in. Why? Most networks are built, maintained, and
used by people, and those people are both fallible
and subject to a range of constraints (e.g., budgets,
Companies should assume that even if they install the most advanced technology solutions and
receive certain security certifications, their security
measures may fail and an unauthorized person may
gain access to their environment.
Source: “Is Your Organization Compromise Ready?,” BakerHostetler 2016
Data Security Incident Response Report.
Compensation rates to
rise by 1.5 percent
By Rosalie L. Donlon, PropertyCasualty360.com
Here’ssome welcomenewsfor Massachusettsemployers. On April 20, the state’s Division of Insurance announced that Workers’ Compensation
rates will rise only an average 1.5 percent
beginning July 1. The minimal increase is
thanks to a settlement between the Division of Insurance’s State Rating Bureau,
the Workers’ Compensation Rating and
Inspection Bureau (WCRIB), and the Office of the Attorney General.
The WCRIB originally requested an
increase of 6. 4 percent. As a result of the
settlement, however, employers in Mas-
sachusetts will save approximately $50
million annually in Workers’ Compen-
sation premiums. The WCRIB’s original
rate filing also included an experience
rating offset proposal. This proposal was
removed from the final settlement, result-
ing in an additional savings to employers
of $30 million in premiums.
“This is welcome news for employers
both large and small in the Common-
wealth,” said John Chapman, undersecre-
tary for the Office of Consumer Affairs and
Business Regulation, in announcing the set-
tlement. “We’re pleased that our Workers’
Compensation system is a healthy one, and
that our workforce can be reassured that a
stable safety net is there when it’s needed.”
The agreement notes that, in addition
to keeping the average rate increases to
1.5 percent, the underwriting profits will
be zero percent, and the selected average
commission rate, excluding expenses,
will be 6. 27 percent.
Now that the commissioner of insurance has approved the Workers’ Compensation rates, insurers may submit downward deviation requests that could lower
rates for some employers. According to the
Massachusetts Department of Insurance,
currently about 50 insurers offer such reductions, which range from a few percentage points to more than 25 percent.