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Increasing threat vectors and growing attacker sophistication have consistently driven up cyber incidents in recent years, causing a rise in cyber insurance claims and related losses. Alongside unprecedented segment growth, such challenging market conditions led to most insureds experiencing steep rate hikes, additional underwriting scrutiny and various policy restrictions— particularly pertaining to coverage for ransomware,…

On June 1, 2023, the U.S. Senate passed the Fiscal Responsibility Act of 2023 to raise the debt ceiling by a bipartisan vote of 63-36 only three days before the United States risked defaulting on its debt for the first time. The U.S. House of Representatives approved the bill on May 31, 2023, by an…

On May 18, 2023, the Equal Employment Opportunity Commission (EEOC) issued new guidance aimed at helping employers that use automated systems, including those with artificial intelligence (AI), comply with federal fair employment laws.  The new guidance focuses on preventing discrimination under Title VII of the Civil Rights Act (Title VII), which applies to employers with…

On May 5, the World Health Organization (WHO) announced that the COVID-19 pandemic is no longer a global health emergency after three years.  WHO officials explained that although COVID-19 continues to spread and evolve, its threat at a global level is now at a much lower level of concern. They stressed that the COVID-19 pandemic…

Through proper response planning, businesses can mitigate potential damages that may arise from cyber incidents. Yet, it’s important to note that cyber incident response planning requires coordination across a company. An effective response plan should outline: Cyber incident response plans should address a variety of possible scenarios and be communicated to all applicable parties. These…

A vital aspect of running a small business involves managing its associated risks, as no operations are immune to internal or external threats. A risk management plan involves implementing various techniques that can help mitigate or prevent loss. There are multiple ways a company can organize its risk management plan, but steps commonly consist of…

Small businesses and self-employed people saw fewer cyberattacks and data breaches over the past 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. The ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with…

On Jan. 10, 2023, the U.S. Department of Education (DOE) proposed regulations that would reduce monthly payments for certain federal student loan borrowers. The agency’s proposal overhauls one of the four existing income-driven repayment (IDR) plans—also known as the Revised Pay As You Earn (REPAYE) plan—that aims to make student loan payments more manageable, especially…

Over the past few years, the COVID-19 pandemic, international crises and natural disasters have greatly changed the economy and how businesses operate. As 2023 begins, evolving insurance underwriting trends will likely affect many types of organizations, including houses of worship. The following are five insurance trends regarding houses of worship that are likely to be…

Electric vehicles (EVs) continue to gain traction in the U.S. auto market. Last year, Americans bought nearly 450,000 EVs—an 83% jump over 2020. With many federal and state governments pushing for lower CO2 roadway emissions, EV demand is expected to soar during the next decade. This has commercial fleet owners wondering what a world without…