Understanding "Out-of-Band Verification" Clauses

The landscape of cyber insurance and the terms and conditions offered by providers are shifting. An increasingly common clause raising eyebrows is the "out-of-band verification" requirement. This stipulation, often buried within policy details, can significantly impact your coverage in case of cyberattacks like social engineering and funds transfer fraud.

Topics: Breach, Cyber, Ransomware, Hack, Hacking, Data, Insurance, Spear Phishing

Common Social Engineering Tactics to Watch For
 
Social engineering refers to a cyberattack method in which a cybercriminal preys on key human behaviors (e.g., trust of authority, fear of conflict and promise of rewards) to obtain unwarranted access to targets’ technology, systems, funds or data. These attacks can be deployed through various tactics, such as digital impersonation, deceitful messages or malicious software (known as malware). Social engineering attacks have become a significant threat to businesses of all sizes and sectors; after all, anyone can be targeted in these incidents—including entry-level workers, managers and CEOs. With this in mind, it’s crucial for businesses to be aware of frequently utilized social engineering methods and adopt effective cybersecurity measures to help mitigate these incidents. This article outlines common social engineering tactics to watch for and offers associated prevention and response tips.
 

Topics: Cyber, Ransomware, Hack, Hacking, Spear Phishing

Employer-reported Nonfatal Workplace Injuries and Illnesses Up 7.5% From 2021

Topics: safety, OSHA, workers compensation, work comp, Risk Management, Loss Control

OSHA recently revealed its top 10 most frequently cited standards in the 2023 fiscal year using preliminary data. This information is valuable for businesses of all kinds, as it helps them identify common exposures that affect their workforce and gives them the information they need to plan their compliance programs.

Topics: safety, OSHA

If you think all cyber insurance policies are the same, think again!

What may surprise you is that, unlike many other insurance policies you purchase, cyber policies don’t share any common policy forms. Each carrier custom tailors their insuring agreements that make up your policy. Technically, this is referred to as a “Named Perils” policy. The coverage only applies to what’s explicitly stated in the policy.

So why is this important? Many policyholders believe that when shopping for cyber insurance, as long as the limits match, the process is apples to apples. Unfortunately, that’s not the case. Policyholders (aka “insureds”) need to be hyper-aware that depending on the policy, coverage can change.

For example, cyber crime is often a reason for insureds to purchase coverage. Stories of Wire Transfer Fraud and ransomware are rampant for a good reason. According to the law firm BakerHostetler’s 2023 Data Security Incident Response Report (bit.ly/BakerHReport), the current year has experienced dramatically increased ransomware activity compared to 2022. Their research also has shown that ransomware accounts for 28% of all cyber incidents, with an average ransom payment of over $600,000 and significantly longer recovery times than in years past. Wire Transfer Fraud wasn’t far behind, accounting for 13% of incidents, with a median wire transfer loss of $97,044 and funds recovery on only 24% of all cases.

Topics: Breach, Cyber, Ransomware, Hack, Data, Spear Phishing

Governor Signs Bill Increasing Minimum Compensation Rate

On 9/6/23, Governor Hochul signed a bill which will increase the minimum rate in New York workers’ compensation claims to one-fifth of the state average weekly wage.  this goes into effect 7/1/26. Coming more quickly are other changes, Effective 1/1/24, the minimum rate will be increased from the current $150.00 per week to $275.00 per week. The minimum rate increases again on 1/1/25 to $325.00 per week. In any case where the claimant’s wages are less than the minimum rate, the claimant will receive his or her full wages.  The legislation is especially beneficial to lower wage workers who will benefit from the higher minimum compensation rate. This will potentially  increase workers’ compensation insurance premiums as well as costs for self-insured employers. By 1/1/25, the minimum compensation rate will be more than double the current $150.00 rate.     Moving forward, the  minimum compensation rate will be adjusted in each successive year after 7/1/26 to one-fifth of the state average weekly wage for the year in which it is reported.

Topics: workers compensation, Claims

These are the Top 10 most frequently cited OSHA violations in the workplace for 2022:

Topics: safety, OSHA, Loss Control

Keeping Safe with Winter Driving

Topics: winter driving, driving tips

Education Law 3023 Requires School Districts and BOCES to Insure and Indemnify All Teachers, including Student Teachers.

Topics: Insurance, School, Risk Management