Join us for a Live Q&A Discussion:
"Cyber Liability Q&A Panel"
Wednesday, May 26th at 11:00AM
Featuring special guest panelists from R.K. Tongue Co. and Beazley Insurance.
Welcome New Clients!
Every business, big or small, should have a cyber security policy in place for its employees. Employees need to know what’s acceptable and what isn’t when it comes to all things IT. The policy should set expectations, lay out rules and give employees the resources necessary to put the policy to work.
Your employees represent the front lines of your business’s cyber security defense. You may have all the antivirus software, malware protection and firewalls in the world, but if your employees aren’t educated about IT security or don’t understand even the basics, you’re putting your business at MAJOR risk.
What can you do to remedy that? You can put a cyber security policy in place. If you already have one, it’s time to update it. Then, once it’s ready, put it into action!
What does a cyber security policy look like? The specifics can look different from business to business, but a general policy should have all the fundamentals, such as password policy and equipment usage.
For instance, there should be rules for how employees use company equipment, such as PCs, printers and other devices connected to your network. They should know what is expected of them when they log into a company-owned device, from rules on what software they can install to what they can access when browsing the web. They should know how to safely access the work network and understand what data should be shared on that network.
Breaking it down further, many cyber security policies include rules and expectations related to:
Policies should also break down IT roles within the organization. Who do employees call, text or e-mail if they need IT support? What is the hierarchy they are expected to follow? Do they have internal support? Do they contact your managed services provider (MSP) or IT services partner?
It’s important for employees to have resources in order to effectively execute policies. This can come in many forms. It may be a guidebook they can reference or a support phone number they can call. It might be ongoing training on cyber security topics. Or it might be all of the above (as it often is!).
Break down every rule further. Passwords are a great example of an area of policy every business needs to have in place. Password policy often gets overlooked or simply isn’t taken as seriously as it should be. Like many cyber security policies, the stronger the password policy is, the more effective it is. Here are a few examples of what a password policy can include:
The good news is that many apps and websites automatically enforce these rules. The bad news is that not ALL apps and websites enforce these rules – meaning it’s up to you to define how employees set their passwords.
Putting a cyber security policy in place isn’t easy, but it’s necessary, especially these days. More people are working remotely than ever. At the same time, cyberthreats are more common than ever. The more you do to protect your business and your employees from these cyberthreats, the better off you’ll be when these threats are knocking at your door.
If you need help setting up or updating your cyber security policy, do not hesitate to call your MSP or IT services partner. They can help you put together exactly what you need for a safer, more secure workplace.
Why You're Not Rich Yet
Recently, Petra Coach presented a webinar called “Why You Aren’t Rich Yet” with David Waddell and Teresa Bailey of Waddell & Associates. The webinar is aimed at helping entrepreneurs identify key biases that may be preventing them from maximizing their net worth and how they can change that. You can see the full webinar at PetraCoach.com/why-you-arent-rich-yet-with-david-waddell-teresa-bailey. Following the webinar was a Q&A, which is
Q: What sectors are forecasted to make a run over the next three to five years based on your own DD and personal interests?
A: We may see a reprisal of what we saw in 2000 to 2005, when the tech stocks went sideways. You may make more money in foreign investments and from sectors like financials, industrials and materials rather than Facebook over the next
Q: At what point should you start implementing some of these levers? We are early along and my husband doesn’t see the value in investing.
A: First, make sure you have an emergency account – about six months’ worth. Second, load your 401(k) with all the savings you can and put them in stocks. The younger you are, the more impactful the compounding becomes. Early investing pays off.
Q: Are you seeing traditional value plays in this market, or are they just less overpriced?
A: No, there are value plays. You have to recognize what’s driving the market. The government is about to spend the most money since the 1950s. The Fed has increased the money supply over 25%. There is just a lot of money pouring into the system that’s going into the hands of consumers and corporations. The market doesn’t go down just because it has a high PE. There’s going to be a lot of money to make. Things will continue to melt higher until we hit some kind of wall. The indicator to look at daily is inflation, and we’re not seeing
Q: How are you different from wealth or asset management companies? Are you
just advisors? If so, how are you different from others?
A: On staff, we have lawyers and CPAs. The CPAs are going to be most important within the coming years. A lot of firms also don’t talk about the balance sheet and strategy the way we do. Here, the quality of our staff is high, and their regulatory track record is high too. We have thousands of clients across America. While we’re “paid” to manage assets, we talk about everything. They’re fiduciary advisors, so they’re actually allowed to give advice.
Q: If you had $200K in the bank and are comfortable sleeping on a cash pillow (or at minimum prefer access to those funds without penalty), where would you put it? ETF, mutual fund or something else?
A: Choose what you need to be liquid, then migrate the balance into active mutual bond funds with an open mandate (if you don’t want to put it in the stock market).
Disclaimer: Waddell & Associates is not making specific recommendations. Always speak with a licensed financial advisor before making any financial or investment decisions.
David S. Waddell is the CEO of Waddell & Associates Wealth Strategists. He has over 20 years of experience as an investment expert and has been featured in The Wall Street Journal, Forbes, and Barron’s. He is a true global economics specialist and is an internationally recognized speaker.
Teresa Bailey is a Wealth Strategist who is dedicated to helping her clients achieve financial success. She is a Certified Divorce Financial Analyst practitioner and a Certified Financial Planner. It is Teresa’s goal to help people discover more about financial planning so they can realize their full potential.
There is a good chance that even if you have technology specialists on your staff, outsourcing for certain expertise or IT Management may be necessary.
Learn what outsourcing looks like in 2021, how much you should outsource, and if you need an internal IT department.
If you do have an IT department, learn how they can work with outsourced providers.
Read the article here:
Apps like to take your data, be aware!
Downloading a free app can seem harmless, but it could be costing you in privacy and security.
If you have a smartphone or tablet, you have probably installed apps that asked for your permission to access various information on your phone.
One example of this is Instagram will ask for access to your camera and stored photos. It is a good sign that these apps are asking for your permission before accessing your device storage and functionality as it limits your exposure.
However, many of us are simply clicking OK without taking a moment to read what the app is exactly asking for. Those terms and conditions are too long to read right?
While many apps will not take data they do not need, some are either poorly designed or are actively harvesting your data for other purposes, such as selling for advertising mailing lists or market research, or for even worse or dishonest reasons than that.
We strongly recommend taking a moment to read into what data the apps on your phone are using.
Some apps just are not worth installing. While many are free to download, you could end up paying with your privacy and security.