WebCE's Weekly Wrap-Up: September 21-27
WebCE Staff
By
September 27, 2024
Half of this week’s stories focus on the growing threat of cybercrime. In fact, the FBI reported this year that cybercrime losses hit an all-time high in 2023. And the threat is only expected to rise, with one forecast predicting cybercrime will cost the world economy $10.5 trillion by 2025.
This week’s list kicks off with three reports of cybercrime—with some attacks now incorporating AI—followed by two stories for new guidance and best practices to protect yourself and your organization.
The second half of this week’s stories offers good news on the Q2 GDP, examines the correlation between higher property insurance premiums and extreme weather, and insights into how the US election could shape the future of the gaming industry.
The final two stories and the Top Podcast of the Week offer best practices for managers and other leaders for preparing the next generation to lead.
Top News Stories of the Week
A Quarter of Small Businesses Report Falling Victim to AI Scams (Carrier Management)
“Most SBOs [small business owners] agree the rise in gen AI technology makes them more inclined to purchase cyber insurance, less than half report actually having the necessary coverage.”
Industry fears become a reality as scammers embrace AI (The Real Deal)
While one effort to sell a home with a deepfake was thwarted, one official warns, “It’s just going to get more sophisticated.”
Cyber Hits All-Time High Concern for Business Leaders, Says Travelers Risk Index (Insurance Journal)
“The findings speak to the business community’s greater awareness of cyber threats and the catastrophic damage, both operational and financial, a cyberattack can have on a company,” said Tim Francis, enterprise cyber lead at Travelers, in a statement. “What’s troubling is that while more businesses are securing cyber insurance as a tool to mitigate vulnerabilities, many still elect not to – despite knowing the risks.”
DOL Confirms Cybersecurity Guidance Applies to All Employee Benefit Plans (Sidley)
“To further clarify that the guidance applies to all plans, the [US Department of Labor (DOL)] updated each of the three parts to specify that plan participants, employers, plan sponsors and fiduciaries of both retirement and health and welfare plans should follow the guidance contained in each part and maintain strong cybersecurity practices.”
Fortifying The Digital Frontier: Everyday Habits That Shape Your Company’s Cybersecurity Posture (Cyber Defense Magazine)
“As we navigate through our daily digital interactions, many seemingly innocuous habits can inadvertently expose organizations to significant cybersecurity risks.”
U.S. Q2 GDP growth stays at a strong 3.0% in third estimate (Seeking Alpha)
“The Commerce Department's U.S. Q2 GDP growth estimate stayed at 3.0% in its third and final print, matching the consensus estimate of +3.0%. That still shows a significant acceleration from the 1.4% growth in the first quarter of the year.”
How Higher Property Insurance Premiums Mirror Climate Risk (Knowledge at Wharton)
“Property insurance premiums for U.S. homeowners surged an average 33% or $500 annually from $1,902 in 2020 to 2,530 in 2023, driven largely by pass-through of higher reinsurance costs.”
The 2024 Election and What It Could Mean for the US Gaming Landscape (Play USA)
An updated look at the implications the presidential election could have on gambling for 2025 and beyond.
Can the next generation step up to the challenge of managing family fortunes? (Investment News)
“More than half of respondents fear that their heirs do not have the experience to take over and 42% say the next generation are too young to be given immediate leadership roles.”
Why Leadership Teams Fail: And what to do about it (Harvard Business Review)
“To learn more about the problems that affect leadership teams, the authors interviewed more than 100 CEOs and senior executives in a multiyear research program. They identified three main patterns of dysfunction: the shark tank, characterized by infighting and political maneuvering; the petting zoo, characterized by conflict avoidance and an overemphasis on collaboration; and the mediocracy, characterized by complacency, a lack of competence, and an unhealthy focus on past success.”
Top Podcast of the Week
What It Really Takes to Be a Manager (HBR On Leadership from Harvard Business Review)
“Are you ready to be a manager?
“In this episode, Ellen Van Oosten answers questions from listeners who are struggling to move into management. She offers advice for what to do when you’ve been tapped for a managerial role, but you don’t want the job. She also discusses how to respond if your supervisor is blocking you from earning a promotion into management, and how you can make the move to manager even if you only have informal management experience.”