Nov 6, 2020, 6:21 PM
(From Bolton & Company) The COVID-19 pandemic has resulted in increased worker’s compensation claims costs across all industries. In an effort to cover additional costs, the California Workers’ Compensation Insurance Rating Bureau (WCIRB) recently recommended premium surcharges be applied in a sliding scale dependent on industry. The proposed surcharges range from 1 percent to upwards of 24 percent. If approved, they would go into effect 1/1/21, and could result in potential premium increases.
(From Bleeping Computer) Leading cloud software provider Blackbaud has been sued in 23 proposed consumer class action cases in the U.S. and Canada related to the ransomware attack that the company suffered in May 2020, in which Blackbaud paid a ransom to criminals to destroy stolen data. That move is not encouraged by many law enforcement agencies, as ransom payments are thought to encourage further attacks. Over the past several months, Blackbaud had to spend over $3 million to deal with the attack's aftermath between July and September, and it also recorded almost $3 million in accrued insurance recoveries during the same time period. The cloud software provider also expects to deal with increased costs coming from the ongoing response following the attack and the efforts to boost security defenses.
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