<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=905697862838810&amp;ev=PageView&amp;noscript=1">

BusinessHub

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

 

Ten Low Cost Ways to Reduce Your Security Risk

Protecting your organization is expensive. Leaders are encouraged and sometimes even compelled to provide additional resources to counter threats. As the cost of data breaches rise, regulators and your customers and business partners demand you to protect data you control. In turn, you require your vendors to protect your data. Is substantial investment sustainable and the only response to growing information security risk?

Read More

How a Cyber Hack is Affecting a Top-Rated Television Show and Millions of Viewers

If you were one of the estimated 16 million people that watched the anticipated Game of Thrones (GOT) episode on Sunday, July 31, or any of the other most recent episodes, you might have heard buzz about the HBO cyber attack. The Huffington Post reported that hackers obtained 1.5 terabytes of data from the HBO network and leaked the script to the August 5 GOT episode, plus files and proprietary information from other top-rated HBO shows. In laymen’s terms, 1.5 terabytes is equivalent to 32 months of continuous music play, downloading 225,000 full-length movies, or 768 years of photos. Now, that’s a lot of data!

Read More

Four Negative Effects Of A Cyber Breach

In today’s world, it's difficult to get through the day without interaction of a cell phone, computer, or other electronic devices connected to the internet. Technology, today, is simply all around us in everything we do, from work to our leisure time. We use technology to perform our jobs every day, leaving us vulnerable to cyber attacks whenever we get online. Cyber criminals have become the world’s most dangerous criminals simply because they can act covertly and from anywhere in the world. Regardless the size of your business you are not immune to cyber attacks. The potential impact to one’s business, for some, could make it nearly impossible to recover from a cyber attack. Having just one breach incident occur can mean the difference from running your business one day to closing shop the next.

Read More

Gone Phishing: The Dangers of Social Engineering

Social engineering is more popular than ever. Why? Simple—it works, and it works well. From Odysseus' Trojan Horse to the modern business attack, the art of manipulating human decision-making is a timeless threat. Easy access to the Internet empowers malicious actors with the intelligence, tools, and anonymity they need to develop effective campaigns. Whether you are a small business or a Fortune 500 company, you and your employees will likely face this threat and must remain on guard to defend against it.

Read More

5 Tips to Safeguard Your Company from Cyber Attacks

Everyone knows that fraud, in all its forms, is expensive. According to the Association of Certified Fraud Examiners, the typical organization loses 5% of its revenue any given year to fraud. Assuming you don't want to hand over 5% of your company's revenue to fraudsters each year, here are some tips to tighten your electronic controls and prevent cyber attacks, which affect the majority of companies on a daily or weekly basis.

Read More

Cyber Insurance is Quickly Becoming a Must-Have—Are You on Board?

The term “cyber insurance” is quickly becoming a household phrase, plastered on more and more billboards, sprinkled throughout early morning radio commercials, and magically trolling you on your favorite websites. Early adopting businesses across the country are allotting more budgeted dollars to cyber liability insurance in hopes of assisting in a potential cyber incident. Overall, the cyber liability insurance market continues to develop and expand, but is your business on board?

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More