Author Archives: The Society Insurance Team

About The Society Insurance Team

Your business is your livelihood, and it’s our job to do all we can to help you protect it. By choosing Society, you’re not only getting one of the most comprehensive plans for your business, but a partner dedicated to your company’s continued success.

Thanking Employees: How To Show Gratitude After A Job Well Done

Approximately 64% of working Americans leave their job because they feel underappreciated. Thanking employees for a job well done on a project is a great way to increase employee morale and motivation. Many people assume that employees are only motivated financially, but this simply is not the case. While it makes sense to financially compensate employees for continued successes, consistent encouragement from upper management is always welcome. Any employee that cares enough to put effort and quality into their work will also be motivated by acknowledgement of their efforts. Here are a few ways you can express gratitude for a job well done.

Read our blog post, “Showing Employee Appreciation” for more useful ideas on how to show appreciation.


5 Small Business Management Tips

As of 2018, there are 30.2 million small businesses in the U.S. accounting for 58.9 million jobs in the country. It’s no secret that small businesses are a crucial part of the U.S. economy and their success should be important to us all.

Managing a small business comes with a unique set of challenges and opportunities. Often times, simply deciding which goals or tasks to prioritize can be a full-time job in itself. As a small business owner, you are probably under a lot of pressure with little room for mistakes. It’s easy to become quickly overwhelmed when managing the million different moving parts of a business but the good news is there are ways to make managing a small business easier. Here are five of our best small business management tips for juggling day-to-day operations.


4 Money Saving Tips for Restaurant Owners

Get lean, get smart and get motivated! No, we aren’t talking about trimming your waistline—we’re talking about cutting costs associated with running your restaurant. While we don’t suggest implementing anything that could jeopardize food or service quality, there are four things you can do right away to reduce restaurant costs. Implement these 4 money saving tips in your restaurant, and watch the savings accrue!

Interested in learning about how to market your restaurant? Read these blogs:


Cyber Claims Digest for 2020 Planning

This entry is part 30 of 30 in the series Data Security

Analysis of 2018 Cyber Claims Data by Society Insurance

Ransomware. Business email compromise. Spear phishing. This is the new language of business risk. Whether it’s a massive data breach that exposes customer information, or an automated ransomware attack that extorts bitcoin payments from a small business owner, the cybercrime wave continues to swell as the cybercrime economy becomes more sophisticated.

The threat of cyber attacks continues to top the list of executive concerns around the globe. According to the latest survey by The Conference Board, US-based CEO’s rank cybersecurity as their number one concern.

And here’s why…

Statistics on Cyber Attacks

  • The Identity Theft Resource Center reports that in 2018 over 1,200 incidents have exposed 440 million records of personal information, an increase of 126% over 2017.
  • CyberSecurity Ventures reports that ransomware cost businesses $5 billion worldwide in 2017 and upwards of $8 billion in 2018. And a recent report from the Insurance Industry Cybercrime Task Force noted that ransomware payment demands have significantly increased. “Demands of $250,000 to $500,000 were non-existent six months ago and are now a weekly occurrence.”
  • According to the 2018 Verizon Data Breach Investigations Report, 59% of all cyberattacks targeted small businesses. Costs to respond and recover from these attacks averaged almost $385,000. While the nature and extent of attacks on small business vary greatly, 67 percent of small businesses experienced a cyberattack and 58 percent experienced a data breach in the last 12 months.

Cyber Claims Overview

This report is based on nearly 1,800 cyber claims closed in the 2018 calendar year, up 15% over 2017. Overall, policyholders’ claims grew by 38% and cybercrime claims almost doubled from 2017—led by financial fraud.

Overall, policyholders’ claims grew by 38% and cybercrime claims almost doubled from 2017—led by financial fraud.

[Download graphic: 5 Ways Business Owners Put Data At Risk]

Financial Fraud

The most significant increase of cybercrime activity is in financial fraud, with an 89% increase over 2017 claims. Fraudulent transactions are often a result of email phishing schemes.

Phishing Fraud

Phishing schemes have become commonplace and effective—and they are becoming harder to recognize. Phishing attacks rely on human tendencies to trick people into revealing sensitive information, downloading malware, or committing financial fraud. Common phishing examples frequently come from sources with authority, such as: banks, financial institutions, the IRS, police, or company executives.

‘Spear-fishing’ targets a specific individual. Thieves are diligent in gathering background information on their targets from social media, blogs and other websites to appear more credible when crafting their scams. Attackers then play on emotional triggers including fear, urgency, and authority to trick their target into making impulsive decisions without thinking.

While phishing attacks at times led to a data breach in 2018, they often led to financial fraud, like fraudulent payments or wire transfers of funds to fraudulent accounts due to cybercriminals posing as policyholder clients or business partners.


Hacking is a method in which cybercriminals illegally gain access to computers. In many 2018 cases, this led to data exposure and data theft. Consequently, policyholders incurred substantial cyber breach response costs.


In 2017 and 2018, ransomware events were front and center as an area of great concern for insureds and remained the second-most cause of loss among cyber claims in each year. Over the past two years, 90 ransomware incidents were resolved among a broad range of businesses. Payment demands were wide-ranging and topped out over $30,000 (and in a variety of currencies). In addition to the actual ransom payments, the technical and legal expenses associated with negotiating and paying the cryptocurrency demands often tripled or quadrupled the cost of resolving the issue with
expenses often soaring over $70,000.

While in years past there has been a growing frequency of ransomware claims, the costs to recover and the demands for payment were not nearly as concerning as this year. In 2019, there has been a huge shift with ransom demands often 10 times more than in years past. In three separate events, ransom demands have ranged from $100,000 to $1.2 million. And, according to a broader study by the NetDiligence Industry Cybercrime Task Force, other carriers are seeing this trend of much higher ransom demands. As ransom demands climb, greater awareness and preparedness among
business owners is critical.

Costs of Cyber Claim

Consistent with 2017 data, the largest costs associated with cyber claims were IT forensics and breach coach/legal expenses.

IT forensic expenses are those related to the investigation of a breach, examination of what data may have been exposed or exfiltrated, cryptocurrency procurement and payment, and data decryption and/or system restoration. IT forensics
costs were up 105% over 2017 and represent 51% of the overall costs of cyber claims.

Breach coach/legal expenses are related to the legal fees incurred in managing the breach response, coordination of vendors and defense costs (where applicable). Breach coach/legal expenses were up 72% over 2017 and represent 30% of overall cyber claims expenses.

2018 Allocation of Cyber Claims Costs

Breach coach/legal expenses were up 72% over 2017 and represent 30% of overall cyber claims expenses.

Growing Response Costs

The overall number of cyber incidents grew 38%. This sharp uptick also led to significant increases in the costs of responding to the incidents in most categories, with the greatest increase in ‘notification’ and ‘IT forensics’ costs.

The overall number of cyber incidents grew by 38%. This sharp uptick also led to significant increases in the costs of responding to the incidents in most categories.

Preventing & Mitigating Losses from a Cyber Attack

We are often asked for suggestions or guidance on how to reduce the risk of a cyber incident. Given the complexity of ‘cyber incidents’ and the wide range of types of attacks, there are no easy answers. However, the more prepared an organization is to repond, the faster they recover.

Explore our data security blog series for educational resources.

As a means of ‘first response’ to a suspected incident, here’s a helpful guide of what to do in various situations to help mitigate the impact:

Helpful guide of what to do in various situations to help mitigate the impact of data breach or cyber attacks.

Keeping Vigilant & Informed of Cyber Incidents

Throughout 2018, we saw a broad range of cyber incidents and a wide variance in the costs of claims. In 2019, the greatest concern is the shift in the severity of these activities. Greater awareness and preparedness is critical.

Business owners should consider an extra layer of protection by adding cyber liability coverage to their current insurance plan. Get in touch with your local Society agent today to learn more.

How to Improve Employee Retention in Seasonal Restaurants

Seasonal restaurants may be increasing in popularity, but are nothing new for areas like Door County, Wisconsin and other vacation destinations. These restaurants typically operate through specific dates of the year related to the weather and travel seasons. While the restaurant industry can be challenging, seasonal restaurants face their own set of unique challenges. Since these restaurants must pack all of their sales into just a few months, hiring and keeping the right employees can make or break the season. So, how does a seasonal restaurant owner retain top talent when they only operate a few months out of the year?


How to React to a Payment Card System Data Breach

This entry is part 28 of 30 in the series Data Security

What are the true costs of a data breach? On the one hand, there are monetary damages: the estimated average cost per breach in the US is $7.9 million. Coupled with potential fines for negligence plus legal fees, and suddenly it’s no surprise that around 60% of small businesses will go out of business within 6 months after a significant breach and around 43% of all cyberattacks target small businesses because of presumed vulnerabilities. On the other hand, there are the less tangible costs of a cyberattack, such as organizational integrity and customer trust. Whether it’s your fault or not, a data breach will compromise the public’s perception of your business, although the extent of it will really depend on the actions you take immediately following the breach.


8 Tips: How to Advertise Your Restaurant Business

In the super-competitive restaurant industry, time isn’t on your side. You don’t have the luxury of waiting for customers to find your restaurant. You have to find them first and stay in front of them. It may sound like a tall order, but there are a number of things you can do to increase your restaurant’s visibility quickly.


Proper Use of Tools and Other Common Equipment

Improperly using tools can cause more problems than it solves. How many times have you seen somebody using a screwdriver as a pry bar? Or concrete blocks being used to support scaffolding instead of jacks and pads? Or someone using a five-gallon bucket as a stepladder? These are just a few examples of misused equipment that can result in injury on-the-job or during DIY projects at home. Here we’ll outline some precautions you can take at home and at work.


Importance of Having a Workplace Violence Prevention Program

The Occupational Safety and Health Administration (OSHA) reports that workplace violence is a growing concern for both employers and employees. According to OSHA, there are about 2 million victims of workplace violence each year and workplace violence is the third-leading cause of fatal occupational injuries behind transportation incidents and slip, trip and falls. These statistics report that there were also 39,750 non-fatal occupational injuries in 2017 due to violence in the workplace which led to a median 4 days away from work. The usual causes of these non-fatal injuries were from assaults, stabbings, shootings, strangulation and rapes.


How Can Restaurants Manage and Improve Their Reputation?

These days, reviews mean everything. Both new and established restaurants heavily rely on them for new customers. But does your restaurant have the time to respond to each and every review on Google, Yelp, FourSquare, OpenTable, Zomato, Trip Advisor, etc? In a 2018 survey from BrightLocal, “86% of consumers read online reviews for local businesses” and “89% of consumers read the businesses’ response to reviews.” Restaurants can no longer ignore online restaurant reputation management; it can mean the difference between a fully booked dining room or complete dissolution of the business.