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I often lead crisis management drills for one of our customers in the hospitality industry. It wasn’t just small business that took a major hit during the pandemic. Consider business interruption insurance. This is a type of insurance that covers the loss of income that a business suffers after a disaster.
Yet, along with hospitality, it was one of the sectors that was impacted so profoundly by the pandemic — with likely permanent consequences in … The post How retailers can embrace hybrid working to drive efficiencies first appeared on Citrix Blogs.
Read this Q&A with a healthcare CIO to learn how hospitals can combat ransomware. When caregivers are paid by insurers based on outcomes, organizations must rely on smart, effective use of data. Where people live is a very important factor in the quality of their healthcare access, and the pandemic only underscored this.
In these cases, a worker may intentionally fake an injury (claimant fraud) or a business owner may misrepresent their employee headcount or incorrectly classify employees to obtain lower insurance premiums. Workers compensation insurance provider fraud has become a multi-billion-dollar industry that is bad for business.
In recent years, these attacks have affected everyone from banks and hospitals to universities and municipalities; almost 2,400 organizations in the United States were victimized last year alone. The less prepared you are when responding to an incident, the more likely you’ll be forced into paying ransom.
These events can range from natural disasters and pandemics to technological failures and other disruptions that might threaten the normal functioning of healthcare facilities. Disruptions can lead to financial losses, especially if billing processes are impacted, insurance claims are delayed, or operational inefficiencies arise.
Risk can be affected by numerous external factors, including natural disasters, global pandemics, raw material prices, increased levels of competition, or changes to current government regulations. Put another way, risk refers to the fact that an organization’s ambitions may not work out as planned or that its objectives might go unmet.
The Federal Deposit Insurance Corp. In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. Ideally, your CMS is an integrated system to govern that program, which should include employee training, focused business processes, operational reviews, and corrective action strategies.
Cloud-based solutions also make sense for GRC – especially in the context of the COVID-19 pandemic. More than 50 percent of organizations moved their workloads to the cloud in 2020, according to the Flexera Cloud Computing Trends: 2021 State of the Cloud Report.
External events, such as natural disasters or pandemics. System failures and downtime. Inadequately trained staff. Breakdown of business process controls. Cybersecurity events, such as data breaches. In general, operational risk can be created by: Technology. Cybersecurity. Other stakeholders. Regulatory and compliance.
The Covid-19 pandemic increased opportunities for remote work four to five times more than before, according to a report from McKinsey & Co. The rapid transformation brought forward by the pandemic has muddied the definition of remote workers versus lone workers, but it’s essential not to confuse the two.
It is now more than ten years since there was a general push to induce countries to plan for pandemics (WHO 2005). About the same time, 2007, Dr Michael Leavitt of the US Department of Health and Human Services wrote: "We don't know when a pandemic will arrive. Major epidemics and pandemics (what is the difference?)
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