Daily Market Update

Daily Market Update | Insurance Business

Daily Market Update
Domain name theft cost business six figure losses
If someone was able to move into your business premises and there was no way you could get them out again, the damage to your business is obvious. In the digital age, someone ‘moving in’ to your online address can be just as damaging. A graphic design and advertising business owner says his business has suffered losses of over $200,000 resulting in him cutting back on using freelancers and even have to move his family to a smaller home. Michael Lee had owned the domain mla.com for almost 20 years and as well as it being his business address it was an investment for his future, having been valued at $47,000 recently. However Lee’s domain name was hacked and is now owned by someone in Russia; he hopes to be able to persuade a court to enforce its return but has found little in the way of help. Domain registrars and local law enforcement agencies seem unable or unwilling to offer help and many states do not recognise domain names as property so a lawsuit isn’t an option.  Hackers typically gain control of a domain by hacking an email account associated with the domain and having transfer authorisation sent to the hacked email. Read the full story.

Are business owners their own worst risk?
Many small and medium businesses depend fairly heavily on their owner. Frequently the business is built on that owner’s vision and skill set and may have grown from a one-man operation. A new survey though suggests that a hands-on approach to management can be detrimental to health; could the business afford to be without its owner? The survey shows that in businesses with 20-49 employees, two thirds of the owners are stressed. It further finds that business owners rarely share their work-related stress with others and almost half find it hard to spend more time with their families. While owners may feel that they have to be on top of everything in the business, delegation makes a lot more sense and not only relive the boss of some of the burden but also empowers employees. Read the full story.

China’s banking sector to implement increased risk management 
With bad loans causing issues for China’s banking industry the country’s regulator has revised outdated guidelines to boost internal risk management procedures. The new guidelines require banks to appraise all of their products and subsidiaries. Read the full story.