Data breach costs in North America have climbed to $1.3 million for large companies and $117,000 for small- and midsize businesses, a Kaspersky Lab and B2B International report states. The primary costs for enterprise recovery come from paying additional staff wages and a decrease in business, but the report notes that most firms are boosting their IT security budgets to handle increasing infrastructure complexity.
Hurricane Maria, now a Category 4 storm after reaching Category 5, made landfall in Puerto Rico this morning, causing property damage as well as power outages affecting about 900,000 people. Maria previously hit the Leeward Islands, with reports that the roofs of 70% of Dominica's homes are gone.
Hurricane Harvey and other severe storms that have hit the Houston area are creating risks for Superfund sites and making toxic tort litigation likely to emerge, said Vermont Law School professor Patrick Parenteau. The Environmental Protection Agency said that 13 Superfund sites in the Houston area have "damage or excessive flooding associated with Harvey."
The National Transportation Safety Board is investigating a crash involving a charter bus and a New York City bus that left three people dead, including the charter bus driver. Some officials are considering tougher regulations on the charter bus industry, as the deceased driver had previously worked for the city but was fired after being charged with driving under the influence of alcohol.
Estimates of uninsured losses from recent hurricanes serve as a reminder for homeowners to determine whether they have the right level of coverage, Jeff Blyskal writes. PCI's Chris Hackett says homeowners need to inform their agents of any additions or remodeling, which can affect the amount of insurance they need, and he says an extended replacement cost endorsement is worthwhile when making costly repairs after a natural disaster.
Insured and uninsured property losses from Hurricane Irma could range from $42.5 billion to $65 billion, according to CoreLogic estimates. Flood losses to homes could total $25 billion to $38 billion, with an estimated 80% of such damage being uninsured, CoreLogic said.
Former wildland firefighter Matt Slaby writes that wildfires serve important functions in nature and that the US needs to change its approach from full suppression being the "gold standard." Firefighter safety should be a key factor in determining whether battling a particular wildfire is worthwhile, Slaby writes.
Companies are increasingly seeking insurance coverage for cyberliability, but the market is facing challenges, Chris Nyce of KPMG says. "Insureds need to stay informed on the risks and coverages" and work with a qualified broker to obtain appropriate coverage, while "insurers need to stay creative with the coverage and pricing," he writes.
The Rhode Island Senate is in recess after taking no action Tuesday regarding a measure that would establish a privately managed camera system to help identify uninsured drivers. The House-passed bill has faced criticism from civil-liberties groups and others.
More financial advisors in 2018 will be likely to make career changes, such as moving to another firm or starting their own firm, writes executive search recruiter Mark Elzweig. The catalyst for increased movement is the Trump administration's 18-month delay of implementing the final provisions of the Labor Department's fiduciary rule, Elzweig writes.
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