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Reducing the Risks of AI in Employment Decisions
Organizations are increasingly utilizing artificial intelligence (AI) in employment-related decisions. Although AI technology can offer several benefits (e.g., improved efficiency, objectivity and decision-making), it also presents risks, including biases and discrimination from outdated or nondiverse data and ethical concerns related to data utilization and storage. Moreover, there are numerous laws and regulations that businesses must…
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Health Spending Accounts: A Smart Benefit for Business Owners
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. How Health Spending Accounts Work A Health Spending Account operates as a reimbursement system for employees’ health and dental expenses. The process is straightforward: the business deposits a pre-determined amount into an account for each employee, who then submits…
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Steps for Organizations to Create Safer Drivers
Driving for work is a high-risk activity. Company drivers are exposed to several risks, including difficult driving conditions and driver fatigue, which could cause road traffic accidents. According to WorkSafeBC, motor vehicle incidents are the leading cause of employee fatalities in British Columbia. Such accidents can threaten the safety of company drivers and create significant…
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Tips for Managing Seasonal Viruses
Viruses that cause respiratory disease usually circulate more heavily in fall and winter. While influenza (flu) and other illnesses are common and occur each year, their potential impact should not be downplayed. If a major respiratory disease outbreak occurs, organizations may face elevated rates of employee absenteeism, which could lead to business interruptions and lost…
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MFA Bypass Attacks Explained
Multifactor authentication (MFA) is an integral component of cybersecurity. Requiring additional steps to access data makes information more secure and more challenging to steal. However, cybercriminals have developed new ways to break through these cyber defences. This category of attacks, known as MFA bypass attacks, puts businesses at risk of data breaches, which can lead…
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Snow and Ice Removal Checklist for Commercial Property
Owners and managers of commercial property must maintain safe conditions for employees and occupants. During winter, walkways, stairs, driveways, interior roadways and parking lots become slip-and-trip hazards as snow falls and ice forms. This is not only a safety hazard but also an expensive legal issue for property owners if an accident occurs. Commercial property…
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OHS Prosecution Case Study: Steelworks Company Fined After Employee Suffers Critical Injuries
$68,000 Equipment Maintenance Violation A steelworks company was fined $68,000 after pleading guilty to a violation that resulted in an employee suffering critical injuries. The incident occurred on Feb. 27, 2023, while three workers erected steel beams for a three-storey addition on a hotel construction project. A worker on the ground level was rigging steel…
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Navigating Cybersecurity Challenges in the Construction Industry
The construction industry is continuously moving toward digitization, adopting advanced technology such as artificial intelligence, the Internet of Things (IoT) and Building Information Modelling software. These innovations help to automate tasks, reduce waste and improve efficiency, productivity and safety. However, this shift also brings significant cybersecurity risks. As construction companies increasingly rely on digital tools…
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Cyber Risks in the Trucking Sector: A Growing Concern
Evolving technology has significantly benefited organizations across industries, and the trucking sector is no exception. Communications and transport logistics can now be integrated through single database systems, improving operational automation and efficiency. However, such connected operations can also leave trucking organizations vulnerable to cyberthreats. With critical tools and data sources in one place, cybercriminals can…
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Insurance Solutions for Buy-Sell Agreements
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. For business owners, protecting the future of their company is critical. One of the most effective tools in ensuring business continuity is a buy-and-sell agreement, often funded by life or disability insurance. These agreements provide a legally binding solution…
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How to Mitigate Supply Chain Risks
Consumers have come to expect ample choice, instant shipping and ultrafast delivery, making a smooth supply chain critical. However, the fragile nature of supply chains can lead to sudden bottlenecks, delaying production or shipments and impacting an organization’s ability to meet customer demand. These delays can disrupt cash flow and damage customer loyalty as expectations…
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Preventing Jobsite Theft
Construction businesses are at a heightened risk of jobsite theft, as expensive tools and machinery are attractive targets for criminals. Theft of construction materials can substantially disrupt a project, leading to delays and significant financial losses; therefore, companies need to take measures to prevent these incidents. Although every jobsite has its unique challenges, basic strategies…
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Protecting Commercial Property from Extreme Winter Weather
Without proper precautions in place, businesses may encounter severe commercial property damage at the hands of extreme winter weather. Fortunately, businesses can prepare their properties and minimize related damage by implementing these winter storm safeguards:
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Including Winter Storms in Business Continuity Plans
The impact of extreme winter weather events on businesses can be devasting, resulting in significant commercial building and vehicle damage; lost production, sales, income and labour time; additional transportation costs; decreased tourist activity; and utility disruptions. A business continuity plan (BCP) outlines how a company can restore critical operations during an unplanned service disruption. When…
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The Risks of Severe Thunderstorms
Severe thunderstorms can cause injuries, infrastructure damage and significant financial losses for businesses and their commercial properties. Often accompanied by hail, flooding, strong winds, lightning and abrupt temperature shifts, they are among the costliest types of natural disasters, according to industry research. To reduce potential losses and improve safety, employers should understand the risks of…
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9 Controls to Know This Cybersecurity Awareness Month
October is National Cybersecurity Awareness Month. During this annual event, government and industry leaders worldwide come together to raise awareness about the importance of cybersecurity. Every October, employees and employers are reminded that businesses must stay cybersecure to safeguard company data, protect customers’ personal information and ensure employee privacy. Here are nine essential cybersecurity controls…
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Combatting Workplace Loneliness
Loneliness is a pressing issue for employers, especially now that remote working practices are commonplace. Loneliness is an unpleasant emotional response to how individuals perceive their connection with others. Unlike social isolation, individuals can feel lonely even if they are not physically alone. Younger employees are particularly susceptible to loneliness. According to a 2024 TELUS…
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Understanding Cybercriminals: Motivations, Methods and Protection Strategies
Cyberattacks can impact a company in numerous ways. They can create significant financial losses through fines, lawsuits and business interruptions, and they can cause reputational damage as clients and stakeholders lose trust in the organization. As technology evolves, cybercriminals can conduct more sophisticated attacks. However, understanding different types of cybercriminals’ motives and attack methods can…
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Responding to Environmental Risks Following Natural Disasters
Although the property damage, injuries and business interruptions directly caused by natural disasters often receive significant attention, businesses face risks even after these weather events have passed. These risks include health and safety hazards, financial losses and reputational damage. Employers should also consider the environmental effects of these events, especially since traditional insurance policies may…
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Key Considerations for a Smooth Group Insurance Renewal
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. Revisiting Your Group Benefits Plan Group insurance renewal is an important annual milestone for businesses, providing a valuable opportunity to assess your employee benefits package. While renewal may simply extend the current plan for another year, it’s worth considering…
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What is Tenant Insurance?
Tenant insurance, often called renters insurance, is a policy designed to protect you from financial losses related to your personal belongings and liability when renting a home or apartment. Unlike homeowners insurance, which covers the physical structure of the building, tenant insurance focuses on protecting your possessions and providing liability coverage. While it’s not mandatory…
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Cybersecurity Awareness Programs: Benefits and Implementation
Businesses of all sizes are susceptible to cyberattacks such as phishing scams, malware attacks and ransomware schemes, which can create significant financial loss and lead to major reputational damage. Implementing a comprehensive cybersecurity awareness program is one of the most important strategies for recognizing and preventing cyberattacks. Establishing such a program can create a stronger…
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Four Summer Disasters Led to Record Number of Insurance Claims
Submitted insurance claims hit a record high following several significant natural disasters over four weeks during summer in a season that was the “most challenging in history,” according to the Insurance Bureau of Canada (IBC). Intense flash flooding in Toronto and Southern Ontario, floods in part of Quebec, wildfires that swept through Jasper and a…
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The Value of Commercial Crime Insurance
Despite efforts to hire trustworthy employees and implement robust security measures to prevent external fraud, criminal activities may still occur. Whether a deceitful employee embezzles company funds or a corrupt third party steals valuable inventory, impacted organizations can suffer serious financial losses. That’s where commercial crime insurance can help. Also known as fidelity insurance, this…
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Managed Detection and Response Explained
The cyber risk landscape is constantly evolving, with cybercriminals quick to exploit emerging technologies for malicious purposes. In response, businesses are exploring innovative methods to detect and prevent cyberattacks. One such option is a managed detection and response (MDR) service, which combines technology and human expertise to monitor and address cyberthreats effectively. MDR is an…
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Must-Have Benefits Companies are Adding and Improving in 2024
*This post is from CMB partner Finuity Wealth. Find out more about group benefit solutions here. As competition for top talent intensifies and the economic landscape evolves, organizations are placing greater emphasis on their benefits packages to attract and retain employees. According to Lively’s 2024 Employee Benefits Market Check report, which surveyed 250 HR and…
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OHS Prosecution Case Study: Flooring Company Fined After Employee Exposed to Carbon Monoxide
$70,000 Poisonous Gas Exposure Violation A flooring company was fined $70,000 after pleading guilty to a violation that resulted in an employee suffering from carbon monoxide poisoning. The incident occurred on Jan. 4, 2023, when an employee was coating and polishing concrete floors at a construction project for a new warehouse in London, Ontario. The…
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Wildfires 3 Times More Likely in Canada Due to Climate Change, Report Finds
A recent State of the Wildfires report has found that unprecedented wildfires between March 2023 and February 2024 in Canada, Greece and parts of the Amazon were made more likely due to the impact of climate change. High-fire weather is now about three times more likely in Canada, 20 times more likely in the western…
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Using Infrared Thermography to Prevent Property Losses
Property owners and managers must protect commercial buildings and structures and minimize potential losses. Infrared thermography is a valuable resource for accomplishing these goals. It is an advanced imaging technology that is nonintrusive and efficient in finding issues before they escalate into major problems. How Infrared Thermography Works Infrared thermography detects thermal radiation emitted by…
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Navigating the Transition to an EV Fleet
Several businesses have already begun replacing their internal combustion engine (ICE)-powered fleets with electric vehicles (EVs) to reduce their carbon footprint. Although transitioning to EVs offers numerous benefits, it isn’t trouble-free. For instance, EVs may have higher upfront costs than ICE vehicles, and charging point availability could be difficult depending on location. Consequently, employers must…
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The Influence of Social Media on Cyber Security
Social media is an essential marketing strategy for increasing brand awareness and connecting with consumers. However, using social networks increases an organization’s cyber risks. Furthermore, employees’ personal social media use can also impact employers. Specifically, employees may overshare on social media platforms, not realizing that cybercriminals can gather information—known as data mining—to launch targeted attacks….
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Preventing Slips, Trips and Falls on Construction Sites
As an employer in the construction industry, your role in preventing slips, trips, and falls is crucial. These accidents are all too common, with approximately 1 in 5 workplace injuries related to them. In the high-risk sector of construction, this statistic could be even higher. These injuries can lead to employee absences, impacting productivity and…
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Damages From Ontario Flash Floods Could Top $1 Billion
On July 16, 2024, intense flash floods hit southern Ontario, leaving drivers stranded, homes and businesses flooded, and thousands without power. Although it’s too early to comprehend the extent of the damage, the Insurance Bureau of Canada estimates that insured losses resulting from the event could top $1 billion. Toronto, a city particularly affected by…
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Defending AI Systems From Malicious Data Poisoning Attacks
As the use of artificial intelligence (AI) and machine learning (ML) continues to grow, businesses that utilize these technologies must also be aware of cybercriminals’ attack methods to target them. One such attack that hackers employ is data poisoning—when a malicious code is introduced into a dataset to compromise the performance of AI and ML…
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Addressing Workforce Mental Health in the Manufacturing Industry
Employee mental health is a growing concern for employers across sectors. In fact, almost half (46%) of employees reported at least one work-related mental health risk factor in a recent financial services provider Manulife survey. According to the Canadian Mental Health Association, mental health disorders cost workplaces and the economy $50 billion annually. The manufacturing…
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CrowdStrike, the Most Important Cyber Accumulation Loss Event Since NotPetya, Highlights Single Points of Failure
In what is being called “the most important cyber accumulation loss event since NotPetya,” the July 19, 2024, global technology outage will produce scores of insurance claims across a range of policies, test cyber policy wordings, and sharpen the industry’s focus on single points of failure. Caused by a flawed software update from cybersecurity firm…
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Best Practices for Combatting Trucking Bottlenecks
Canada has experienced significant population and economic growth over the past decade. Consequently, road congestion has increased, particularly in urban areas, creating delays for freight originating, terminating or moving through these locations. These bottlenecks can significantly slow commercial drivers’ journeys and prolong trucking delivery times, resulting in increased fuel costs and significant time constraints for…
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Common Employee Communication Mistakes to Avoid
Effective communication is crucial to fostering a positive relationship between employers and employees. It can show employees they’re valued and heard, improving employee satisfaction and retention. Conversely, poor communication can lead to workplace inefficiencies, foster employee discontent, and create engagement and retention issues. These concerns can significantly impact workplace productivity and organizational revenue. This article…
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OHS Prosecution Case Study: $80,000 Working-From-Height Violation
Construction Contractor Fined $80,000 After Two Workers Fall From Platform A construction company was fined $80,000 after two employees were injured in a working-from-height incident. The workplace incident occurred in 2022 while two construction workers were setting precast stairs and landings in stair shafts in Ontario. During their work, the employees built a work platform…
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Mitigating Insider Threats
An insider threat refers to an individual entrusted with access to or knowledge of an organization’s operational components, personnel, physical assets, networks, systems or technology. These individuals may include current or former employees, vendors, suppliers, investors, business partners or other third-party collaborators. Due to their understanding of and unique privileges to such sensitive information and…