Cybercrime is a fast-growing threat to U.S. companies, with data breaches, phishing scams, ransomware and malware all now part of the corporate security vernacular. The COVID-19 pandemic has only made matters worse, causing more security threats now that more people are working from home on less secure networks. Security is not just an IT concern; it is an organization-wide risk with far reaching implications that also affects the operational and financial aspects of companies as a whole.
Countless businesses across the country have been forced to close their doors as COVID-19 continues to spread. As business owners seek to recover losses suffered due to shelter-in-place orders, many business interruption insurance claims are being denied under the assumption that closed businesses have not experienced a “direct physical loss of, or damage to, property.” In turn, business owners are taking insurers to court.
The U.S. Small Business Administration (SBA) is offering long-term, low-interest federal disaster loans for working capital for small businesses and private, non-profit organizations affected by the coronavirus (COVID-19) throughout the United States and associated territories.
In an article recently published in Healthcare Risk Management, Bennett Thrasher partner Chris Frederick discusses important factors healthcare organizations should pay attention to when dealing with cybercoverage and commercial insurance policies.
I am sure this headline has you thinking, what do a nice summer drink, a low humming sound and an insurance policy have in common? Absolutely nothing, but in this article, we’ll see how all three are changing the age-old insurance industry on a daily basis.
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