Categories ArchivesNews and Analysis

Why the Department of Defense’s Cyber Security Strategy Is Worth Emulating standard

Risk Cooperative helps organizations build cyber resiliency and implement pro-active cyber risk management strategies.  Learn More While 2020 has given the U.S. a multitude of challenges to manage simultaneously, a perennial pandemic that has been buried in the headlines must never be ignored — cyber breaches. The ongoing COVID-19 pandemic has exacerbated cyber risks as corporations shifted operations to a nearly 100% virtual environment. This has created the perfect environment for cyber criminals, who have increased their attacks drastically since the start of the global pandemic. There was a 48% increase in cyber attacks the day the U.S. announced its 1st COVID case, a 64% increase when states declared emergencies, a 28% increase when Italy locked down, and a 22% increase when WHO ...

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Quick Take: What Coverages Are Needed & When standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights Insurance is a necessary function for organizations, although not all view this coverage as strategically as they should. As an organization navigates its growth cycle, from start up to multinational corporation, insurance needs will vary. Early stage companies often are driven by compliance when purchasing coverage, yet leveraging insurance and risk transfer solutions more strategically can help younger organizations become more resilient, transfer financial risk, and withstand many of the uncertainties companies of all sizes will face throughout their operating years. As organizations evaluate their insurance needs, they can compartmentalize key coverages for consideration into phases that match their current size ...

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Why We Need a Pandemic FDIC-Like Entity to Backstop Insurers standard

A Pandemic FDIC structure can provide the coordinated approach necessary to address the widespread impacts caused by novel diseases like COVID-19. Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights As the United States nears six months of navigating the COVID-19 pandemic, the data remains staggering. According to the World Health Organization, as of August 30, there were 25 million confirmed COVID-19 cases worldwide with deaths reaching 840,000. Sadly, the U.S. leads all countries in both confirmed cases — 5,855,521 — as well as deaths — 180,689. While many countries enforced social distancing and mask protocols in an attempt to break the chain of transmission, the U.S. has struggled to control the ...

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Quick Take: Optimize Your Broker Partnership standard

Risk Cooperative helps organizations navigate the complex world of health insurance and employee benefits.  Learn More Running a business presents many challenges but working with your insurance broker should not be one of them. The client/broker relationship works best for all parties when it’s viewed as a valued partnership, with clearly articulated expectations. Poor customer service, unresponsiveness, and general lack of support are a few of the many reasons businesses become dissatisfied with their brokers. Many frustrations can be avoided when the client and the broker have a common understanding of not just the service that is to be expected, but also the roles of the broker and the insured.  This clarity and accountability upfront help to maximize the value ...

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Here’s Why We Must Cancel College Football This Year standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights The Chronicle of Higher Education has been working with Davidson College to track the reopening plans for 3,000 institutions of higher learning in the U.S. as the pandemic continues to impact daily activities. As of August 18, 33% plan to be either fully online or primarily online, while 22% plan to be either fully in-person or primarily in-person. Fifteen percent of institutions plan for an online/in-person hybrid approach, while 6% are studying alternative means of learning. The remaining 24% are still undecided as to how they will approach this upcoming fall semester, but given the recent viral outbreaks on campuses, chances are these ...

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Quick Take: Making Your Broker Selection standard

Risk Cooperative helps organizations navigate the complex world of health insurance and employee benefits.  Learn More Whether you need a comprehensive benefits package or general liability coverage, your insurance broker should be a valued partner that inspires trust. A client/broker relationship should identify the organization’s financial and business needs, leading to a strategic approach toward reaching the client’s benchmarks and achieving long-term goals. But finding clear advice about how to choose your broker can be difficult. In this article, we answer some basic questions to help you in your decision. Q: Why should you use a benefits broker? A: Benefits brokers provide many advantages in addition to helping a business procure health insurance, including: Improved Talent Recruitment and Retention | The market ...

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Quick Take: What is Tech E&O insurance? standard

Risk Cooperative helps organizations build cyber resiliency and implement pro-active cyber risk management strategies.  Learn More Imagine you are the CEO of a software company and you experience a ransomware attack that not only affects you but also hundreds of your clients? This situation occurred during the summer of 2019 when The Digital Dental Record and PerCSoft collaborated on a software solution for dentist offices called DDS Safe. According to the technology website ZDNet, ransomware called REvil was spread to hundreds of computers in dentist offices around the country through DDS Safe. While the makers of the software paid the ransom so that these offices could gain access to their systems with important medical records, there were reports of some offices ...

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Quick Take: Roadmap to CMMC Compliance standard

Risk Cooperative helps organizations build cyber resiliency and implement pro-active cyber risk management strategies.  Learn More Despite COVID, deployment of requirements for CMMC compliance are moving forward, and so must contractors' preparations to meet them. While many businesses have halted operations during the ongoing COVID-19 pandemic, the Pentagon has been steadily moving ahead with its implementation of the Cyber Maturity Model Certification (CMMC) program for Department of Defense (DoD) contractors. Although the timeline has shifted slightly, contractors should be preparing for certification now if they wish to continue bidding on potential contracts. While the CMMC requirements and auditing process continue to evolve, the following five step roadmap can help companies plan ahead and ascertain which certification level they must prepare to meet. ...

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What’s the Cure When International Disputes Threaten University Finances? standard

Risk Cooperative helps organizations build resiliency and implement pro-active risk management strategies.  Learn More According to Educationdata.org, in 2019 the total number of international students studying in U.S. colleges and universities was approximately 1,095,299.  The site reported that in 2018, the U.S. economy experienced a $45 billion boost from the presence of the international student community.  However, this economic boost faces headwinds in the foreseeable future due to the current pandemic and the travel restrictions created by closed borders.  The pandemic, coupled with growing international political discord, has created more complexity for international students seeking to attend college in The U.S. for the upcoming Fall Semester and is putting university coffers at risk.  A Shrinking Pipeline  The White House announced on April 22 that the executive branch issued a “proclamation suspending entry ...

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RC Quick Takes – Crisis Preparedness Checklist standard

Stay informed. Our Insights Newsletter highlights the latest news and analysis on global strategy, policy and risk.  Subscribe to Insights This is the third and final installment of our business resiliency best practices, outlining preparedness elements to have in place before a crisis. Part one offers guidance on responding to an active crisis. Part two addresses components of a post-crisis recovery. As you implemented your crisis response and recovery strategies, you no doubt realized that the most effective way to respond to a business interruption incident, be it cyber attack, global pandemic, natural disaster, etc., is through careful preparation. Whether your crisis plan was not sufficiently detailed, had out-of-date information, or for some other reason was less than ideal, the ...

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