Insights
March 25, 2024
Much like manufacturing controls, financial reporting controls, etc... cybersecurity controls can be baked into your business processes. This sort of risk monitoring and control implementation helps organizations improve their process and security hygiene.
Cyber incidents—including data breaches, ransomware attacks, and social engineering scams—have become increasingly prevalent, impacting organizations of all sizes and industries. Such incidents have largely been brought on by additional cyberthreat vectors and growing attacker sophistication. As these incidents continue to rise in both cost and frequency, it’s crucial for organizations to take steps to address their cyber exposures and bolster their digital security defenses.
Doing so not only helps organizations prevent cyber incidents and associated insurance claims from happening, but can also help them secure adequate cyber coverage in the first place. After all, the heightened severity of cyber incidents has motivated most cyber insurers to increase their premiums and be more selective regarding which organizations they will insure and the types of losses they will cover. As such, many underwriters have begun leveraging organizations’ documented cybersecurity practices to determine whether they qualify for coverage—whether it’s a new policy or a renewal—as well as how expensive their premiums will be.
As with standard back-office procedures, CR Advisory takes a people, process, and technology oriented approach to addressing these risks. With this in mind, here are 10 essential cybersecurity controls that organizations can implement to help manage their cyber exposures.
February 6, 2024
In the contemporary digital landscape, safeguarding sensitive data is imperative for CPA firms, as well as other financial firms, who are entrusted with confidential financial information.
The Gramm-Leach-Bliley Act (GLBA), passed in 1999, requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.
While the GLBA was passed in 1999, the Internal Revenue Service (IRS) has recently taken this one step further and requires paid tax preparers to certify, as part of the PTIN renewal process, that they have a Written Information Security Plan (WISP). This IRS requirement became mandatory starting in the second quarter of 2023.
January 17, 2024
As of November 2023, the Consumer Price Index for All Urban Consumers fell to 3.1%, compared to 7.1% in November of 2022. Notably, this decrease is not solely attributable to a reduction in energy prices, which we know can be highly volatile. Inflation on all items excluding food and energy decreased from 6% in November 2022 to 4% this year. Leading us to conclude that the economy is stabilizing after the shocks introduced in 2020. Egg prices are a good illustration, going from a staggering 49.1% inflation rate last year to 22.3% this year. Looks like someone told them they were cracking up too much!
November 1, 2023
In November, along with our friends at Secure Networks and law firm Spilman, Thomas, and Battle, we held a panel conversation around cybersecurity and security breaches. Organizations have experienced an exponential number of attacks against their networks, employees, vendors and intellectual property. Explore the enticing world of cyber criminals and learn how easy it is to become a cyber threat actor, with their ability to hide behind a variety of pseudo-anonymous cryptocurrencies and easily obtain hacking resources. As the ransomware threat continues to grow by shutting down businesses, we will help you understand digital criminals and minimize the impact on your organization, as well as know what to do if you have to deal with an unfortunate incident.
October 12, 2023
In today’s digitally connected world, Cybersecurity is a buzzword that has become one of the most significant risks faced by businesses of all sizes and industries. Every day we hear about ‘ransomware’ and ‘data breaches’ but without a fundamental understanding of what Cybersecurity is, it’s difficult to appreciate why developing Cybersecurity practice is so important.
This article aims to shed light on the importance of Cybersecurity, what it is, and its relevance to small- and medium-sized business.
January 13, 2023
I was out to dinner with a friend last evening and he told me that he was glad to see January 12 come and go since, as he claims, it's the last day we're supposed to say "Happy New Year". He is a bit of a curmudgeon, so I will break his rule (which I've never heard of) and take this opportunity to wish you a Happy New Year!
Since our last review in August of 2022, we are beginning to see the realization of our forecasts. Inflation, despite the Fed's best efforts, has been stubborn. Headline inflation yesterday was released at 6.5%, down from a June peak of 9.1%. This is still too high. Green shoots are starting to appear in the job market with some of the most impacted sectors starting to have a slightly easier go at hiring.
August 22, 2022
Since our last review in January of 2022, many things have changed in the economy. GDP growth has turned negative in the first two quarters of 2022 (which officially puts the economy into a recession). Inflation is now the highest it has been since the 80’s, yet unemployment is back to pre-COVID years. With these conflicting indications, the question becomes what does it all mean and what to expect?
Usually, inflation and unemployment move in opposite directions. For example, when everyone who wants a job has a job, employers have to compete for workers and raise wages. This increase in wages drives production costs higher resulting in higher price tags for the consumer. At the same time, workers that receive higher wages can afford to buy more goods and services. That increased demand, obviously, also leads to higher prices. All of this usually occurs in periods of high GDP growth, because where else would all those jobs come from if not from increased production.
That is how the economy works in normal times.
January 5, 2022
As the year 2021 has come to an end, there are some important economic variables that we would like to discuss. Since the beginning of the pandemic in 2020, the US economy went through many changes – from a deep drop in GDP growth, deflation, and skyrocketing unemployment; all followed by a speedy recovery with GDP growth of around 5 percent in Q3 2021 (the highest in a longtime), unemployment as low as 4.2 percent, and inflation above the two percent long-run goal set by the Federal Reserve Bank
July 1, 2021
Principles of risk management:
An approach to manage, not just minimize risk
A process built into routine business practices
Designed to identify emerging events with the potential to affect the organization
Consistently assess a risk’s potential impact
Manage a risk within a pre-determined risk appetite
Tied to the organization’s strategic goals
