<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-02-27T13:26:58-05:00 <![CDATA[State of the Market 2021: Cyber]]> https://risk-strategies.com/knowledge-center/article/state-of-the-market-2021-cyber#When:20:47:02Z Following a turbulent year, it is hardly an exaggeration to say that the insurance market is in full blown chaos. Rates are higher, claims are up, and the market continues to harden. As we brace for what promises to be another challenging year, let’s take a closer look at the state of cyber as it stands right now.

Rate Increases

In the first half of 2020, clients could still expect the usual rate increases year over year, which would typically be in the 1-2% range. In the second half of the year, however, we saw rates jump suddenly to 18%,…]]> 2021-02-23T20:47:02+00:00 <![CDATA[The Benefits of Using Telematics in Fleets]]> https://risk-strategies.com/knowledge-center/article/the-benefits-of-using-telematics-in-fleets#When:19:07:44Z Delivery and logistics companies accelerated their digital transformation strategies in 2020 to solve operational challenges and combat safety risks amid the global COVID-19 pandemic. Technologies once seen as add-ons or luxuries are now considered the standard by most.

Telematics systems marry information technology with telecommunications and has quickly become the norm for most fleets. According to Teletrac Navman, 86% of fleets used telematics in 2019, up significantly from just 48% in 2017 and 82% in 2018.

This technology empowers fleet managers and administrators to have the ability to solve unique business challenges and make data-driven decisions.

The Pros of…]]> 2021-02-08T19:07:44+00:00 <![CDATA[Industry Outlook: Cyber Insurance & Cybersecurity]]> https://risk-strategies.com/knowledge-center/article/industry-outlook-cyber-insurance-cybersecurity#When:20:58:43Z 2020 saw the rise of several key trends in the cybersecurity space, exacerbated by the COVID-19 pandemic and an ever-increasing reliance on technology. As we head into the New Year, let’s look at some of the most pressing issues facing our clients into 2021 and beyond.

Third-Party Vendor Risk

There were a number of extremely high-profile cloud service breaches in 2020, most notably the SolarWinds data breach and the Blackbaud data breach. The effects from both these incidents trickled all the way down to the customers of those cloud service providers, generating greater concern about the risk of…]]> 2021-02-04T20:58:43+00:00 <![CDATA[COVID-19 Vaccine and Last-Mile Delivery Challenges]]> https://risk-strategies.com/knowledge-center/article/covid-19-vaccine-and-last-mile-delivery-challenges#When:14:36:38Z As a number one priority for the new Biden administration, the U.S. is continuing to ramp-up its efforts for the production and delivery of COVID-19 vaccines.

The mass rollout, coupled with an already depleted supply chain market due to COVID-19’s impact on the e-commerce boom and holiday season, could be the biggest logistical challenge the nation has seen. It leaves many grappling with the question, “Is the transportation and delivery network able to handle the last-mile delivery?”

Last-Mile Delivery Challenges

Even though there are big brand names attached to the vaccine distribution plan at a high level, at a tactical…]]> 2021-02-03T14:36:38+00:00 <![CDATA[‘Tis the Season for Home Delivery Risk]]> https://risk-strategies.com/knowledge-center/article/tis-the-season-for-home-delivery-risk#When:15:54:48Z This time of year, driven by holiday spirit or just finding a great deal, people often give or receive large household items like TVs, dishwashers, washers, dryers, refrigerators and so on.

When preparing for the increase in delivery of these higher value items and related installations following the holidays, especially when mixed with the already high demand COVID-19 has placed on the industry, it’s important to first take a close look at your current insurance coverage to protect against any possible risk.

Installation Services Gone Wrong

With more and more delivery companies becoming the one-stop shop for both delivery and…]]> 2021-01-19T15:54:48+00:00 <![CDATA[Climate Change and Cyber Risks in 2021]]> https://risk-strategies.com/knowledge-center/article/climate-change-and-cyber-risks-in-2021#When:14:07:09Z I don’t claim to know what the future holds, or what catastrophic event will send the world wobbling next. COVID-19 took everyone off-guard, even though there were predictions and warning signs about a global pandemic for at least 20 years. COVID will have lasting effects on the way businesses operate, just as 9/11 forever changed air travel and security. Events of such magnitude have ripple effects far into the future and cause many of us to ask, “What’s next?”

From my perspective, the risks associated with climate change and cyber present very real threats to our personal and economic ways…]]> 2021-01-11T14:07:09+00:00 <![CDATA[2021 Industry Predictions: Architects and Engineers]]> https://risk-strategies.com/knowledge-center/article/2021-industry-predictions-architects-and-engineers#When:18:33:08Z As COVID-19 continues to dictate our lives and have far-reaching impacts in every industry, the Architect and Engineer team at Risk Strategies is taking a forward look at what we think the new year will bring.

Investment in Transportation

In the public sector, particularly in transportation, we’ve seen a mixed bag for our clients in terms of growth. Some are having a good year, while others are seeing measurable decline in revenue streams. This is directly tied to federal and state budgets and the incidental costs brought on by the pandemic.

On the federal level, the absence of a major…]]> 2021-01-05T18:33:08+00:00 <![CDATA[Demography, Regulation and Fringe Benefits]]> https://risk-strategies.com/knowledge-center/article/demography-regulation-and-fringe-benefits#When:14:59:31Z Risk Strategies recently announced the acquisition of FBA National, a firm primarily focused on benefits administration and tailoring benefit packages for clients complying with wage parity, living wage, and similar requirements such as prevailing wage rules for government contractors.

As a practical matter, the FBA National acquisition is a nice fit for our national Employee Benefits practice. Like our 2016 acquisition of TSG Financial they are headquartered on Long Island and are also a regional market leader in serving clients in the home health care industry

But the acquisition of FBA National is about much more than a…]]> 2020-12-23T14:59:31+00:00 <![CDATA[Is Health Insurance Actually Insurance?]]> https://risk-strategies.com/knowledge-center/article/is-health-insurance-actually-insurance#When:14:49:30Z One of the definitions of insurance by Merriam-Webster is: a means of guaranteeing protection or safety.

Sometimes insurance policies protect the value of property, cover the expense of defending a lawsuit, or the expenses resulting from a cybersecurity breach. But when it comes to health insurance, the definition seems not to apply as clearly. Is this “insurance” in the Merriam-Webster form, or is it something else?

When significantly large claims occur in those above policies, your insurance company may choose not to renew, or at best, offer to renew at an increased premium. Usually, the amount of increase is paltry…]]> 2020-12-23T14:49:30+00:00 <![CDATA[SolarWinds Orion Platform Exploitation Advisory]]> https://risk-strategies.com/knowledge-center/article/solarwinds-orion-platform-exploitation-advisory#When:21:49:48Z The Cybersecurity and Infrastructure Security Agency (CISA) has issued an emergency directive in response to a known compromise and ongoing exploitation by malicious attackers of SolarWinds Orion, SolarWinds Orion, a network monitoring and management platform commonly used by outsourced IT managed service providers. We recommend contacting your IT team or provider in order to determine if you use SolarWinds Orion and if steps need to be taken to secure your environment.

If you believe you have been impacted by this incident please contact the RSC Breach Response hotline at (888) 760-2493 or send an email to 2020-12-16T21:49:48+00:00