The COVID-19 pandemic has changed the way organizations operate, introducing a host of business risks. To better understand this dynamic risk environment, AuditBoard surveyed more than 2,000 attendees at our recent virtual conference about the risks they will face in 2021. Respondents felt that three major risks will require the bulk of their attention moving forward: economic threats impacting [business] growth, cybersecurity threats, and business continuity and crisis response. Organizations that take proactive measures now to address these risks will give themselves a better chance to succeed as we continue to navigate the pandemic.

Major Risks Have Ripple Effects on Businesses
Unsurprisingly, economic threats impacting growth was the number one risk on most respondents’ minds. Business leaders outside of the sample group echoed this concern, with CEOs of major companies expecting financial hardships to continue through the end of 2021 and beyond. Recessions squeeze everyone’s margins, impact demand, and make it tough to hire and retain employees. The current economic landscape has led to bankruptcies, contractions, and layoffs.

California Insurance Commissioner Ricardo Lara on Monday announced a new partnership between the California Department of Insurance and Gov. Gavin Newsom’s Administration to establish statewide standards for home and community hardening aimed at reducing wildfire risk, protecting lives and property and making insurance available and affordable to residents and businesses.

Jose Zepeda, 45, of Fresno, Calif., self-surrendered this week on multiple felony counts of insurance fraud and attempted perjury after filing a workers’ compensation insurance claim and allegedly misleading the insurance carrier regarding his employment status in order to collect disability benefits he was not entitled to receive.

According to an investigation by the California Department of Insurance, Zepeda was injured in August 2017 while employed by a local construction company. Zepeda began collecting disability benefits because his employer could not accommodate his work restrictions. The insurance company handling Zepeda’s workers’ comp claim reportedly instructed him to notify them if he found new employment because that would affect the benefits he was receiving.

A California Workers’ Compensation Institute analysis of claims reported to the state Division of Workers’ Compensation as of Jan. 11 shows that the number of COVID-19 claims in the California workers’ compensation system more than tripled between October and November, then jumped another 64.2% to a record 23,483 claims in December.

A new CWCIU projection shows that the December total could climb to 37,573 cases once claims that are yet to be filed or still under investigation are added to the tally.

After spending most of 2020 telling small businesses to close and limit their customers, California Gov. Gavin Newsom on Tuesday proposed $4 billion worth of state spending he says will help them survive in 2021.

Newsom was the first U.S. governor to impose a statewide stay-at-home order because of the coronavirus pandemic in March, earning praise at the time for decisive action to contain the spread. But a recent surge of cases has caused those restrictions to linger into 2021, shuttering bars, restaurants, barber shops, gyms and movie theaters for months at a time while imposing strict limits on capacity inside retail stores during the year’s busiest shopping season.