Business Insurance Policies

In 2022, Toyota had to shut down its entire manufacturing operations because of a cyberattack. It was a nightmare that resulted in $375 million loss. But here's an interesting catch – it wasn't an attack on Toyota!   Instead, it was against one of their plastic suppliers' company, Kojima. Because Kojima had third-party access to Toyota manufacturing plants, shutting down was necessary to protect their data. So, a cyber incident with one of its suppliers brought the giant car company to its heels.   Attackers are masters of finding creative ways. By compromising your vendors/suppliers, they can effectively compromise your organization, infiltrating it from within.   So how do attackers exploit vendors to compromise your company?   𝗛𝗲𝗿𝗲 𝗮𝗿𝗲 𝟰 𝗰𝗼𝗺𝗺𝗼𝗻 𝘃𝗲𝗻𝗱𝗼𝗿 𝘀𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 𝘁𝗵𝗮𝘁 𝗮𝘁𝘁𝗮𝗰𝗸𝗲𝗿𝘀 𝘂𝘀𝗲 𝗳𝗼𝗿 𝗲𝗻𝘁𝗿𝘆:   1) Attacker compromises your vendor staff identities > Uses them directly to access your data.   2) Attacker compromises a vendor device connected to your network > Gain an initial foothold inside your company.   3) Attacker finds a vulnerability in a 3rd party or vendor software > Compromises all systems in your corporate network running that software.   4) Attacker compromises a vendor SaaS app > Steals your company's data from 3rd party servers.   𝗛𝗼𝘄 𝗰𝗮𝗻 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗮𝗻𝗮𝗹𝘆𝘀𝘁𝘀 𝗰𝗼𝘂𝗻𝘁𝗲𝗿 𝘁𝗵𝗲𝗺?   - Firstly, identify how do your vendors authenticate to your systems? Use a centralized identity system that handles the full life cycle of provisioning, tracking and de-provisioning. These accounts can typically live under your primary tenant and should be monitored just like your full-time employee accounts. Apply MFA & RBAC.   - Ensure that every vendor laptops/devices that are connecting to your network meet your company's device compliance standards. Treat vendor employee devices with the same level of security controls as your own company devices. These devices should have the same AV, EDR and other software that you mandate on your company devices.     - Maintain a detailed inventory of vendor apps running in your network along with their versions, systems where they are deployed etc. Having this information enables you to respond swiftly to zero-day vulnerabilities in those 3rd party apps.   - In the event of a security incident, establish right capabilities for your SOC teams to initiate containment actions. Ex: ability to disconnect a vendor's device from your network, reset a vendor account in your tenant, or block a vendor application.   - Conduct a thorough vendor security assessment in scenarios where you need to store sensitive data in vendor's servers. Evaluate their cybersecurity practices, protocols, and incident response capabilities. If you enjoyed this or learned something, follow me at Rohit Tamma for more in future! #vendormanagement #supplychainsecurity #cybersecurity #incidentresponse #identity #applicationsecurity #cyberattack

𝗕𝗿𝗲𝗮𝗰𝗵𝗲𝗱 𝗗𝗲𝗳𝗲𝗻𝘀𝗲𝘀? 𝗧𝗵𝗶𝘀 𝗖𝘆𝗯𝗲𝗿𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗖𝗘𝗢 𝗙𝗼𝘂𝗻𝗱 𝗧𝗵𝗲𝗶𝗿 𝗡𝗶𝗰𝗵𝗲 𝗣𝗿𝗼𝘁𝗲𝗰𝘁𝗶𝗻𝗴 𝗖𝗮𝗿 𝗗𝗲𝗮𝗹𝗲𝗿𝘀𝗵𝗶𝗽𝘀 Is your cybersecurity startup struggling to gain traction in a crowded market? Many first-time CEOs in this space cast a wide net, hoping to appeal to everyone, but often end up resonating with no one. Imagine if you could pinpoint your ideal customer, tailor your services, and become the go-to security provider for a lucrative niche? 𝗖𝗮𝘀𝗲 𝗦𝘁𝘂𝗱𝘆: Cybersecurity CEO Achieves 180% Revenue Growth by Focusing on Car Dealerships  𝗣𝗿𝗼𝗯𝗹𝗲𝗺: A first-time cybersecurity CEO with a strong background in penetration testing struggled to secure clients. Their generalized approach lacked focus, making it difficult to stand out in a competitive market. 𝗖𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲: To achieve rapid growth, the CEO needed to identify a profitable niche and develop a targeted strategy to attract and secure ideal clients. 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻: Through results-driven coaching, we: • Identified car dealerships as a lucrative niche with unique cybersecurity needs, particularly in protecting customer data and loan processing systems.  • Developed a specialized cybersecurity offering tailored to the specific vulnerabilities and compliance requirements of car dealerships.  • Created targeted marketing campaigns highlighting the potential consequences of cyberattacks on loan processing and customer trust.  • Coached the CEO on effective communication, emphasizing the value proposition and building trust with dealership owners.  𝗥𝗲𝘀𝘂𝗹𝘁:  • Achieved 180% revenue growth within 6 months by focusing on the car dealership niche.   • Secured 8 major dealership clients, establishing the company as a trusted security provider in the automotive sector.   • Developed a strong reputation for expertise in protecting sensitive financial data and ensuring compliance. 𝗡𝗼𝘄, 𝗮𝘀𝗸 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳 𝘁𝗵𝗲𝘀𝗲 𝗽𝗼𝘄𝗲𝗿𝗳𝘂𝗹 𝗰𝗼𝗮𝗰𝗵𝗶𝗻𝗴 𝗾𝘂𝗲𝘀𝘁𝗶𝗼𝗻𝘀: 1.  Have you identified a specific niche where your cybersecurity expertise can make a real impact? 2.  Are you effectively communicating the value of your services to your target audience? 3.  Do you have a deep understanding of the unique cybersecurity challenges and compliance requirements of your niche? 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀:  • Niche down to dominate: Focusing on a specific industry allows you to develop specialized expertise and stand out from the competition. • Speak their language: Tailor your messaging to resonate with the specific needs and concerns of your target audience. 𝗟𝗲𝘁'𝘀 𝗰𝗵𝗮𝘁!   If you're a first-time startup or midsize company cybersecurity CEO ready to unlock exponential growth by targeting a lucrative niche, DM me to discuss your challenges and how coaching can help. #Cybersecurity #Startup #TechCEO #Leadershipcoaching #CEOCoaching #ExecutiveCoaching #FirsttimeCEO

Insurance tip of the day: I occasionally field calls from attorneys seeking insight on insurance matters. Yesterday was one such occurrence when a group of attorneys litigating an employment practices matter reached out to solicit my feedback. Without going into much detail, the employer being sued sought coverage from an EPL policy, which it had the benefit of coverage through its PEO. In the past I have posted about the potential deficiencies in coverage when relying on coverage through a PEO. I have seen PEO policies with high deductibles and devoid of many enhanced coverages, including one that lacked third-party liability coverage. This particular scenario, however, accentuated other concerns for me. The employer, nor their attorneys, to this point had received a copy of the policy and all means of communication involving the claim was being directed by and through the PEO. Thus, the employer was informed by the PEO that the carrier was reversing its initial position of accepting coverage and defending the suit to rescinding its position and not granting coverage. The employer had not seen any of the formal coverage positions set forth by the carrier. This may all be changed going forward; although, I did not see the PEO agreement, which I assume, perhaps incorrectly, addresses responsibilities of the parties in handling of insurance claims and may stipulate that everything must go through the PEO. Nevertheless, this highlights some additional impediments and challenges that can arise from relying on coverage through a PEO managed insurance policy. Claims handling and correspondence may be kept out of the employer's hands and could ultimately prove to be to their detriment. #insurancetips #jackhasyourback #ITCrisk

If you’re an auto dealership, the recent attack on CDK Global likely affected you in one of two ways: a) It was a disaster, because your industry is dependent on a single SaaS vendor, and you didn’t invest in a backup plan if something happened to it. So when they went down, you went down too. b) It was a boon, actually, because you invested in business continuity and resilience plans. You did frequent tabletop exercises to proactively determine how your business would operate if a threat actor compromised your SaaS vendor, so you kept on operating when other businesses were down. In fact, if you’re option b, you were probably raking it in… from all your competitors being down. This attack was a warning shot for all industries that are dependent on a single SaaS platform to host their businesses. They should be aware: if that platform goes down, there will be downstream consequences for every business within their industry… except the ones who proactively took steps to keep their businesses functioning in the event of an attack. Be option b.

Why 73% of Car Dealerships Are Just One Click Away from Disaster (My Ridgeback Security Investigation) During my extensive research into automotive dealership networks, I discovered something alarming: the vast majority of car dealers are operating with cybersecurity systems that might as well be unlocked doors with neon "ENTER HERE" signs for hackers. The numbers are staggering: ➡️ The average data breach costs dealerships $180,000+ in damages ➡️ Customer financial data is typically accessible within just 22 minutes of network penetration ➡️ DMS and CRM systems are the lifeblood of your dealerships operations are often the least protected 𝗪𝗵𝗮𝘁 𝗺𝗮𝗸𝗲𝘀 𝘁𝗵𝗶𝘀 𝘀𝗼 𝗱𝗮𝗻𝗴𝗲𝗿𝗼𝘂𝘀? Most dealerships are using passive security systems that simply watch breaches happen instead of stopping them. In my investigation, I found that Ridgeback's approach is fundamentally different. Rather than just monitoring threats, they actively engage and neutralize attackers before damage occurs using phantom decoys that trap hackers and prevent them from reaching your critical systems. 𝗧𝗵𝗲 𝗞𝗲𝘆 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝗰𝗲: Traditional security waits to alert you after the breach. Ridgeback stops attacks as they happen. For dealerships processing hundreds of financial transactions daily, this isn't just a security upgrade, it is business protection that pays for itself. In the full article below, I break down exactly how Ridgeback creates a real-time defense shield specifically designed for automotive retail environments, complete with visual examples of their network monitoring capabilities. If you are responsible for protecting your car dealership's data (and your customers' trust), this is the most important cybersecurity development you need to understand in 2025. 👇 Full details in the article below 👇 #ridgeback #network #defense

Tax Tip Tuesday Did you know there are several ways to protect your business from financial risk? Of course you did. 😬 But do you know which ones are tax efficient? Which are treated as BIK's?* Maybe not. Good job you've got me. Read on: Relevant Life Plan Designed for directors, this provides a lump sum benefit to your chosen beneficiary on your death before the age of 75 (or retirement age, whichever is sooner). This is an allowable business expense, is not treated as a Benefit in Kind and as such reduces corporation tax whilst providing a potentially very valuable benefit for loved ones.   Private Medical Insurance This is private healthcare funded by the business, again as an allowable business expense however this is treated as a Benefit in Kind on the recipient, and the employee will be taxed accordingly.   Key Person Insurance This provides a capital lump sum to the business on the death or critical illness of a nominated key person. This can be useful to mitigate costs involved in hiring / training a replacement staff member. Typically treated as an allowable business expense.   Shareholder Protection Designed to provide peace of mind that the surviving shareholder can ‘buy back’ the shares left by the deceased shareholder. This is effectively two life insurance policies that will each pay out the value of the respective director’s shares in the event of their death. This can help if, for example, whoever is set to receive the shares in the event of your death would not want to be burdened with running the business. This is an allowable business expense however is also treated as a Benefit in Kind.   Group Income Protection This is more for when the business grows and takes on more staff. It provides the employee with a monthly income if they are off work due to sickness or accident. This is not treated as a Benefit in Kind, and is an allowable business expense, however if the proceeds go through payroll tax and NI will be deducted in the normal way.   This list isn’t exhaustive but hopefully gives a good overview based on current rules! #TaxTipTuesday #SmallBizTaxHacks *Benefits In Kind - taxable benefits or perks on top of normal wage

When a microcap public company gets hit with an employment lawsuit, the event usually comes as a shock. There may be no HR department. The team feels tight-knit. Executives assume their good intentions will protect them. But when a wrongful termination or harassment claim arises, legal costs and reputational damage can escalate rapidly. In a recent blog post, Jason Bishara of NSI Insurance Group explains why Employment Practices Liability Insurance (EPLI) deserves more attention, especially from small public companies that may not realize how exposed they are. NSI is a B2i Digital Featured Expert. See the firm’s comprehensive profile at https://lnkd.in/eyp2xAUM EPLI covers claims related to hiring, firing, promotions, workplace conduct, discrimination, and more. Jason emphasizes that company size doesn’t matter; microcaps face the same risks as large corporations, though they often lack the internal resources needed to manage them. Without EPLI, companies may have no coverage for lawsuits alleging retaliation, bias, or other employment-related issues. Worse, directors and officers may find themselves drawn into litigation, especially if D&O and EPLI policies aren’t properly coordinated. In his post, Jason breaks down what EPLI covers, what it doesn’t, and what steps companies should take to evaluate their current risk profile. To protect the company and its leadership, he recommends: - Reviewing existing EPLI and D&O policies together to identify gaps - Understanding the scope of coverage for employment-related claims - Reassessing coverage limits in light of changing workforce expectations and legal trends Read Jason’s full article at https://lnkd.in/gvRVTXsk NSI Capital Markets, including Jason Bishara and Frank Demek, MLIS, provides risk management advisory services to public companies, investment banks, and acquisitive groups, focusing on D&O insurance, employee benefits, and insurance placement around IPOs and other capital markets transactions. To learn more, contact Jason directly. Look for additional updates on NSI Insurance Group and other B2i Digital Featured Experts at https://lnkd.in/em26xtFZ. #NSICapitalMarkets #RiskManagement #EPLI #CapitalMarkets #B2iDigital

Protect Your Business and Retain Top Talent: A 3-Pronged Approach Business owners, are you prepared for the unexpected while also focusing on retaining your key employees? Here's a powerful strategy combining three essential elements: A.. Buy-Sell Agreement: Ensuring Business Continuity 1. Provides a clear exit strategy for business partners 2. Establishes a fair price and terms for buying out a departing partner 3. Prevents potential conflicts and legal disputes 4. Ensures smooth transition of ownership Fund your buy-sell agreement with life insurance to guarantee available capital when needed. B. Key Person Insurance: Protecting Your Most Valuable Asset 1. Creates a financial cushion to cover lost revenue if a key person departs 2. Provides capital to recruit and train a suitable replacement 3. Reassures stakeholders (clients, creditors, employees) about business stability 4. Can be used to fund the buy-sell agreement C. Split Dollar Life Insurance: Retaining Top Talent 1. Offers attractive deferred compensation to key employees 2. Company and employee share the benefits of a life insurance policy 3. Tax-advantaged growth potential for the employee 4. Flexible arrangements to suit both company and employee needs The Synergy: Protection + Retention By implementing these strategies together, you create a comprehensive plan that: 1. Protects your business from unexpected partner departures 2. Provides financial stability in case of losing key personnel 3. Offers compelling benefits to retain your top talent Don't wait for a crisis or lose your best employees to the competition. Act now to secure your business's future and keep your team strong. Next Steps: Contact our team at Life Solutions Group to get started now. Our firm has the specialized resources to help you develop the agreements and structure the appropriate life insurance policies to fund these programs. We can provide options for working with one of our tax professional to optimize the tax implications of these strategies or to team up with your CPA. It is time to protect your business, secure your future, and keep your top talent. It's a win-win-win strategy! #BusinessProtection #TalentRetention #SuccessionPlanning #ExecutiveBenefits

Business continuation insurance benefits all sizes of businesses, including your elevator company. It plays a key role in succession planning and business continuity. This insurance, which includes life and disability policies, is tailored to meet the needs of business owners. If a partner dies or becomes unable to work, these policies provide payouts according to an ownership transition contract like a buy-sell, cross-purchase, or entity purchase agreement. This helps remaining business partners continue operations smoothly.    Business continuation insurance is a type of life and disability insurance that covers losses when a key executive, business owner, or partner dies or becomes disabled. It provides funds to keep the business running and supports a specific succession plan. There are two common forms of this insurance: entity-purchase policies, where the business itself is the beneficiary, and cross-purchase policies, which cover individual business owners and partners who receive benefits directly.    The benefits of business continuation insurance are significant, especially during ownership transition as it ensures stability and protection your elevator business needs from financial stress and leadership loss. Which is why this insurance is encouraged to be a key part of long-term planning to avoid potential conflicts between business owners.    Losing a key executive due to death or disability can cause severe disruption and financial difficulties. Without clear leadership, the business may fail. Business continuation insurance, combining life and disability insurance, allows other partners to plan ahead and acquire the impaired executive's share without conflicts. Clear buy-sell agreements paired with this insurance help businesses with multiple owners maintain an orderly succession plan. They ensure that one person's business share can be bought by other partners, preventing ownership from passing to the deceased executive's heirs.    Unexpected events can make a business hard to operate, especially with multiple stakeholders. Having business continuity insurance from the start ensures the business can continue with minimal disruption, even if a key person is lost.      #EmpoweringEntrepreneurs #BusinessContinuationInsurance #BusinessContinuity #BusinessContinuationPlan