equip devices with advanced encryption capabilities to safeguard patient data.


Conclusion

There are several trends currently impacting the health care sector. By staying on top of these developments and mitigating their exposures, health care organizations can position themselves to maintain operational success. For additional risk management guidance, contact us today.


Source: Zywave

Decorating Safely for the Holidays

04 Dec, 2023
The holiday season is a festive time when twinkling lights, Christmas trees, wreaths and more all help to adorn homes and properties throughout the country. However, these decorations often include electrical components, flammable materials and open flames. To ensure maximum safety for you, your loved ones and your home while still enjoying the beauty of holiday decorations, consider the following steps: Adhere to all installation and safety instructions regarding decorative lights. Inspect both newly purchased and old lights used in previous years and dispose of any that have cracks, exposed wires or loose connections. Avoid connecting more than three sets of decorative lights to a single extension cord. Unplug lights and other electrical decorations whenever they are unattended, including while you are sleeping. Set up Christmas trees at least 3 feet away from heat sources. Do not keep Christmas trees in your home for over two weeks, as they may become dry and present significant fire hazards. Hang breakable ornaments and those with detachable parts at higher levels to ensure they are out of the reach of children and pets. Use ground fault circuit interrupting outlets for outdoor lights and ensure these decorations’ plugs are kept away from snow, ice and water. Arrange potentially poisonous plans, such as holly berries and mistletoe, in areas that are out of the reach of children and pets. For more resources regarding home safety and homeowners insurance, contact us today. Source: Zywave

Turkey Fryer Safety Tips

22 Nov, 2023
While preparing your Thanksgiving turkey in a turkey fryer can be a timeless tradition, it’s important to keep cooking safety measures in mind to protect yourself, your guests and your home. After all, the U.S. Fire Administration states that Thanksgiving is the peak day for home cooking fires. Don’t let your next holiday gathering become another statistic. Use this guidance to ensure turkey fryer safety and enjoy a stress-free Thanksgiving. Cooking Tips As with any cooking tool, it’s important to take caution when using a turkey fryer, as it can be extremely dangerous. Here are some tips to consider when frying a turkey: Stay in the area where you are cooking. Leaving the turkey unattended may cause the fryer to overheat, resulting in a fire. Use your turkey fryer on a level surface. Anything that might cause the fryer to tip over may result in a hot oil spill. Thaw your turkey before cooking. Water from a still-frozen turkey can cause the oil to bubble or splash over the pot. Keep small children and animals away from the fryer while it is in use. There is a great risk that a child or pet could run into the fryer, knocking it down and causing serious injury. A safe distance of three to 10 feet away is recommended. Have safety equipment ready. Use oven mitts, goggles and an apron while cooking. Have a fire extinguisher nearby in case of emergency, and keep flammable items away from the fryer. Keep it Outdoors For your safety, only use a turkey fryer outside and away from your home. Never use a turkey fryer in a garage or on a porch. Also, be sure to keep some distance between yourself and the fryer as you monitor it—you wouldn’t want to accidentally get splashed with hot oil.  For more home safety guidance and homeowners insurance solutions, contact us today.

Protecting Your Business Against Frozen Pipes and Sprinkler Systems

07 Nov, 2023
During the winter season, businesses face a unique set of property challenges, including the risk of frozen pipes and sprinkler systems. These issues can result in costly damage, disruption of operations and potential safety hazards. It is essential to understand which pipes and systems are most vulnerable to freezing, the impact of cold weather on pipes and sprinkler systems, and how to take preventive measures to protect your business’s operations. Where Are Pipes and Sprinkler Systems Most at Risk of Freezing? Pipes and sprinkler systems are most exposed to freezing in areas of a building or property where temperatures can drop significantly during cold weather. The vulnerability to freezing depends on the specific location and environmental conditions.  Here are the most common areas where pipes and sprinkler systems are highly exposed to freezing: Exterior walls—Pipes located near or within exterior walls are particularly vulnerable. These walls are exposed to the outdoor elements; when temperatures plummet, the cold can penetrate the walls and affect the pipes within. Ceiling voids—Ceiling voids are often poorly insulated and may lack heating. As a result, any pipes in the ceiling void can be exposed to freezing temperatures, especially in regions with severe winters. Basements and crawl spaces—Basements and crawl spaces are typically cooler than the rest of the building, so pipes may not receive sufficient heat. Utility rooms—Rooms housing water heaters, boilers and other plumbing components can be prone to freezing if not adequately heated. Exterior pipelines—Outdoor pipelines, including those used for landscaping, irrigation or fire protection, are exposed to the elements. If not properly insulated or protected, they can freeze in cold weather. Unheated storage areas—Unheated storage areas, such as warehouses or storage rooms, often lack sufficient heating. Any pipes in these spaces are at risk of freezing when temperatures drop. Roof—In some commercial and industrial buildings, roof-mounted sprinkler systems are installed for fire protection. Due to their location on the roof, where cold winds and precipitation can impact them, these systems can be exposed to freezing temperatures. What Impact Can Frozen Pipes and Sprinkler Systems Have on Businesses? The freezing of essential building infrastructure components like pipes and sprinkler systems can significantly impact your business, leading to a range of negative consequences that affect operations, finances and safety. Here are the key impacts of frozen pipes and sprinkler systems: Disruption of operations—Frozen pipes can cause leaks, leading to water supply shutdown and disruptions in day-to-day operations. Property damage—Burst pipes and malfunctioning sprinkler systems can cause costly water damage to a building’s structure, interior and equipment. Safety risks—Frozen pipes can cause leaks, flooding and slip-and-fall hazards. Water damage can also create electrical hazards. Further, malfunctioning sprinklers can be dangerous during a fire emergency. Loss of reputation and customer trust—Businesses that experience disruptions or safety incidents due to frozen pipes or sprinkler systems may suffer reputational damage. Customers and clients may lose trust in the company’s ability to maintain a safe and reliable facility. Regulatory and compliance issues—Certain industries and regions have specific regulations and codes related to fire protection systems. Failure to maintain a functional sprinkler system can result in legal compliance issues, fines and penalties. Increased insurance costs—Businesses affected by frozen pipes or sprinkler systems may need to file insurance claims to cover repair and restoration costs. This can lead to increased insurance premiums in the future. Operational inefficiency—Addressing the aftermath of frozen pipes and sprinkler system issues can divert resources away from regular business activities, leading to inefficiencies. Steps to Minimize the Risk of Frozen Pipes and Sprinkler Systems To reduce the risk of freezing pipes and sprinkler systems, businesses can take several preventive measures. The following steps can help protect the integrity of their infrastructure, avoid costly damage and maintain the functionality of fire protection systems: Insulate pipes. Insulate pipes in unheated or exposed areas with pipe insulation sleeves or heat tape to prevent freezing. Check the insulation for deterioration. Seal gaps and cracks. Inspect the building for gaps, cracks and openings that allow cold air to enter. Seal these areas to prevent drafts that can affect the temperature of pipes. Maintain adequate heating. Ensure that spaces containing pipes are properly heated, especially in areas with exposed pipes. Consistent heating prevents freezing. Monitor the heating system to ensure proper function and maintain suitable temperature in vulnerable areas. Drip faucets. During extremely cold weather, allow faucets to drip slowly. Running water is less likely to freeze, reducing the risk of burst pipes. Protect sprinkler systems. To prevent the freezing of sprinkler pipes, insulate or use heat tape in susceptible areas. Hire a professional to ensure proper installation. Consider using antifreeze solutions designed for fire protection systems. Conduct regular inspections. Schedule routine inspections of your plumbing and sprinkler systems, particularly before the winter season. Identify and address issues early to prevent more significant problems. Prepare for emergencies. Create an emergency plan for frozen pipes or sprinkler malfunctions. Educate employees on the protocol to minimize damage. Keep contact information of professionals for immediate assistance. Watch the weather. Stay informed on weather forecasts, especially during cold spells. Take extra precautions when extremely low temperatures are expected. Train employees. Train employees on how to identify signs of freezing pipes or sprinkler system issues and make sure they know how to shut off the water supply in case of an emergency. Monitor exterior systems. If your business has exterior sprinkler systems for landscaping or fire protection, monitor and winterize them properly. This may involve draining the systems or implementing other protective measures to prevent freezing. Use frost-resistant materials. When installing new plumbing or sprinkler system components, consider using frost-resistant materials that are less prone to freezing. Conclusion It is crucial to protect your business from frozen pipes and sprinkler systems to prevent expensive damage and maintain business operations during the winter season. By identifying areas that are vulnerable, understanding the impact of cold weather on pipes and implementing preventive measures, you can protect your business, ensure the safety of your employees and safeguard your assets. Contact us today for more information. Source: Zywave

Halloween Safety for Children

31 Oct, 2023
Halloween celebrations can come with a range of fun activities and lead to lasting memories for your children. However, these festivities can also carry serious safety risks. That’s why it’s important to have precautions in place to protect your kids from the risk of Halloween-related injuries or accidents. Keep reading for an outline of Halloween safety tips for your kids. Costume Precautions Do not let children wear baggy or long costumes, as they are difficult to walk in and can be tripping hazards. Purchase wigs, costumes and accessories that are fire-retardant. Select face makeup and paint that is labeled as non-toxic and approved by the U.S. Food and Drug Administration to prevent allergic reactions.  Place reflective tape on your children’s costumes and candy buckets if they are going trick-or-treating at night. Trick-or-Treating Safety Remind children to stay on the sidewalk and look both ways before crossing the street. Do not allow children under 12 years old to go trick-or-treating by themselves. Remind children to never approach or get into a car with a stranger offering them candy. Once your children get home, inspect their candy to ensure it’s safe to eat. Pumpkin Carving Tips Only carve pumpkins on a flat surface with adequate lighting, such as a kitchen table. Use a pumpkin-carving kit that includes tools appropriate for the task. Place lit jack-o’-lanterns away from flammable objects, such as sheets and curtains. Trick-or-Treating in Busy Areas In addition to these tips, make sure you take extra precautions when your children go trick-or-treating in busy areas. If you live near busy roads, consider only allowing your children to trick-or-treat during the day, or accompany children of all ages to keep them safe among fast-moving motorists. Source: Zywave

Potholes and Your Car

20 Oct, 2023
According to a AAA survey, potholes caused significant vehicular damage for 1 in 10 drivers in 2021. The average cost to repair pothole-related damage was $600 but exceeded $1,000 in some cases. What’s worse, the same drivers often filed multiple claims, averaging two pothole-related repairs a year. Common pothole-related damages include wheel and tire damage and damage to the suspension, steering and alignment systems. Potholes form when groundwater freezes beneath the pavement, causing it to expand and crack. When the ice melts, gaps are left under the pavement, weakening its structure until the pavement breaks beneath the weight of cars. Although potholes may be unavoidable, vehicular damage doesn’t have to be. Consider the following guidelines for avoiding pothole-related damage: Ensure your tires have proper inflation, tread depth, alignment and suspension. Scan the road ahead for potholes and drive around them when it’s safe. Avoid driving through standing water (which may conceal deep potholes) whenever possible. Slow down and avoid sudden braking if you must drive over a pothole or through standing water. Be aware of any new sounds or vibrations in your vehicle after hitting a pothole. Take your car to a trusted mechanic for a full inspection if necessary. Does My Insurance Cover Potholes? Collision coverage typically helps pay for pothole-related damages. This optional type of auto insurance can help pay for damage caused by collisions with objects (e.g., potholes or guard rails). This coverage typically has a deductible, which is an out-of-pocket cost you must pay before your coverage kicks in. You may choose not to file a claim with your insurance company if the cost to repair pothole-related damage is less than your deductible. For additional driving safety guidance and auto insurance solutions, contact us today. Source: Zywave

National Teen Driver Safety Week 2023

12 Oct, 2023
October 15-21 is National Teen Driver Safety Week. During this week, the U.S. Department of Transportation’s National Highway Traffic Safety Administration encourages parents to have important conversations with their teenagers about staying safe behind the wheel. According to the United States Department of Transportation, 2,608 people were killed in crashes involving teenage drivers in 2021. Car crashes remain the leading cause of death among U.S. teens, and according to the Insurance Institute for Highway Safety, drivers ages 16 to 19 are almost three times more likely to be involved in fatal crashes per mile driven than those ages 20 and older. Here are some tips to share with your teenager about safe driving. Don’t drive while distracted. Research has shown that texting and driving significantly increases crash risk, and in 2021, the U.S. Department of Transportation reported that 7% of teen fatal crashes involved distracted drivers. Educate your teen on the dangers of driving distracted—this includes eating, applying makeup and adjusting the radio, in addition to cell phone use. Don’t drink or do drugs. Drinking or doing drugs is both illegal and dangerous while driving a vehicle. In 2021, 19% of teen drivers involved in fatal crashes were intoxicated. Remind your teenager that they should never get in the car with someone who is impaired—in addition to never drinking and driving themselves. Remind your teenager that they can call you or another trusted adult for a safe ride home if they need one. Limit passengers. Studies show that a teenager is three times more likely to engage in risky behaviors while driving with multiple passengers. Familiarize yourself with your state’s graduated driving law and enforce these requirements with your teen driver. Don’t speed. Speeding was a factor in nearly one-third (32%) of fatal teen crashes in 2021. Closely monitor your teen to ensure safe driving behavior. Be a good role model and don’t speed with your teen in the car. Wear a seatbelt. Seat belt use is lowest among teenage drivers. In 2021, over half (51%) of teenage driving fatalities were not wearing a seat belt. Talk to your teenager about why seat belts are essential. Set a good example by always wearing your seat belt with them in the car. Don’t drive while drowsy. According to the National Highway Traffic and Safety Administration, there were 684 fatalities due to drivers being drowsy while behind the wheel in 2021. Studies have shown that teens and young adults are particularly at risk of drowsy driving and subsequent accidents. Carefully monitor and limit your teenager’s night driving per state guidelines. Contact us today f or additional guidance on safe driving or questions about adding your teenager to your auto insurance policy. Source: Zywave

Tips for Pest-Proofing Your Home

04 Oct, 2023
Preparing Your Home for Fall Pests As fall brings colder temperatures, the warm interior of your home can offer shelter, breeding spaces and a source of nourishment to household pests. Common household pests, such as flies, rodents, squirrels, wasps, ants and various bugs, can bring about property damage and health and safety risks for homeowners. By taking proactive steps to pest-proof your home, you create a safer, more comfortable and healthier living environment for you and your loved ones. Tips for Pest-Proofing Your Home To keep your home pest-free, keep the following tips in mind: Schedule a pest control service to treat your home with pesticide spray at regular intervals. Use traps or poisons to catch larger pests like mice or rats. Clean and sanitize your home regularly. Check and maintain the seals around all entry points of your home, including door and window seals and vents. Locate and fill in cracks or holes in your home’s foundation or structure. Put screens on attic vents and openings to chimneys. Ensure your basement, attic and crawl spaces are well ventilated and dry. Store firewood at least 20 feet away from your home. Inspect any preowned furniture or thrifted items before bringing them into the house. Did You Know? Sometimes it takes knowing the ugly truth about pests to motivate you to take action. Did you know: An estimated 21 million homes in the United States are invaded by mice and other rodents each winter. Mice can fit through gaps as small as a dime. Mice can carry as many as 200 human pathogens, including salmonella. Your home is one of your biggest investments. Don't allow pests to find room in your house this fall unless you just want some extra company! Source: Zywave

9 Controls to Know this National Cybersecurity Month

21 Sep, 2023
October is National Cybersecurity Awareness Month. During this annual event, government and cybersecurity leaders and the insurance community come together to raise awareness about the importance of cybersecurity. It is important to remember that businesses must stay cyber-secure to safeguard company data, protect customers’ personal information and ensure employee privacy. Here are 9 essential cybersecurity controls that organizations can implement to help manage their cyber exposures. Endpoint Detection and Response (EDR) Solutions: EDR solutions record and store events from endpoint, utilize various data analytics techniques to detect suspicious system behaviors, provide contextual information, block malicious activities and offer remediation suggestions to help organizations restore affected technology Patch Management: Patches are software and operating system updates that address security vulnerabilities within programs and products. A consistent approach to patching and updating software and operating systems can help organizations limit their cyber exposures. Network Segmentation and Segregation: Network segmentation refers to dividing larger networks into smaller segments, whereas network segregation entails isolating crucial networks from external networks, such as the internet. Both processes limit the risk of cybercriminals gaining expansive access to organizations’ IT infrastructures. End-of-Life Software Management: When software reaches the end of its life, manufacturers will discontinue technical support and security improvements for these products, thus creating vulnerabilities that cybercriminals can easily exploit. As such, having plans for introducing new software and phasing out unsupported products is critical. Remote Desk Protocol (RDP) Safeguards: RDP ports allow users to connect remotely to other servers or devices. Although these ports are useful, they can also be leveraged as a vector for launching ransomware attacks. To safeguard their RDP ports, organizations should keep these ports turned off when they aren’t in use and ensure such ports aren’t left exposed to the internet. Email Authentication: This technology monitors incoming emails and determines the validity of these messages based on specific sender verification standards that organizations have in place. Such technology can help keep potentially dangerous emails out of employees’ inboxes. Data Backups: Organizations should determine safe locations to store their critical data, generate concrete schedules for backing up this information and outline data recovery procedures to ensure swift restoration amid possible cyber events. Multifactor Authentication (MFA): MFA is a layered approach to securing data and applications where a system requires a user to present a combination of two or more credentials to verify their identity for login. Organizations should enable MFA for remote access to their networks. Employee Training: Employees are widely considered organizations’ first line of defense against cyber incidents, making cybersecurity training crucial. This training should occur regularly and center around helping employees identify and respond to common cyberthreats. For more cyber risk management and insurance guidance, contact us today. This information is not intended to be exhaustive, nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel or an insurance professional for appropriate advice. ©2023 Zywave, Inc. All rights reserved.

How Business Email Compromise Scams Work

15 Sep, 2023
Essentially, Business Email Compromise (BEC) scams consist of cybercriminals impersonating individuals or entities within their targets’ trusted networks for malicious gains. These scams are categorized as a form of social engineering, which refers to a broader cyberattack method that preys on key human behaviors (e.g., trust of authority, fear of conflict and promise of rewards) to obtain unwarranted access to organizational systems, funds or data. While the specific methods utilized for executing BEC scams can vary, these incidents often follow the same general framework. Here are the main steps a cybercriminal takes when deploying a BEC scam. Researching the Organization First, a cybercriminal selects an organization to launch their BEC scam against. From there, the cybercriminal will conduct a range of research on the organization to help them develop a detailed profile of the company and its executives, create convincing emails and gain their target’s trust during the attack. This research may include activities such as the following: Analyzing the company’s website and LinkedIn page to understand its organizational hierarchy (e.g., members of the senior leadership team, primary department roles and reporting structures) Finding and examining individual employees’ social media profiles and professional platforms to learn more about their interests, job responsibilities and workplace connections Reviewing any other information available on the company (e.g., industry news articles, public records and press releases) to identify key organizational issues and developments Selecting the Target After researching the organization, cybercriminals will use the information they collected to prepare for their attack. At this point, the cybercriminal picks a specific individual within the organization as their main target for the incident, likely someone who has access to critical company funds and data. Launching the Attack Once they choose their target, the cybercriminal will deploy malicious software (also called malware) to access their target’s email account, monitoring the target’s digital interactions for days or weeks without their knowledge. Doing so allows the cybercriminal to see who the target frequently interacts with, what their conversations typically look like and the types of activities they conduct via email (e.g., paying invoices or sharing sensitive company files). The cybercriminal can then use this information to better impersonate a trusted sender and manipulate the target. What’s more, the cybercriminal may also hack into the email account of another individual in the target’s organizational network, inserting themselves directly into legitimate conversations and further convincing the target to engage in compromising activities. Here are some other common attack strategies the cybercriminal may use: Utilizing fake accounts or websites—If the cybercriminal opts not to hack into the target’s or a trusted sender’s email account, they will likely rely on fraudulent accounts or websites to launch their attack. For example, the cybercriminal may send emails using false domain names that appear genuine or direct the target to seemingly legitimate websites (also known as domain spoofing). Similarly, the cybercriminal may utilize lookalike domains, which almost exactly match the actual source, to deceive their target into performing certain actions. Creating confusing variations—In an attempt to convince their target that they are a trusted source, the cybercriminal may create an email address that is nearly identical to the source they are impersonating, with the exception of a few characters (e.g., altering the email address “janedoe@samplecompany.com” to “janedoee@samplecompanyy.com”). Using spear-phishing techniques—The cybercriminal may engage in spear-phishing by conducting additional, personalized research on their target and leveraging any extra details they discover to further motivate the target to believe their false identity. When spear-phishing, a cybercriminal will often impersonate a source who is more directly connected to their target (e.g., a close colleague or department leader). Deploying additional malware—When sending fraudulent emails, a cybercriminal may encourage their target to download harmful attachments or click on deceptive links in an effort to launch additional malware. Once activated, this harmful software can help the cybercriminal more easily gain access to their target’s systems, funds and data. Manipulating the Target Once the cybercriminal convinces their target that they are engaging in a genuine business interaction, they will conclude the attack by manipulating the target into wiring company funds to the cybercriminal’s personal bank account or a bank account controlled by a large-scale organized crime group; sharing sensitive organizational details, intellectual property, supply chain information or workplace documentation; providing account credentials; or disclosing confidential employee or customer data. Protect Yourself BEC scams have become a pressing concern for all businesses, regardless of size or industry. With these incidents on the rise, businesses simply can’t afford to ignore their BEC exposures. Nonetheless, by implementing effective prevention, response and recovery procedures, businesses can not only limit their likelihood of experiencing such incidents but also mitigate possible losses when attacks arise.  Above all, it’s crucial for businesses to understand that they aren’t alone in managing their cyber risks and safeguarding against BEC scams. There is a wide range of resources and guidance available from trusted experts and professionals. For more information, contact Vista Insurance Group today. Source: Zywave

10 Fall Home Maintenance Tips

01 Sep, 2023
Fall signals cooler weather, and the pleasant temperatures let you comfortably do necessary home maintenance before winter arrives. By taking the time to maintain your home each season, you can keep common household problems at bay. Get Started With These Maintenance Tips CLEAN GUTTERS AND DOWNSPOUTS. Clear leaves and debris from gutters and downspouts to prevent flooding and freezing around your foundation. CHECK YOUR ROOF FOR SIGNS OF DAMAGE. Carefully check your roof for signs of leaks or other damage. Fall is a good time to hire a professional to perform a roof inspection. CHECK FURNACE FILTERS. Inspect your furnace and replace the furnace filters. TEST SMOKE AND CARBON MONOXIDE DETECTORS. Test all smoke and carbon monoxide detectors. It’s best to replace batteries annually. A good reminder is when daylight savings time ends in November. PREP YOUR LAWN. Rake leaves, fertilize and aerate your lawn, so you are prepared when spring arrives. STORE HOSES. Remove hoses from spigots. Drain and store them indoors, ensuring they are coiled and flat. STOCK UP ON WOOD OR PELLETS. If you have a fireplace or woodstove, it’s a good idea to stock up on wood or pellets during the fall months before winter hits. SWAP WINDOW SCREENS FOR STORM WINDOWS. Remove screens and install storm windows. Clean and repair screens before storing them in the basement or garage. CLEAN WINDOWS AND DOORS. Clean windows and any sliding door tracks to ensure they operate smoothly all year long. DRAIN GAS FROM YARD EQUIPMENT. Empty gas from your lawn tools before winter arrives. Gasoline can damage rubber parts if it’s left in equipment. Spending time checking off the items on this fall home maintenance list will help you stay warm and safe through the winter. Better to deal with these projects during fall temperatures instead of waiting until it's too cold outside. Contact us with any questions you have about your homeowners policy. Source: Zywave
More Posts
Share by: