 Hacking and cybercrime are in the news daily, and everyone has likely been impacted by it in some way from the numerous high profile breaches of the companies that store our data. The increase of these threats has awakened us to the reality that we need a level of vigilance that offers better protection.
According to the Identity Theft Resource Center, data breaches increased 40 percent in 2016, with a total of 1,093 reported breaches. This trend continued in 2017, with over 1,120 cases reported by October. Ransomware was the most common threat. Global ransomware costs due to business productivity impact and mitigation are estimated to have exceeded $5 billion in 2017. An additional $2 billion was paid to hackers in ransom over that same time period.  The Department of Labor (DOL) issued a final rule that increased the civil penalty amounts that may be imposed on employers under various federal laws. The DOL’s final rule implements the 2018 annual adjustments for civil penalties assessed or enforced by the DOL, including penalties under the FLSA, FMLA, OSHA, and ERISA. The increased penalty amounts became effective on January 2, 2018, and may apply for any violations occurring after November 2, 2015.
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An AssuredPartners AgencyIn February 2020, Molyneaux Insurance joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.
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