Category Archives: Business Reports

By Jim Lapointe

It is well known that the cyber world is a dangerous place and becoming more dangerous every day. Threats to businesses like ransomware are causing real concern and notable monetary damage to many small to mid-size businesses.

If the ever-increasing threats are not enough of a reason to take a deeper look at your business’s data security (and those reasons should be enough) there is another reason: regulation. Governments are taking a more active role in security and enforcing regulations for minimum security standards as well as fining businesses that do not meet those standards.

In fact, at the National Governor’s Association recent meeting, a majority of State Governors agreed to increasing cyber security standards. The problem for many small to mid-sized businesses (SMBs) is keeping up with those regulations and finding solutions that are price-competitive.

As an example, each state has their own statutes for protecting personal identifiable information (PII). Some are vague and advise businesses to take “reasonable” precautions. New York has a more defined policy that outlines specific steps businesses need to take to protect PII.

By Richard Ruzzo

When I hear that phrase from a new customer, I know from more than 13 years of experience in the communications and security business that it often means very different things to different people.

The term, “security,” has become a catchword encompassing a range of different issues and challenges being faced by the homeowner or business owner today.

As an expert in access control, surveillance, perimeter alarm systems, and “smart” home/office solutions, it’s my job to ask the right questions and drill down to what that potential customer really needs to make his/her home or business safe and secure.

For most people, “security” usually means cameras, which really means surveillance. Cameras are a great way to protect your business against costly things like shrinkage (employee or customer theft), low employee productivity, or unnecessary and sometimes nefarious insurance claims for trips and falls at your business or home.

Those issues usually occur inside the business or home. But, what about things that happen outside of your office building or home? For some customers, “security” may mean monitoring and protecting against what’s going on outside of the office or home. Has someone been spending too much time “aimlessly” wandering around your business perimeter or residence? Are they looking for patterns in your comings and goings? Are they, in fact, “casing” your home or business for future unlawful entry?

By David L. Cumming

As the Baby Boom generation continues its march to retirement, a significant number of entrepreneurs will soon begin the process of transitioning family businesses to the next generation.

If you are about to embark on this journey, here are some of the potential pitfalls to avoid.

According to the 2016 U.S. Family Business Survey conducted by Price Waterhouse Coopers, only about 43 percent of private businesses have done any exit planning whatsoever. Failure to execute a business transition may lead to multiple negative outcomes, including:

1. Breakdown of communication and trust within the family unit;

2. Inadequately prepared heirs and absence of a clear vision or mission to align family members;

3. Failure by advisors to properly address taxation, governance and wealth preservation issues.

With success riding largely on a family’s ability to communicate and to clearly articulate a plan for the future, the following guidelines may help to ease the business transition process.

Get the process started years before the actual transition occurs. Some experts recommend building an exit/transition strategy into the initial business plan. As part of the planning process, business owners should create:

By Gerry Freedman

As many of you know, in May of this year, the WannaCry ransomware cyber attack was a global event.

This malware strain infected over 200,000 computers in 150 countries.

While this particular attack targeted out of date, unpatched, or unsupported operating systems, it reinforced the need to keep your operating systems current. Additionally, it brought into sharp focus the choice you have if your system is infected: bitcoin or backup.

Ransomware works by encrypting the data it can access with extremely difficult to break encryption, rendering the data unreadable without the decryption key.

The “ransom” part of the equation comes from the hackers demanding payment in the form of untraceable cyber currency. Payments started at $300.00 in the case of the WannaCry virus. Law enforcement officials discourage paying the ransom, as it emboldens the hackers, and gives them a huge source of revenue to create new attacks.

It is estimated that ransomware attacks are now a $1 billion business.

The best way to recover your data is from a good backup.

A backup that uses its own encryption, provided necessary retention and is shielded from ransomware attacks are the top recommendation of business continuity experts. In addition, a good business continuity system for critical data, which goes beyond mere backup, would allow you to continue working during the event, save money, reduce risk and allow your business to recover its data in minutes or hours, not days.

By Rick Gallup

One of the many challenges facing business owners and managers today, is the transformation of documents from paper to digital. Although most people agree that this change is necessary, implementation is not a simple process.

Why go from paper to digital? Remote workers have access to information on many devices from virtually anywhere. If important documents are trapped in paper format, you are not fully utilizing the tools that mobile technology provides.

Another reason is that digital documents make it very easy to store and retrieve large volumes of data. Other reasons include cost savings, security, and sustainability, to name few.

What are the challenges? First there is acceptance. Most people are resistant to change. Getting everyone on board, is essential to a successful digital transformation strategy.

Then there is the process. Some companies will choose to eliminate printers, or install software that restricts printing. These can be effective measures, but only if you have a good understanding of the workflow, and how this action may impact it.

The path to transformation can be divided into four stages (understand, educate, execute, and improve). First you must understand how and where you use paper today. The distinction between “good” and “bad” paper can identify areas where you really need to use paper, and areas where you don’t.

Examples of “good’ paper might be when working with organizations outside of your own. They may still require paper to conduct business. Printed marketing materials may be a good way for you to promote your business. Sometimes there may be a legal requirement for a hand-written signature.

An example of “bad” paper would be any time hard copy documents are stored or shared, when it makes sense to do this electronically. Having a good managed print solution in place, can help you understand your current situation.

by Sarah Lewis Belcher, Esq.

So, you have a great new project you want to start building ASAP to enable you to get in the ground and/or have the shell(s) up before the weather turns and/or to meet your completion schedule?

If you need a construction loan to finance the project, knowing the financing process can help expedite closing and your ability to get started.

The earlier you involve your lender the better. In addition to the usual underwriting review, the lender and its construction consultant will need a number of items concerning the project. Having a package of these materials ready can help speed the review and, therefore, the closing.

The construction documents that often must be provided include: plans and specifications, detailed construction budget, construction schedule, fixed price/guaranteed maximum price contract with the general contractor (GC)/construction manager (CM), architect/engineer’s contracts, municipal approvals including building permits, payment and performance bonds, builder’s risk insurance and consents to contract assignments from the GC, CM, architect and/or engineer.

These items will be reviewed by the lender and its construction consultant to confirm the project described in the plans and specs may be completed for the amounts in the budget and within the time frame in the schedule.

The construction loan process in New York state requires the preparation and filing of a building loan contract/construction loan agreement. If a lender doesn’t file such a document with the clerk of the county in which the real estate is located, the lender’s security interest established by its mortgage will be subject to mechanics liens that may be subsequently filed.

By Jamie Wallace

Chimneys and dryer vents are a mystery to many homeowners and even experienced contractors. Both vent flammable or toxic gases to the exterior of your home, and both are horribly ignored.

This information is especially important when living in or managing apartments or condos.

Let’s start with dryer vents. There are codes and standards for how they are built. Many times, a heating element in the dryer will fail, causing the need for replacement. In some cases the dryer was never the problem, it was incorrect installation of the vent or heavy lint accumulation. This essentially overworks a dryer and shortens its life span significantly.

In 2010, the National Fire Protection Agency (NFPA) stated that over 15,000 dryer vent fires occurred in the U.S. due to dirty dryer vents.

The good news is: it is 100 percent preventable.

The NFPA also recommends a dryer vent be inspected and cleaned as needed on an annual basis, which would drastically reduce risk. When an experienced professional comes out to service a dryer vent, they should also make sure it was installed properly. There should be no vinyl hose connections, no PVC venting, and certainly no screws holding it all together, which act like lint catchers.

These are only a few of the standards and codes that can be checked.