Growing your business online in the “new normal” comes with new risks

As companies adjust their business to address the challenges of the global pandemic, many have expanded their online operations and moved to virtual workspaces for employees. Growing your business online has advantages in the “new normal” but also comes with new risks.

“Cyber insurance is relatively new but has roots in privacy liability insurance which has been around for several years,” said Rob Selnes, one of the cyber leaders at CapriCMW. “More and more
companies are doing business online, but the threats of doing business this way have changed significantly over the last few years”

The technology that businesses use is savvier – but so are the criminals. The risks of cyber attacks are real and the expenses incurred following an attack are generally not covered by commercial general liability insurance. The average cost of a data breach in Canada is now approximately $6 million, and while many of the cyber attacks we hear about happen to major organizations, cybercriminals don’t care how large your business is. The impact of a cyber attack on a small business can be devastating.

Approximately 70 percent of cybersecurity incidents are the result of employee error or a lack of IT security training, such as:

  • Phishing attacks
  • Sharing passwords or having weak (or non-existent) passwords
  • Inappropriate use of IT resources
  • Physical loss of devices (such as a phones or laptops)
  • Improper data sharing
  • Introducing viruses and malware to company systems

The average cost of a data breach in Canada is now $6.11 million.

These types of incidents can lead to privacy breaches, data and financial theft, unauthorized access to business systems and ransomware attacks.

Many employers don’t appreciate how sophisticated cyber criminals are,” said Selnes. “And the pandemic has presented new opportunities to these criminals. Many companies have also had to suddenly adapt corporate IT systems to accommodate work-from-home options which haven’t generally been thoughtfully planned out.”

Companies also have less time to think about cybersecurity issues while dealing with the ongoing challenges of COVID-19. Even those with great IT teams can only do so much and many companies don’t have a dedicated IT team at all.

The Cyber Liability and Privacy Liability insurance offered by CapriCMW covers not only the liability side of a cyber attack (theft of information and privacy breaches) – but also picks up legal costs and provable damages. Additionally, these policies cover businesses for the costs associated with loss of service, ransomware, and stolen funds.

However, Selnes points out that a key benefit of these policies is their ability to provide the policyholder with immediate access to crisis management and cybersecurity experts. Cyber attacks are usually sudden and highly time-sensitive, so immediate access to dedicated legal, IT security and public relations expertise provides companies with critical support when they need it most. For the cost of this insurance, companies basically have a broad team of specialists available on retainer to keep their business running before, during and after a cyber attack.

Success in the “new normal” means working with your insurer to protect your business, data, and clients.

For more information about Cyber Liability and Privacy Insurance contact CapriCMW Insurance Services Ltd.

A tribute to Frank Saunders

On July 4th, the world lost a champion for worker health and safety with the sudden passing of Frank Saunders.  In his career, he worked in the nuclear industry as the Vice President of Nuclear Oversight and Regulatory Affairs at Bruce Power in Ontario. Frank also served with many organizations to promote worker health and safety.

Frank played an important role in the history of the BC Safety Charter (now the Executive Health and Safety Council of BC). Because of his commitment, The BC Charter has received the financial support of Bruce Power since its inception and Frank was a regular at the annual roundtable events.

He was an extraordinary man who was committed to supporting health and safety leadership. He was deeply involved with Minerva Canada – an organization that brings together leaders from business and education to influence the curriculum of post-secondary institutions to ensure that future leaders create healthier and safer workplaces.

Maureen Shaw, former President and CEO of the Industrial Accident Prevention Association (IAPA) knew Frank for more than 15 years and describes him as the most down to earth person you could ever get to know. He had a great sense of humour and enjoyed telling a good story.

“Frank’s passion and commitment were incredible,” said Maureen. “When it comes to the qualities of leadership – respect, trust, empathy – he ticked every box.”

“We do all this work and we never know how many lives we save but we do know that Frank was a part of saving many lives and making a difference in the health and safety of many, many workers across this country.”

The thoughts of everyone at the Manufacturing Safety Alliance of BC are with Frank’s family during this difficult time. The health and safety community has lost a friend and Frank Saunders will be deeply missed.

New partnership with Sensitivity Training Canada will benefit Alliance members

Employees are a company’s most valuable resource. Fostering good interpersonal relationships benefits everyone who works within an organization.

The Manufacturing Safety Alliance of BC is pleased to announce our new partnership with Sensitivity Training Canada – a leading national provider of training and services which help make companies respectful through workplace wellness and sensitivity training. The mission of Sensitivity Training Canada is to help companies create workplaces where people can bring their whole self, do their best work, and live their dreams.

Sensitivity training helps employees to become more accepting of diversity in the workplace and supports understanding and respect between workers. School yard bullies grow up and sometimes bring those same behaviors to work. Sensitivity training can help all employees understand what constitutes appropriate and inappropriate conduct towards others in the workplace.
Alliance members will benefit from:

  • 11 new courses. These courses are available as half-day workshops, 2-hour seminars, in-person or virtual training and include:
    • Sensitivity training for workplace restoration
    • Respect in the workplace
    • Cultural sensitivity training for diversity
    • Workplace anti-bullying and anti-harassment
    • Sensitivity training for employees
    • Sensitivity training for middle managers
    • Sensitivity training for executives
    • Resilience in the workplace
    • Anger management
    • Mental health awareness
    • Workplace anti-sexual harassment
  • Anti-bullying and anti-harassment policy and program development services
  • 8% off the regular cost of sensitivity and psychological safety training. An additional 2% residual goes to support the development of new Manufacturing Safety Alliance of BC programs.

Ten percent of all proceeds from Sensitivity Training Canada policy and program development services go to the Starlight Children’s Foundation Canada to support sick kids in your local community.

Sensitivity training is an important tool for companies to help employees work successfully with colleagues from different backgrounds, cultures, and beliefs. We are thrilled to add this training to the catalogue of health and safety education courses available to Alliance members.