Happy Thanksgiving from ALS

Posted by The ALS Group on Nov 24, 2021 1:08:31 PM

 

As we are preparing to sit down with family and friends to celebrate Thanksgiving, we wanted to take a moment and share some of what the ALS Team is thankful for the 2021 holiday season: 

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Topics: Risk management, Risk Management Blog, The ALS Group, thankful

CISA/FBI Holiday Cyber Advisory

Posted by The ALS Group on Nov 23, 2021 1:57:29 PM

As air travel for the upcoming Thanksgiving weekend spiked to pre-pandemic levels and AAA estimates over 53 million people will hit the road this holiday, the Cybersecurit

y & Infrastructure Security Agency (CISA) and FBI issued an advisory yesterday, warning critical infrastructure partners that malicious cyber actors tend to strike during holiday weekends.

“Although neither CISA nor the FBI currently have identified any specific threats, recent 2021 trends show malicious cyber actors launching serious and impactful ransomware attacks during holidays and weekends.”

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Topics: Cyber Security, Data Breach, Holiday Risk, Risk management, Total Cost of Risk, business continuity plan

Additional Insured Vs. Named Insured on a Liability Insurance Policy

Posted by The ALS Group on Nov 16, 2021 2:12:16 PM

General Liability insurance covers various parties, and this includes named insureds and additional insureds. As risk managers, many people ask us about the difference between additional insureds and named insureds and how it affects them, which we highlight in this blog.

What is a Named Insured?

In a liability insurance policy, the named insured is the policyholder covered under the policy. The policyholder is covered for their legal liability that results in damages as a result of an occurrence. Many liability policies issued to a businesses will cover one named insured, usually, the corporation itself, but there is an opportunity to cover other related entities the insured would like and extend the coverage.

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Topics: Real Estate & Development General Liability, Risk management, Total Cost of Risk

Effective Email Risk Management

Posted by The ALS Group on Nov 10, 2021 9:30:00 AM

Email has been a part of our everyday life for quite some time now. These days with some restrictions imposed on face-to-face interaction, email has become an effective way to communicate. As a result of this the number of emails sent and received daily has been steadily increasing each year. According to Campaign Monitor an average person sends and receives 121 business emails per day. While, this is an effective way to communicate, handling such an amount of emails can become a challenge if one does not have a strategy of how to manage them. Managing incoming emails and ensuring that emails you send are effective is important in this digital age.

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Topics: Human Capital, Risk management, Total Cost of Risk

Southern Marinas Acquires Millstone Resort and Marina

Posted by The ALS Group on Oct 19, 2021 11:27:11 AM

The ALS team congratulates Southern Marinas Holdings II, LLC on, yet, another successful acquisition – Millstone Resort and Marina located on Lake of the Ozarks in Gravois Mills, Missouri.  

We are proud to have been a part of the Southern Marinas acquisition team and look forward to partnering with this wonderful organization as they continue to expand their portfolio of best-in-class waterfront recreational destinations.

Southern Marinas-1

 

 

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Topics: Client Success

Congratulations to Southern Marinas on Another Succesfull Acquisition

Posted by The ALS Group on Oct 11, 2021 3:42:20 PM

Congratulations to Southern Marinas Holdings II, LLC on completing their fourth acquisition in 2021 - the purchase of Hayden Lake Marina, located on picturesque Hayden Lake in the Coeur d’Alene region of Idaho.. The ALS Team is proud to be part of Southern Marina’s acquisition team and appreciates the opportunity to partner with this growing organization and its leadership team to support their risk management due diligence efforts.  Click on the image below to read the full press release.  

 

 

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OFAC Advisory Makes Paying Cyber Extortion Ransom Illegal

Posted by The ALS Group on Sep 29, 2021 10:30:23 AM

Ransomware continues to be a major issue for companies regardless of the size. It may be hard to believe, but the reason for this lies with the victims, because the quickest and most often used resolution to the attack is to pay the ransom. While paying the ransom, may resolve a problem for an organization, it encourages cyber criminals to continue the attacks.

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Topics: Cyber Security, Data Breach, Personal Cyber Risk

How Long Should you Keep your Insurance Policies?

Posted by The ALS Group on Sep 14, 2021 3:08:08 PM

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Red Ring Binder with Inscription Insurance on Background of Working Table with Office Supplies, Laptop, Reports. Toned Illustration. Business Concept on Blurred Background.-1As, risk managers, we often get asked by clients, “what is the appropriate period to retain insurance policies” - the easy answer is “forever”... You are probably thinking that guidance seems a bit excessive, however quite a few types of policies, such as commercial general liability, may be triggered long after the policy has expired and thus should not be discarded but rather meticulously tracked.

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Topics: Total Cost of Risk, risk transfer, Insurance policies, Schedule of Insurance

Congratulations to Southern Marinas

Posted by The ALS Group on Jul 16, 2021 3:24:12 PM

Congratulations to Southern Marinas Holdings II, LLC on the purchase of Elliott Bay Marina, one of the largest private marinas on the West Coast. The ALS Team is proud to be part of Southern Marina’s acquisition team and appreciates the opportunity to partner with such a wonderful organization and its leadership team to support their risk management due diligence efforts.  Click on the image below to read Southern Marinas full press release.  

Southern Marinas-1

 

 

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Five Tips to Help Prevent Ransomware

Posted by The ALS Group on Jul 8, 2021 5:07:44 PM

As organizations are becoming more aware of Cyber-attacks and Ransomware and are improving IT security tools they use; Ransomware and Cyber criminals are also evolving and are devising new ways to breach a company's systems.  In addition, expenses related to Cyber breaches/attacks are steadily increasing.  Ponemon's 2019 Cost of a Data Breach study noted that "breaches originating from a malicious Cyber-attack were not only the most common, but also the most expensive."

Below are several tips to help combat Ransomware and other Cyber threats:

  1. Strong passwords aren't enough - companies should be implementing and enforcing two factor authentication to prevent unauthorized access using a company account, especially for users with elevated access rights. 
  2. "Over the counter" anti-virus is a bit outdated - look into rolling out Endpoint Detection and Response (EDR) software.  It's smarter and responds fast to threats than your average anti-virus software. 
  3. Implement Email Spam Filtering - a quality spam Filtering service will not catch all spam and phishing attempts but it will prevent most of them from reaching a user's inbox; therefore reducing the threat that a user errantly clicks on a malicious link For the ones that do get through, educate your staff on how to identify and deal with phishing attempts. 
  4. Introduce multiple point of redundancy - in some cases your backup system may be compromised or unavailable.  Remember, cloud servers and backup systems can get hit with ransomware too. It's best to have a backup to your backup.
  5. Patch servers and computers regularly and update firmware on hardware devices. 

Last but not least, make sure you have adequate Cyber insurance that covers ransomware events, extortion payments, legal and forensic fees and data recovery in additioon all of the other beneficial coverages that are provided by a Cyber Liability policy.  

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Topics: Cyber Risk, Ransomware, Total Cost of Risk (TCoR), remote work, top risks of 2021

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

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