There is a growing disconnect between the types of cyber threats business executives think they will encounter and the actual risks their company faces. Business owners hire consultants to install state of the art software to address relatively small problems while leaving larger issues unchecked. Below are some of the most successful types of cyber attacks most companies will encounter at some point.
Socially Engineered Trojans
This is the single most successful type of cyber attack businesses will face. Hackers will manage to gain temporary access to a trusted website. When an employee visits the site, a message will pop up and inform them they have a virus. It will prompt them to install a program to help remove the virus. It will be a fake program imitating an application the employee is familiar with and trusts, such as Adobe Reader. This executes the malware. The employee’s computer will display a warning that the program is potentially harmful. However, most programs, even safe ones, trigger this message so the employee does not pay it any mind. Thus, the hacker now has access.
Most cybersecurity failures are the result of human error. Many individuals think that using a work computer will prevent them from being hacked. They assume the company’s existing firewall and security measures are sufficient. As a result, they drop their guard while checking their work email. Phishing scams have come a long way in recent years, so they are not as obvious as they were in the past. Companies can provide employee training to help their staff understand how to recognize this kind of threat.
Individual viruses are not the major threat they used to be. Network-traveling worms, however, are still a nefarious threat. This type of worm is better at hiding itself and harder to detect. Employers should ensure all employee emails block executable files to defeat this type of cyber attack. Instituting strong password policies can help as well. Many worms run programs to try and brute force their way past logins by using common passwords (i.e. 12345, qwerty, password1, etc.).
Businesses need to make sure they are employing the right kind of cyber protection. Many of the above issues are easy to mitigate with the proper cybersecurity and preventative measures. Businesses cannot afford to lose data related to their top dollar projects. To learn more about cybersecurity, contact The Reilly Group.
Boat insurance is essentially a blend of home and auto insurance. It provides liability coverage for the policyholder if someone is injured on his or her boat. It also provides coverage for injuries or damage caused by the policyholder’s boat. However, unlike home and auto insurance, individuals can put a hold on their boat insurance for the period of time they do not use the vessel.
How Does Boat Insurance Work?
Like all other insurance policies, the boat owner must decide how much coverage they need, the types of coverage they require, and a deductible. In the event of an accident, boat insurance functions much like auto insurance.
- If the owner is at fault, their boat liability insurance covers the damage based on the policy coverage
- If another boater is at fault, their policy covers the damage
- If the other individual is at fault but lacks the necessary insurance, the individual’s uninsured boater’s policy would cover damages assuming the individual elected to invest in that kind of coverage
Exclusions to Consider
Many boat owners want to know what their policy covers, but sometimes they forget to ask what is not covered. For example, many policies provide coverage for passengers in the event of an injury. However, water skiers are not always covered. The same holds true for theft. While many policies provide coverage for the outright theft of the craft, they often exclude the theft of personal belongings.
Unusual Coverage Circumstances
Many boat owners tow their boat. Policyholders can rest easy knowing their boat is insured even when it is not in the water. However, the individual’s auto policy covers the boat while it is in transit. Homeowners insurance may provide coverage for damage to the boat while it is stationary on the individual’s property, but it does not usually cover theft or vandalism. To ensure complete coverage, individuals can invest in an umbrella policy as well.
To learn more about the fine points of boating insurance, contact the experts at The Reilly Company.
Homeowners and business owners alike have concerns about water damage related to flooding. This is especially true if they live in an area prone to flooding. However, there are numerous myths circulating about flood insurance that add further confusion to this type of coverage. For example, many individuals think of flood damage as a total loss, but the average flood claim is around $30,000. Below are some of the most common myths about flood insurance.
Only People Living in a Flood Plain Can Buy Flood Insurance
While mortgage companies may require people who live in a flood zone to purchase flood insurance, these individuals are not the only ones who can buy this kind of coverage. Almost anybody who wants flood insurance can obtain a policy. In general, properties in flood zones are more expensive to insure than those that are not. Even renters can obtain flood insurance to protect their belongings.
Flood Insurance is Only Necessary for Properties in Flood-Prone Areas
While properties in flood plains need flood insurance, all buildings face a certain level of flooding risk. About 25 percent of flood claims come from individuals who do not live in a flood plain. Property owners should take a hard look at the risk of flooding in their area and investigate what flood insurance options are available to them.
Individuals with Homeowners Insurance Do Not Need Flood Insurance
This myth can cost homeowners big time in the event of a flood. Homeowners and umbrella policies do not cover damage related to floods. If an individual lives in an area prone to flooding, they should invest in flood insurance. The one exception to this rule is storm damage. If a storm tears off a portion of a house’s roof, homeowners insurance covers the subsequent water damage.
Learning about your flood risk and if you live in a flood plain are vital to determining if you need this type of insurance. These factors also affect how much coverage you will need. To learn more about flood insurance, contact The Reilly Company.
General contractors often hire subcontractors to help them with work they cannot do but are ultimately responsible for completing. For example, a general contractor may hire a subcontractor to do the wiring and electrical or the plumbing for a home. Subcontractors need to know when certain events require them to use their own general liability insurance to cover claims versus when they can rely on their general contractor’s builder’s risk policy.
Why is this important? Knowing which damages fall under the scope of which policy can help subcontractors avoid making unnecessary claims against their own policy. If subcontractors make claims too often, they can see an increase in their insurance premiums.
Which Policy Covers What Damages?
General contractors purchase builder’s risk insurance to protect the structure, materials, and equipment they use to build. Policies vary, but they often cover damage related to:
- Certain weather events
Most builder’s risk policies provide coverages for damages related to outside events rather than issues related to the construction work itself. However, some policies are all-risk. This means the policy covers a wide variety of damages except those clearly omitted—this means the policy can cover damage caused by subcontractors.
General contractors require their subcontractors to have general liability insurance as well. This acts as a safety net for general contractors because they are responsible for their subcontractor’s work. General liability policies provide coverage for:
- Property damage
- Slander, libel, etc.
General liability policies kick in when the claim occurred in a covered location such as the worksite and the subcontractor is obligated by law to cover the damages. This policy can also provide coverage for legal fees as well in the event that the claim goes to court.
The ambiguity derives from the fact that both policies can technically cover damages caused by the subcontractor. The Reilly Company can help subcontractors untangle the subtle nuances between these types of policies. Contact us today to learn more about builder’s risk and general liability policies.