Every business comes with a certain amount of risk. Although pitfalls and challenges can't be avoided, they can be mitigated with the proper precautions, planning and insurance coverage.
Insurance and legal experts shared their thoughts on today's biggest insurance risks for business owners, and what you can do to protect yourself against them.
Data breaches
Businesses in all industries have seen a huge increase in cybersecurity problems in recent years. Chris Roach, managing director and national IT practice leader of CBIZ Risk & Advisory Services, said data hacks have hit fast-food retailers and e-commerce businesses particularly hard. However, he added that every business that accepts credit cards should be re-evaluating and standardizing its security practices to protect against fraudulent activity.
Click Here to Read Full Article:
Wednesday, April 27, 2016
Monday, April 25, 2016
Professional Services Firms under threat: data security breaches and compliance risks
The recent fallout from the “Panama Papers” data leaks have not only thrown the use of offshore tax havens and fiscal transparency back into the spotlight, but also highlighted the threat of data security breaches and associated compliance risks to corporates, including law firms in particular. We have brought together an overview of the main legal issues arising from these leaks, commenting on the risks and implications for: money laundering, asset tracing, circumvention of sanctions, data protection, corporate reputation, professional indemnity and cyber security risks and funds, private equity structuring and tax.
Professional Indemnity cover and Cyber security risks
Law firms and other professional service providers face two major risks in relation to cybercrime which may not be covered by professional indemnity coverage: breach of client confidentiality and structural/financial impact upon a law firm itself.
Unauthorised “leakage” of confidential information by employees, commercial espionage, “phishing” attacks, the use of “malware” and hacking are all risks facing law firms given the nature of confidential information they hold. Where these result in civil claims against the firm by clients or other third parties to whom the firm owes a duty of care and/or prompt an investigation or inquiry, there may be cover under the firm’s professional indemnity cover, subject to its terms and conditions (which commonly exclude cover for fines or penalties).
Firms may also face threats to their own ability to carry out their professional business, for example, due to attacks on their own websites or servers or on those of external providers. As well as some third party losses, first party losses - such as breach response, PR expenses, forensic investigations, business interruption, denial of service, extortion threats, breach of employee confidentiality, and fines and penalties - caused to a law firm may not be covered by its professional indemnity insurance.
Where news of a breach of confidentiality breaks, a firm is in a situation which has legal, regulatory, technical and public relations dimensions and it is vital that a firm (a) plans for this contingency and (b) identifies in advance a specialist internal or, if necessary, external team that can assist. Many cyber insurers provide access to such support as an ingredient of the coverage.
Read full article: http://www.lexology.com
Professional Indemnity cover and Cyber security risks
Law firms and other professional service providers face two major risks in relation to cybercrime which may not be covered by professional indemnity coverage: breach of client confidentiality and structural/financial impact upon a law firm itself.
Unauthorised “leakage” of confidential information by employees, commercial espionage, “phishing” attacks, the use of “malware” and hacking are all risks facing law firms given the nature of confidential information they hold. Where these result in civil claims against the firm by clients or other third parties to whom the firm owes a duty of care and/or prompt an investigation or inquiry, there may be cover under the firm’s professional indemnity cover, subject to its terms and conditions (which commonly exclude cover for fines or penalties).
Firms may also face threats to their own ability to carry out their professional business, for example, due to attacks on their own websites or servers or on those of external providers. As well as some third party losses, first party losses - such as breach response, PR expenses, forensic investigations, business interruption, denial of service, extortion threats, breach of employee confidentiality, and fines and penalties - caused to a law firm may not be covered by its professional indemnity insurance.
Where news of a breach of confidentiality breaks, a firm is in a situation which has legal, regulatory, technical and public relations dimensions and it is vital that a firm (a) plans for this contingency and (b) identifies in advance a specialist internal or, if necessary, external team that can assist. Many cyber insurers provide access to such support as an ingredient of the coverage.
Read full article: http://www.lexology.com
Monday, April 11, 2016
April 18th - Mike Shea will be running in the 120th Boston Marathon Race
Press Release:
Mike Shea of the Shea Barclay Group in Tampa, Florida will be running in the 120th Boston Marathon Race.
DISTANCE: 26 MILES, 385 YARDS (42.195 KILOMETERS)
The Boston Marathon is the world's oldest annual marathon and ranks as one of the world's most prestigious road racing events. The Boston Athletic Association manages this American classic, which is sponsored by John Hancock Financial Services. The Boston Marathon has distinguished itself as the pinnacle event within the sport of road racing by virtue of its traditions, longevity and method of gaining entry into the race (via qualification).
For more information on the Boston Marathon, click here.
Mike Shea of the Shea Barclay Group in Tampa, Florida will be running in the 120th Boston Marathon Race.
DISTANCE: 26 MILES, 385 YARDS (42.195 KILOMETERS)
The Boston Marathon is the world's oldest annual marathon and ranks as one of the world's most prestigious road racing events. The Boston Athletic Association manages this American classic, which is sponsored by John Hancock Financial Services. The Boston Marathon has distinguished itself as the pinnacle event within the sport of road racing by virtue of its traditions, longevity and method of gaining entry into the race (via qualification).
For more information on the Boston Marathon, click here.
Saturday, April 9, 2016
29th Annual Tampa Bay Business Hall of Fame Dinner.
Shea Barclay Group had the privilege and honor of hosting a table at last night's 29th Annual Tampa Bay Business Hall of Fame Dinner.
This year's class of inductees included Harris Mullen, Grandfather of Shea Barclay Group's President Mike Shea. Harris was a long time Tampa resident, founder of Florida Trend Magazine, and a true pioneer of the revitalization of Ybor City. He cared deeply about Tampa and made a huge impact on this great community.
"Harris was an incredible man and I had the privilege of being very close to him well into my adult life. I truly admired him and strive to continue the fine legacy he paved here in Tampa." Says Shea "Of all his accomplishments, he always remained humble and had a great sense of humor.
It so special to me and my family for him to be recognized amongst this great group of people, many of which he knew very well. I know he would be truly honored.
For more about: The 29th annual Tampa Bay Business Hall of Fame, click here.
This year's class of inductees included Harris Mullen, Grandfather of Shea Barclay Group's President Mike Shea. Harris was a long time Tampa resident, founder of Florida Trend Magazine, and a true pioneer of the revitalization of Ybor City. He cared deeply about Tampa and made a huge impact on this great community.
"Harris was an incredible man and I had the privilege of being very close to him well into my adult life. I truly admired him and strive to continue the fine legacy he paved here in Tampa." Says Shea "Of all his accomplishments, he always remained humble and had a great sense of humor.
It so special to me and my family for him to be recognized amongst this great group of people, many of which he knew very well. I know he would be truly honored.
For more about: The 29th annual Tampa Bay Business Hall of Fame, click here.
Subscribe to:
Posts (Atom)