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Risks facing modern farmers

Candice Rousseau, Product Innovation Strategist, gives us a glimpse into three risk factors facing farmers operating in our modern world.

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    We asked Candice Rousseau, HSB Canada’s Product Innovation Strategist to walk us through three important risks facing farmers in our modern world.

    When we think about farming in the 21st century and beyond, there's a multitude of factors demanding the attention of every farmer. Despite being an often-undervalued profession, farmers play a crucial role in our society, needing to evolve with the changing times.

    Farms are relying more on technology, exposing data

    Farmers use various connected devices to manage their operations, storing vital details about crops and production on smartphones and online apps. However, the risk of unauthorized access and other digital ecosystem threats is always present.

    Ways to mitigate risks include basic cyber hygiene, such as updating technology and software regularly; educating everyone working on the farm about security practices; setting secure passwords and employing multi-factor authentication. In case of a data breach, a quick response plan ensures the farm's security and smooth functioning.

    Unpredictable weather impacts livelihoods

    The weather impacts our lives in important ways, and the impact of the weather on the life of a farmer is even more significant. For them, unpredictable weather patterns can impact crops and livestock production. A farmer’s role can extend well beyond cultivation – they may have to wear the hats of meteorologist, geologist, and scientist.

    To tackle these challenges, farmers must make well-informed decisions, refining techniques and implementing protective measures for their land and crops. Strategic planning for worst-case scenarios becomes imperative given the increasing frequency of severe weather. While events like droughts or floods have a mere 1% chance of unpredictability, proactive planning ensures resilience and sustainability.

    Farms must plan for the next generation

    With many farmers approaching retirement, succession planning is critical.  Many farmers seek guidance from legal and financial experts to aid them in making informed decisions around the future of their farm. Connecting experienced farmers with successors ensures the transfer of wisdom and practical insights.

    Modern farmers navigate various challenges, and resilience is key. By fortifying digital defenses, adapting to weather changes, and careful planning, farmers not only secure the present but also ensure the robustness and adaptability of farms for future generations.

    Connect with Candice Rousseau on LinkedIn

    This article is for informational purposes only and is not intended to convey or constitute legal advice. HSB makes no warranties or representations as to the accuracy or completeness of the content herein. Under no circumstances shall HSB or any party involved in creating or delivering this article be liable to you for any loss or damage that results from the use of the information contained herein. Except as otherwise expressly permitted by HSB in writing, no portion of this article may be reproduced, copied, or distributed in any way. This article does not modify or invalidate any of the provisions, exclusions, terms or conditions of the applicable policy and endorsements. For specific terms and conditions, please refer to the applicable insurance form. Posted on March, 2024

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