A Handy Guide To Cyber Insurance

Cyber insurance covers a broad range of exposures, including hacked computers, viruses, denial of service attacks, and a bevy of other claims. With the right policy, it can be extended to include trademark and copyright coverage.  All firms that utilize IT professionals should purchase a cyber insurance policy that is tailored to meet the needs of their own organization.

What is Cyber Insurance?

Cyber insurance can include a number of different exposures from network security which protects against hackers, to claims that you were negligent in meeting your responsibility to protect the data and computers of your clients.  The abuse of websites has given rise to unanticipated numbers of copyright and trademark violations.

Most states now have laws that require you to inform your customers when their data has been compromised on your system.  Even if no further damage develops, the cost of notification typically approximates $8 per record.  In other words, if a hacker successfully penetrates your server housing 150,000 customer records, the cost of notification could be $1.2 million, even if you weren’t negligent.

The availability of cyber insurance has expanded rapidly in recent years.  There are now over a dozen insurance companies that offer well structured, competitively priced cyber liability insurance policies.  Be advised, however, that coverage is not standard.  A well qualified agent, schooled in the technical issues surrounding cyber liability can help you navigate the available coverages.

3 Tips for Building Cyber Insurance Policies

  1. Know your coverage. General liability insurance policies are designed to protect you if you are negligent, but in order for coverage to be triggered, they require property damage or bodily injury. Cyber attacks typically cause money damages, but to not necessarily physically harm your system.  In order to be covered, you will need to purchase a policy that is specifically tailored to your company’s exposures.
  2. Maintain a strong infrastructure. Insurance companies will only agree to insure you if you take active steps to protect yourself. A formal IT audit of your systems will increase your access to insurance coverage, and can dramatically reduce premiums.  The audit will cover a variety of internet security issues.
  3. Build sound internet procedures that require frequent changes in passwords and that regulate what can be placed on your site.  Most copyright violations result from employees posting material from other sites on the web.  Make sure that they understand what is and is not acceptable.

A Business Investment

Since many companies will not report incidences of data loss or denial of service attacks, it’s difficult to gauge the frequency of cyber insurance claims. You should use common sense and only cover your company for claims that you can anticipate.

Still, buying cyber insurance is a necessity for companies who deal extensively with technology. Assemble a plan that will cover you so that you can run your business securely.…

Getting Around IR35

Contractors just do not like IR35 for obvious reasons, but it leaves a bitter taste in the mouths of contractors nationwide when the ‘Office of Tax Simplification’ calls upon the new coalition government  to be culled or reviewed in 2011 – just for the government to ignore the request ( the conservative party had previously stated that they would abolish IR35….).  So in the year 2012, any contractor must ask themselves, ‘how to I work around IR35?’

IR35, Do I fall under it?

Any contractor must make sure that they do not fall inside IR35 legislation, and the way to avoid this is to clearly provide all the necessary paperwork and documentation that you are a ‘self-employed contractor’. If any contractor is unclear as to what the terms of IR35 are, it is possible to go to the HRMC website and find out all the facts there – straight from the source. However, sometimes looking at all the legal technicalities can be slightly perplexing and overwhelming – which is where contractor accountants come in. Speaking to a specialist contractor accountant can really lift the hazy complex of IR35, giving you understanding and perspective upon how to deal with it.

Specialist Contractor Accountants

With most good contractor accountants, they will give you the option of having a free verbal IR35 contract review – which is of much use to any contractor in the UK. On top of this, you can ask for a written report of your IR35 situation – which will highlight your areas of weakness, showing the areas you need to improve on. Remember that no-one can fully insure you against IR35 though. Buying ‘IR35′ insurance will only cover legal fees to help and defend your case, but ultimately it is down to the judgement of HMRC.

It is possible to cut the amount of tax you pay from 100% to 95% by working through your own limited company, which is a way to maximise ‘take home’ money. Yet, also with this it is always best to seek the advice of a specialist contractor accountant who will be able to supply you with solid legal advice as to how to keep as much money as you can.

IR35 is always out to get contractors whether you like it or not. IR35 is essentially very simple, but having a contract which words your way out of it is not enough – you must implement all the things your contract states into practice to really avoid coming a cropper to the dealings of the HMRC.…

Lean Custom Japan Tour for Retail

Running a retail business takes more work and organization than the average person would think. The work and organization needed helps prevent loss of time and money, and it paves a way for the business to continue to grow.

If you run a retail business, whether big or small, and the practices and procedures intact are not working for your business, then you will want to look into the Lean Custom Japan Tour through Enna. This will give you a first-hand look at the system created by Toyota and how it is practiced in a real work environment.

Because the Lean System is not only a tool for the automotive and manufacturing industry, Enna tours allow you to customize the tour in order to learn Lean tools that will cater to your business and industry. So besides visiting Toyota, you will have the opportunity to visit multiple locations and industries outside of the automotive industry. During the Lean Tour, you will be immersed into Lean work room environments and have the opportunity to ask questions and have discussions with shop floor experts, senior management experts, and other experts. You will also have official Toyota Interpreters to ensure smooth and efficient communication. During the trip, you will learn new leadership skills, learn the benefits and how to use the Kaizen Toolkit, learn how to use these tools on the global scale, how to maximize your time and more.

During the tour, you will also have the opportunity to participate in a Kaizen Workshop. The Kaizen workshop is hands on and it allows you to observe unscripted Lean and Kaizen tools being implemented. You will be able to question the practices and tools used, and the company will be more than happy to answer any questions that may arise. You can also participate in the workshop by discussing, planning, and executing these tools yourself.

During the Lean Japan Trip, you will have met fellow managers, directors, etc. who have come to learn the same skills, and will have met managers and experts of different Lean industries. By meeting and interacting with these professionals, you have developed a network that will be beneficial to your business in the future. This gives you an opportunity to keep in contact with others who may be in the same or similar industry, or you will have a contact who can continue to mentor and offer advice on running and improving your company.

The Enna Japan Tour can change how you run your business. By the end of the trip you will have developed new leadership skills, teamwork skills, time management skills, and organizational skills. These skills will save you time and money, and it will help your build a team that will be more self-sufficient, more reliable, and will be able to create and implement problem solving solutions.…