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In 2024, the Association of Certified Fraud Examiners released the 13th edition of its comprehensive Global Study on Occupational Fraud and Abuse, titled A Report to the Nations. This study delved into the costs and impacts of occupational fraud, analyzing 1,921 reported fraud cases across 138 countries and territories. These cases resulted in total losses exceeding $3.1 billion and were investigated between January 2022 and September 2023.
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December 2024  /  View this email in your browser.

HospitalityLawyer.com® Newsletter Insurance & Loss Prevention
Via CoStar, Employee-committed fraud costs companies billions in losses, report says

In 2024, the Association of Certified Fraud Examiners released the 13th edition of its comprehensive Global Study on Occupational Fraud and Abuse, titled A Report to the Nations. This study delved into the costs and impacts of occupational fraud, analyzing 1,921 reported fraud cases across 138 countries and territories. These cases resulted in total losses exceeding $3.1 billion and were investigated between January 2022 and September 2023. However, this represents only a fraction of the actual number of fraud incidents occurring annually worldwide. The study highlights that organizations typically lose 5% of their revenues to fraud each year. Notably, the median loss attributed to occupational fraud cases (fraud committed by employees) was $145,000, while the average loss per case studied reached $1,700,000. Approximately 22% of cases led to losses exceeding $1 million. It’s crucial for all companies to be vigilant about the risk of fraud, understand different types of fraud and implement strategies to reduce its occurrence.

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Recommended Practices for Drafting and Reviewing Your Incident Response Plans

via Wilson Elser

In today’s digital landscape, cyber incident threats are inevitable. Organizations must be prepared to respond effectively and efficiently when a cyber incident happens. According to the National Institute of Standards & Technology (NIST), an incident response plan (IRP) is a document that provides instructions for an organization’s response to a cybersecurity incident. 

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Wilson Elser
Boss talking with employees, holding a tablet

15 Important Workplace Safety Talk Topics for Your Organization

via HL Blog

Workplace safety isn’t just about avoiding accidents — it’s about creating an environment where every employee feels secure and can focus on their tasks without worry. From offices to construction sites, understanding and mitigating risks is critical in any industry. 

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Global Guardian
Woman holding out credit card to pay.

Top tips for reducing chargebacks in hospitality

via Hotel Management

In recent months, the hospitality industry has seen a noticeable increase in credit card chargebacks. Hotels and resorts are facing disruptions in cash flow and an increase in the workload for staff assigned to handle these disputes. 


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an AI technology concept

How climate-related events are influencing hotel investment

via Hospitality Investor

These events represent short-term and on-going impacts on the hospitality industry, with storm damage resulting in short-term or permanent loss of lodging units and lost tourism revenue, as well as higher operating costs over the long-term, particularly in regard to  higher insurance premiums and property taxes.


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Via Hospitality Net: Insurance and Sustainable Hospitality: Enabler, Obstructor, or Game Changer?

Hotels have experienced a significant increase in insurance costs over recent years. Several contributing factors include the rise in natural disaster frequency, exposing businesses and buildings to significant physical risks. Compliance with energy efficiency regulations has necessitated further investment, impacting building costs. Finally, the cost of materials for repairs and renovations has surged, resulting in higher building valuations and consequently, elevated insurance premiums [1]. Furthermore, several insurance providers have exited markets highly vulnerable to climate-related risks, leaving properties potentially uninsurable [2]. Projections indicate a potential doubling of insurance rates by 2030 in regions particularly susceptible to extreme weather events [3].

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