<![CDATA[Blog]]> https://www.risk-strategies.com/ en info@risk-strategies.com Copyright 2021 2021-04-23T13:39:53-04:00 <![CDATA[Vendor Selection: Best Practices for Risk Management]]> https://risk-strategies.com/knowledge-center/article/vendor-selection-best-practices-for-risk-management#When:17:48:33Z When we talk about third-party vendors, we’re talking about the companies you employ to provide services to you or your customers. They can be incredibly useful and cost-effective resources, but they also present a big risk to those who contract with them. If third-party vendors experience a data breach, it potentially exposes you and your clients, and it will be your responsibility to investigate, respond, and cover the costs of the damage.

Vendors can range from custodial companies, to IT services, to professional service firms. Whatever their contracted function, they have access to your physical premises and/or your network data.…]]> 2021-04-20T17:48:33+00:00 <![CDATA[Webinar Recap - Lessons Learned from the Field: Real Life Claims Stories]]> https://risk-strategies.com/knowledge-center/article/webinar-recap-lessons-learned-from-the-field-real-life-claims-stories#When:13:02:48Z With Robert Rosenzweig, Risk Strategies National Cyber Risk Practice Leader ; Richard Sheridan, Chief Claims Officer at Berkley Cyber Risk Solutions and Steve Krusko, Chief Underwriting Officer at Berkley Cyber Risk Solutions.

As cyber risk professionals, ransomware attacks don’t just represent numbers to us – they’re the real-life struggles that businesses we work with every day face. In our latest webinar we highlight three real-life examples of insurance claims that were filed after ransomware attacks to demonstrate where businesses are vulnerable and how to mitigate future risk.

What You Missed

Current Threat Landscape

Ransomware remains on the rise…]]> 2021-04-19T13:02:48+00:00 <![CDATA[State of the California Market 2021]]> https://risk-strategies.com/knowledge-center/article/state-of-the-california-market-2021#When:20:48:52Z The disconnect seems obvious. You have lived in California for years and not experienced any claims on your home, yet home insurance premium has jumped this year., You have been loss free and loyal customers, but your insurance carrier is non -renewing your home insurance policy.

To connect the dots and understand how you and your insurance company got to this point, consider the following trends affecting their industry :

  • From 1964 to 1990 less than $100 million per year was paid out for wildfire damage related claims.

  • From 1990 to 2010 wildfire-related claims increased to…]]> 2021-04-16T20:48:52+00:00 <![CDATA[Is the SPACs sparkle dimming? Not likely]]> https://risk-strategies.com/knowledge-center/article/is-the-spacs-sparkle-dimming-not-likely#When:21:08:24Z Interest in Special Purpose Acquisition Companies (aka, SPACs) has reached fever pitch as new backers jump into the market and regulators begin looking more closely at the deals and their structures. I recently hosted a wide-ranging, highly informative Risk Strategies webinar featuring EarlyBird Capital Chairman of the Board, and original SPAC innovator, David Nussbaum; former SEC lawyer and current partner at Holland and Knight, Bradley Houser; and XL Insurance Senior Vice President Justin Gilmore. The session covered a lot of ground - examining the current SPAC environment, evolving deal structures, participants, and risks, as well as important federal regulation changes.

    …]]> 2021-04-08T21:08:24+00:00 <![CDATA[Cybersecurity and Cloud Solutions]]> https://risk-strategies.com/knowledge-center/article/cybersecurity-and-cloud-solutions#When:13:25:27Z The COVID-19 pandemic has led to an acceleration of adoption of cloud solutions and other remote access tools, with many businesses choosing to put aside previous concerns about potential security risks to accommodate a remote workforce. However, hasty adoption of any new technology that is not combined with robust security frameworks, policies and controls can leave businesses vulnerable. A formal vendor management process and having specific controls in place can mean the difference between a cloud solution being a huge advantage to agile operations or leaving the business open to attacks and unauthorized access.

    Cloud Technology

    Cloud computing solutions…]]> 2021-04-02T13:25:27+00:00 <![CDATA[One Year Later: COVID Advice for Contractors]]> https://risk-strategies.com/knowledge-center/article/one-year-later-covid-advice-for-contractors#When:18:23:43Z We are now one year removed from the early days of the Covid-19 pandemic.

    Late March and early April 2020 brought fear, confusion and stress to contractors throughout the United States. The swift shutdown of offices, jobsites and public life immediately changed the way we interacted and communicated.

    Our outstanding partners in surety and insurance, as well as those within the Risk Strategies' family, offered quick guidance and thoughtful counsel to brokers and contractors alike via conference calls, webinars and video communication apps.

    Ultimately, the "worst case scenario" didn't come to pass for most construction companies. The construction marketplace was…]]> 2021-03-30T18:23:43+00:00 <![CDATA[COVID-19’s Lasting Effect on Retail and Delivery]]> https://risk-strategies.com/knowledge-center/article/covid-19s-lasting-effect-on-retail-and-delivery#When:21:13:24Z Last March, the delivery industry could only guess how the rapidly spreading COVID-19 pandemic would impact operations. In a matter of weeks, U.S. retailers shuttered their brick-and-mortar stores with no sense of when and how they would reopen.

    With nowhere to go, shoppers quickly shifted their buying behaviors online, forcing retailers to quickly alter their business models and rev up e-commerce efforts – thrusting the delivery industry into overdrive.

    As we cross the one-year mark of COVID-19’s disruption, and the rollout of vaccines brings hope for a new normal, we took a look back on the ways the…]]> 2021-03-29T21:13:24+00:00 <![CDATA[Don’t Buy a Cyber Policy]]> https://risk-strategies.com/knowledge-center/article/dont-buy-a-cyber-policy#When:19:09:15Z The headline on this article probably strikes you as out of touch with the current state of the cyber marketplace. Both the frequency and severity of cyber related claims are multiplying exponentially. For example, In the past three years the average ransomware claim has increased from $50,000 to over $500,000. Also, it is now projected that 90% of US companies will have experienced a cyber related event by the end of 2022.

    As you can imagine, the rise in both frequency and severity of incidents has created tremendous pressure on carriers offering Cyber coverages. That pressure is compelling carriers to…]]> 2021-03-29T19:09:15+00:00 <![CDATA[The Consequences of SolarWinds]]> https://risk-strategies.com/knowledge-center/article/the-consequences-of-solarwinds#When:17:45:12Z The SolarWinds breach brought a reckoning in the world of cybersecurity, with calls for systemic changes in an industry that has already had to shift dramatically. What makes this cyberattack different from any of the previous ones, and what does it spell for the future of cyber insurance? Read on to find out.

    What Happened?

    Last December the information technology firm SolarWinds warned that there had been an attack on its Orion platform, an application companies use to manage business and IT services. A bad actor added a malware code into the Orion software, resulting in its thousands…]]> 2021-03-25T17:45:12+00:00 <![CDATA[Does this Change Everything? Fine Art Risk Management Post-Brexit]]> https://risk-strategies.com/knowledge-center/article/does-this-change-everything-fine-art-risk-management-post-brexit#When:14:17:36Z Briton’s exit from the European Union has fundamentally changed the U.K’s relationship with the rest of the world. With Phase One of Brexit underway, how are artworks in transit to or from the U.K. affected? Does this change everything?

    Thankfully, it seems the worst case scenarios have been avoided. The nightmare of shipping delays artwork marooned in customs warehouses, and the subsequent damage to high-priced art, have not come to fruition.

    There are three phases to the Brexit deal. Phase One is underway. Phase Two does not have a significant effect on the transport/trade of artwork. However, Phase Three could…]]> 2021-03-24T14:17:36+00:00