How the CPP Will Impact Businesses

Posted on July 12, 2016 by Marijana Dabic

On June 20, 2016, the federal government and the majority of Canadian provinces reached an agreement in principle regarding changes to the Canada Pension Plan (CPP). The changes will be phased in over the course of seven years, beginning on Jan. 1, 2019, and will require workers and their employers to pay higher contributions.

This new deal will mark the first significant increase in CPP benefits since the program was first launched 50 years ago. In general, the CPP aims to help Canadians enjoy a financially safe retirement and ensures a strong public pension system.

The CPP deal includes, but is not limited to, three major changes that will impact businesses:

The annual payout target will increase from 25 per cent of preretirement earnings to 33 per cent.
Contributions to CPP from workers and companies will increase by 1 percentage point to 5.95 per cent of wages.
The maximum income that is subject to CPP contributions will increase from $54,900 to $82,700 by 2025.

Young Canadian workers are likely to be the ones benefiting most from CPP changes. This is because, to reap the full benefits of CPP, a worker would have to contribute for about 40 years. Other employees will benefit to varying degrees depending on their age.

There is some concern that the higher contributions will force small and medium-sized businesses to refrain from hiring new workers or making other important investments. However, experts have said that it is unlikely that the Canadian economy will suffer from CPP expansion.

15 Risk Mitigation Tips for Airbnb Hosts

Posted on July 5, 2016 by Marijana Dabic

Property owners have a unique opportunity to efficiently rent out their entire home, a spare bedroom or other accommodation through the online service known as Airbnb. For travellers, Airbnb is a convenient, web-based platform that provides affordable and flexible alternatives to hotels. For property owners, the tool easily connects various rental units with prospective occupants and makes collecting payments simple and secure.

Despite its convenience and the potential for profit, Airbnb is not without its risks for those who decide to list. Before renting out your home or spare room through Airbnb, keep in mind the following tips:

1. Acquire the proper insurance.

Proper insurance is key to mitigating the risks associated with Airbnb. Take the time to review your renters or homeowners policy with ALIGNED Insurance Inc. to make sure you have adequate coverage in place.

2. Complete a home safety inspection.

Safety inspections can help Airbnb hosts address risks before they balloon into bigger issues. Before listing your property on Airbnb, complete a thorough home inspection and address all of the safety hazards you identify.

3. Screen all guests.

Prior to allowing guests to stay in your home, it’s a good idea to check their background. To begin, ensure that prospective guests are verified through Airbnb. You can also review any connected social media accounts and read guest references through the site. Above all, trust your instincts.

4. Set clear rules.

Through Airbnb, you can create guidelines for guests by completing the House Rules, Home Safety Card and House Manual sections of your profile. This allows you to set clear rules for guests around etiquette and safety.

5. Establish occupancy limits.

Limiting the number of occupants that can use your property will help ensure that guests are comfortable and safe during their stay. Occupancy limits should take into account the size of the property and local regulations.

6. Add a security deposit.

Adding a security deposit to your Airbnb listings can lessen the financial blow in the event of damaged property or another incident.

7. Secure your valuables.

When you open your home to guests, there’s the potential that valuables could be damaged or stolen. To protect expensive items, consider moving them into a safety deposit box or to a secure off-site location.

8. Protect sensitive information.

Your property isn’t the only thing you need to worry about when inviting guests into your home. To help prevent identity theft, make sure that guests cannot gain access to any files (physical or electronic) that contain sensitive personal information.

9. Install smoke and carbon monoxide detectors.

Safety equipment like smoke and carbon monoxide detectors should be installed around the premises to protect guests and your property. Emergency exits should be properly labelled as well.

10. Child-proof your premises.

It’s likely that some of your guests will have children. To protect younger guests, take the time to properly child-proof your home.

11. Keep your accommodations maintained.

Good housekeeping can help guests avoid common injuries such as slips and falls. Prior to each stay, examine your home for any new housekeeping issues that must be addressed.

12. Provide contact information.

Always supply your guests with information sheets that indicate local emergency numbers and the nearest hospital. Provide a clear emergency contact number for yourself, as well as backup, for easy guest reference. Also make clear how you should be contacted if the guest has questions or issues arise.

13. Supply a first-aid kit.

In addition to providing emergency contact information, having a first-aid kit readily available and fully stocked at all times is important to guest safety.

14. Verity compliance with regulations.

Regulations around Airbnb hosting can differ depending on your location and the type of accommodation you are renting out. Double-check that you are compliant with local and provincial laws before using Airbnb.

15. Notify those who could be impacted by your guests.

When you host guests through Airbnb, there is the potential that neighbours or roommates could be impacted. To avoid unnecessary conflict, let your neighbours or roommates know ahead of time that guests will be using your property.

4 Tips for Avoiding Kidnappings Abroad

Posted on June 29, 2016 by Marijana Dabic

Canadian John Ridsdel was kidnapped by a terrorist organization and held for ransom while visiting a resort island in the Philippines in September of 2015. In April of 2016, Ridsdel was killed by his captors. A retired executive, Ridsdel was an avid traveller and knew the region he was visiting well—proof that kidnappings abroad can happen anywhere and to anyone.

This tragic incident helps illustrate just how important it is for businesses that allow their employees to travel abroad for work to protect those workers. The following are four tips employers should share with their employees to ensure safety abroad:

Be aware. Most kidnappings can be avoided if the employee is aware of his or her surroundings. Having a deep understanding of the culture and how you may be perceived can go a long way toward avoiding dangerous situations. Ensure that your employees understand how to properly conduct themselves in public.
Transportation. Ensure that you have provided approved transportation to your employees. Never provide transportation you are unsure of, as this can be dangerous. Employees should also be advised to avoid spontaneous trips to unfamiliar areas.
Vary your schedule. Sticking to a daily routine is good for planning, but it can make an employee an easier target for kidnappers. For long-term trips, instruct employees to change up their routes to and from their hotels as possible.
Be wary of the local authorities. Abroad, the local police can be an invaluable resource to your employees in the event of an emergency. However, they can sometimes be just as dangerous as the kidnappers themselves. In fact, in some foreign countries, local police may do the kidnapping themselves or play a role in helping kidnappers capture unexpected travellers.

To further protect employees, businesses should consider purchasing a kidnap and ransom insurance policy. This type of coverage is a stand-alone policy designed for those businesses whose employees travel internationally, and it covers costs related to kidnapping, ransom, wrongful detention, extortion and hijacking.

The Risks of Allowing Employees to Use Tablets

Posted on June 23, 2016 by Marijana Dabic

Tablets and other such devices have become increasingly common in the average workplace. And, while these devices can be important for your employee’s daily work, they also represent a cyber risk if they are not properly managed.

The following are just a few of the major risks associated with having tablets in the workplace:

Mobile malware. Tablets are typically infected by malware via malicious apps and phishing scams. When this happens, a cyber criminal can gain unauthorized access to the device and associated network systems. In general, iOS tablets like iPads are safer from malware than Android tablets. However, mitigating the risk of malware typically comes down to the user. Workers should avoid downloading unfamiliar apps.
Loss of data. Following a security breach, data loss is inevitable. For tablets, this could mean that users are locked out of their devices altogether. To protect your business, employees should always back up their data, and ensure that no sensitive or proprietary information is stored on it.
Unsecured networks. Unsecured networks are a particular concern for tablets because they are easy to take on the go into areas with free and public Wi-Fi connections, like cafés and airports. These connections are not always secure and can be easily hacked by cyber criminals. To prevent this, employees should be reminded that no public Wi-Fi is safe. For further protection, offer a virtual private network (VPN) that your employees can utilize to safely use the internet off-site.
Theft. In addition to virtual threats from hacking and phishing scams, cyber criminals could just as easily steal the tablet itself. This could give them unlimited access to proprietary or personal information. To combat this, employees should never leave their devices unattended. Using a secure password can also help prevent theft of information.

Above all, employers should have a personal device policy in place that accounts for security threats. Employees should know what they can and cannot do with their devices and how to protect the sensitive information contained within. These policies should be extended to other personal devices with internet access, such as smartphones.

4 Takeaways from a Cyber Study

Posted on June 16, 2016 by Marijana Dabic

The Scalar Security Study is an annual report that examines how prepared Canadian businesses are for cyber threats. Specifically, the study surveyed 654 IT and IT security practitioners to determine the average cost of a cyber attack, whether organizations feel prepared for cyber threats and what tactics they find most effective when it comes to protecting themselves. The following are some of the major findings from the study:

The number of cyber attacks is increasing. Survey responders reported experiencing an average of 40 cyber attacks per year. This number represents a 17 per cent increase compared to last year’s report. It’s important to note that many of these cyber attacks related to the loss of sensitive information.
Organizations are less confident in their ability to protect themselves. Cyber attacks are increasing in frequency and sophistication. What’s more, insufficient personnel or lack of in-house expertise were found to be the major reasons for why organizations felt unprepared for the increasing threat. In fact, only about 37 per cent of organizations felt they are winning the war against cyber criminals.
Organizations are concerned about security threats from mobile devices. Mobile devices and applications were two of the major security concerns for organizations. These risks require both technological and internal governance to help mitigate the risk.
Intellectual property is a major and expensive target of cyber criminals. The loss of intellectual property and other proprietary information due to cyber attacks impacted 33 per cent of the businesses surveyed, with the average cost of the loss coming in just under $6 million.

In addition to the above, the report found that cyber security threats will increase in severity. Businesses will need to adapt to the changing landscape if they are to protect themselves from the devastating losses associated with cyber crime.

How the CPP Will Impact Businesses

15 Risk Mitigation Tips for Airbnb Hosts

4 Tips for Avoiding Kidnappings Abroad

The Risks of Allowing Employees to Use Tablets

4 Takeaways from a Cyber Study

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