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Hub You - Cyber Insurance - The New Way to Manage Digital Risk
While on the road delivering seminars, I stopped at a large restaurant chain for breakfast. Some of their employees were on break eating the competitor’s food at a very centrally located table. EVERY guest that was entering, leaving, refilling a soda, or placing an order saw an employee of this restaurant eating out of a bag adorned with a competitor’s logo. What kind of message does that send?Having worked 18 years for a chain restaurant, I understand how people can grow tired of their company’s food and need a change of pace—no argument there. The startling revelation was the fact that the manager was oblivious to the message his employees were sending to the arriving guests—nothing like advertising for the competitor within your own restaurant! At the very least, the employees should have eaten their meals in the back of the restaurant after discarding the competitor’s bags.Marketing is focused on brand impressions—how many people see your message. While restaurants work long and hard creating
The latest series in "The Apprentice" features 2 distinct group of candidates. One group, who are only high school graduates are termed as "Street Smarts" by Donald Trump whereas, the other group are all college educated with some having MBAs and advanced degrees. They were termed as the "Book Smarts".What was revealed at the start was that the "Street Smart" group were mainly entrepreneurs and had a net worth 3 times more than the "Book Smart" group!What this goes to show is that you do not need a college degree to be an entrepreneur and rich. In fact, having a college degree may be more of an impediment to being a successful entrepreneur.Why is this so?For one thing, entrepreneurs cannot be conformist and stick "by the rules" and college somehow tends to train people to stick "by the rules". Entrepreneurs will always come up against obstacles and will have to find ways around these obstacles, many times, unconventionally.College tend to make graduates think in a similar f
These days, every company doing business over the Internet is at risk, whether the company is a huge software maker, a bricks-and-mortar retailer with a dot-com presence or a tiny retailer selling specialty crafts online.
All businesses have private, critical information that’s at risk. It could be anything from patents on intellectual property to customer social security numbers.
Unfortunately for these companies – and their customers – many digital losses are not covered under traditional corporate insurance policies. Commercial general liability policies - in particular the personal injury and advertising injury coverages - now offer very limited coverage for many of the risks emerging from the widespread use of the Internet for commerce. In addition, policies covering damage to your own property, vandalism, business interruption, and dishonesty focus on tangible property but offer little protection for m
1. Up-sell to your customers. For starters, they already know and trust you, plus they have demonstrated a willingness to buy. So if they are given the option of a volume discount, for example, they just might jump at the opportunity to buy more.2. Cross-sell to your customers. People appreciate convenience and choice. Be sure to provide both by making additional products or services available that complement and enhance your customers’ buying experience. For example, if a customer buys a product from you that requires batteries, be sure to offer him batteries at the time of purchase. Otherwise he’s likely to be frustrated when he gets home and discovers that he needs to head back out to get some batteries… possibly from someone else’s business.3. Ask your customers for referrals. The best place to find new customers is through your existing customers, assuming they are happy of course. So ask them. Believe it or not, they’ll be glad to help.One way to do this is to generate a list of prospe
These days, every company doing business over the Internet is at risk, whether the company is a huge software maker, a bricks-and-mortar retailer with a dot-com presence or a tiny retailer selling specialty crafts online.
All businesses have private, critical information that’s at risk. It could be anything from patents on intellectual property to customer social security numbers.
Unfortunately for these companies – and their customers – many digital losses are not covered under traditional corporate insurance policies. Commercial general liability policies - in particular the personal injury and advertising injury coverages - now offer very limited coverage for many of the risks emerging from the widespread use of the Internet for commerce. In addition, policies covering damage to your own property, vandalism, business interruption, and dishonesty focus on tangible property but offer little protection for
Choosing the right small business software for your home-based internet business can be a confusing undertaking to say the least. It's a good thing most women love to shop because otherwise it could be really frustrating. The challenge in choosing small business software is striking a balance between what you have to have and what you can afford. There are many small business software packages that have a number of features included, even though you may not use all of them. Then, there are some that are sold in individual modules where you buy only what you need.The first step in shopping for small business software is to distinguish between what you need now, what you want, and what you might need in the future. The second step is to define your budget. Never start buying small business software until these two steps are done. Otherwise, you are likely to buy some of those things you want, rather than the things you definitely need, and
All businesses have private, critical information that’s at risk. It could be anything from patents on intellectual property to customer social security numbers.
Unfortunately for these companies – and their customers – many digital losses are not covered under traditional corporate insurance policies. Commercial general liability policies - in particular the personal injury and advertising injury coverages - now offer very limited coverage for many of the risks emerging from the widespread use of the Internet for commerce. In addition, policies covering damage to your own property, vandalism, business interruption, and dishonesty focus on tangible property but offer little protection for
Let's say that you are going on vacation. You're going to Vegas! Wednesday, Thursday, & Friday the store would be closed. You have 2 choices: Worry about how much money you are losing by not being in the store, or using your trip as a way to get a boost in business. This is what we did; About half an hour before we left for the airport, almost on a whim, I took a piece of typing paper & put a sign on the store's front door. Here's what it said;"My wife Cheryl & I are on a vacuum cleaner buying trip ( & mini vacation ) to Las Vagas, Nevada. The bad news is that the store will be closed Wednesday, Thursday, & Friday. The GOOD news is; If you were thinking of buying a vacuum cleaner within the next year COME BACK SATURDAY! We'll have prices slashed & lots of FREE STUFF for anyone who buys a vacuum from us on SATURDAY. WARNING; When you get here Saturday, the store may be full of people looking for a vacuum cleaner at a great price. PLEASE WAIT YOUR TURN! The longer you have to wait, the better the price. WE
There are more and more top executives in Corporations calling it quits. Indeed this gives rise to the next generations to move up the ladder, unfortunately when we look at the cause of all these departures we see some huge problems. Namely all this change management is being caused by over regulation such as Sarbanes Oxley and CEOs realize that they will be hung out to dry if a mistake is made and find themselves in litigation or worse in Prison.So, instead they are leaving the companies, with their golden parachutes, pensions and departing years earlier. This often leaves a leadership vacuum that the corporation must fill. Easier said than Dunn, who just got sacked at HP. The new CEOs coming into power are worried that they too will end up the next fall gal or fall guy and they just may. In fact the risks are often so great that even if the new CEO makes it thru a couple of years, they realize that it is not worth pushing their luck and they too retire early.Change Management and over regulation is causin
This leaves companies victimized by computer losses open to substantial financial damages – and the exposures are growing every day. Realizing this, a number of companies are seeking protection through a type of coverage loosely referred to as “cyber insurance.” This insurance line has emerged over the past several years as a way for companies to hedge against lawsuits from customers whose personal information is stolen – or other lawsuits from customers alleging financial harm from misuse of digital information.
Let’s look at two examples:
1. Fictional web site design firm “Web Design,” which has 100 employees and $40 million in annual sales. Fictional client “Widget World” hires Web Design to design a Web site to sell products. In addition, Web Design creates a customized order package for Widget W
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