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BusinessHub

SWBC's BusinessHub blog is a one-stop resource for business owners and company decision makers.

 

How Companies Can Minimize Wasteful Expenses and Stop Employee Fraud

We always want to think the best of people, especially our colleagues and employees. Thankfully, in most circumstances, we work with people who strive to do the right thing for our business and its clients. Unfortunately, sometimes we encounter employees who carelessly waste company money or commit fraud that costs a business not only money, but its reputation and future if the problem is not discovered immediately.

According to the Association of Certified Fraud Examiners, a "typical organization loses 5% of revenues each year to fraud," with small companies losing greater-than-average amounts. Here are some tips that will ensure employees at your business stay on the straight and narrow, helping minimize your company's chances of falling victim to employee fraud and unnecessary, wasteful expenses.

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Can Cyber Liability Insurance Be a Life Saver for Your Business?

When the notion that you could access files, documents, and data from anywhere—not just from YOUR specific personal computer—was introduced, it sounded like a grand idea. Sign me up for that! Right?! And, don't get me wrong. It is a great idea; it's given professionals and businesses, alike, accessibility to all sorts of information when they need it at their fingertips--whether in the office, traveling in a car, or working from home. But, as with most great inventions comes a PRO and, unfortunately, a CON list. 

While the number of businesses accessing the cloud for information storage and access increases, so does the risk for a cyber attack. Personal and sensitive data belonging to clients, customers, and employees have all become susceptible to cyber threats. And, although unfortunate, this sensitive information is compromised more often than many businesses care to believe, as experienced by Target and Sony, which have had some of the most notable data breaches in recent years.

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Is Your Business Too Small to Suffer a Cyber Attack?

As a small business owner, you may have not considered the need for cyber liability insurance due to the overwhelming number of other priorities that have your focus. Think larger companies that have suffered a cyber breach are in their own league and non-relatable to your circumstances? Do you consider your business to be too "small potatoes" for anyone to breach? Think again.

Cases like Target and Neiman Marcus should influence businesses of any size to consider cyber liability insurance, even if you are a one-man shop. Unfortunately, a  number of organizations have yet to invest in this product. In fact, a survey of insurance professionals, conducted by Hanover Research, found that 40% think businesses don’t think they need cyber coverage and 29% believe they’re already covered under existing policies.

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Is Cyber Liability Insurance Really Worth It?

Cyber-attacks and data breaches have become a recurring trend in today’s society. Over the last few years, these instances have struck both major corporations such as Target and Sony and smaller mom-and-pop businesses alike. While the larger breaches have propelled the emerging topic of cyber liability insurance into the limelight, businesses everywhere are faced with a compelling question: is cyber insurance worth it?

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4 Ways to Minimize Employee Fraud and Theft

Unfortunately, we live in a world where businesses, and people in general, have to be prepared for the possibility of a robbery or theft. For a business owner, it can be hard to think about your trusted employees engaging in dishonest or fraudulent activities that could harm your company, but the fact of the matter is, it happens more often than you think. Here are some of the cold hard facts from the 2014 Report to the Nations on Occupational Fraud and Abuse:

  • Employee-perpetrated fraud accounts for a global loss of $3.7 trillion annually

  • It can take, on average, 18 months before a business detects employee-related fraud

  • One in 40 employees was apprehended for theft from their employer in 2012

  • Employees in sales, financial roles, management, and customer service were responsible for 77% of fraud cases

  • 43% of business losses were attributed to employee theft

As you can see, internal fraud does occur, and when it does, businesses are impacted in a big way, right at their bottom line.

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Proactively Reviewing Your Commercial Insurance can Save You Thousands

Regardless of industry or the size of your business, as your business grows, so do your liabilities. And, not being able to recover from an unforeseen event can cost you thousands of dollars.

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Avoiding a Cyber Security Breach: 5 Ways to Protect Your Business

Cyber crime is a clear and present danger. Most, if not all, organizations take precautions to avoid loss from traditional robberies or theft, but may not give cyber security a second thought. However, getting hacked could put your proprietary and/or confidential business information, your customers' private information and assets, and your organization's reputation on the line. 

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