Month: March 2020

Cyber Criminals Seeking to Capitalize on Coronavirus

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Cyber Criminals Seeking to Capitalize on Coronavirus

 

Criminals prey on unfortunate circumstances, seeking to capitalize on victims during times of panic and hardship. Unfortunately, the coronavirus disease 2019 (COVID-19) pandemic is no exception.

The Cybersecurity and Infrastructure Security Agency (CISA), part of the U.S. Department of Homeland Security, told individuals to be vigilant about scams related to COVID-19.

Cyber criminals have been known to pose as charities or legitimate websites to lure victims into sending money or revealing personal information. Individuals should scrutinize any email, text or social media post related to COVID-19 and be cautious when clicking any links or attachments.

CISA offered specific guidelines for individuals to avoid being scammed online:

  • Avoid clicking links from unsolicited emails, and be wary of email attachments.
  • Use trusted sources when looking for factual information on COVID-19, such as gov.
  • Never give out personal or financial information via email, even if the sender seems legitimate.
  • Never respond to emails soliciting personal or financial information.
  • Verify a charity’s authenticity before making any donations.

It’s not always easy to disregard messages from senders that seem reputable, like banks. If individuals have any doubts about an email from a seemingly legitimate source, they should navigate to the organization’s website and use the contact information there to reach out. Individuals should never respond to the initial message.

 If individuals have any doubts about a message’s sender, links or attachments, they shouldn’t click anything in the message.

What Can Employers Do?

Employers should consider notifying employees about the existence of these COVID-19 cyber scams. Especially during times of crisis, scammers will pose as reputable sources and use fear to solicit personal information. Employers should also communicate best practices so employees know how to respond to such solicitations.

It may also benefit employers to back up data and bolster network protections in case an employee clicks the wrong link and compromises the entire system.

Speak with Schechner Lifson Corporation for more cyber security guidance.

Key Person Disability Insurance

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Protect Your Key Assets

 

Most organizations employ at least one individual who is essential to the company’s success. This person may be a partner, majority stockholder or an individual with expertise that is unmatched throughout the rest of the company. If this person’s exit from the company is planned, such as retirement or voluntary termination, then you can prepare for the loss and take the necessary precautions to minimize the impact. However, if the departure is unplanned due to a disabling accident or another unexpected occurrence, then the company is exposed to financial risks. Consider key person disability insurance to offset your risk. This insurance solution can protect your organization’s solvency in the event that you lose the key person or people without warning, and also the investments made by lenders and investors to the company.

Who Needs Key Person Disability Coverage?

Your company may take out key person coverage on you if you fall within the top 20 percent of the company in terms of salary. Of course, before your company takes out a policy, you must consent to the coverage. If you fall into any of the descriptions listed below, you may want to bring up key person disability coverage for consideration with your employer or—if you own the business—with your employees. Key person disability coverage is crucial for the following:

  • Employees who would be extremely difficult, time-consuming or expensive to replace
  • Highly skilled employees with unique training or skills
  • Employees with exclusive ties to key clients, like sports stars
  • Employees who are company leaders and have irreplaceable knowledge
  • Small business owners who would face financial hardship in losing a key staff member, employee or client

How Does It Work?

Here are the basics of key person insurance:

  • The employer pays the premiums and serves as the beneficiary in the event of the employee’s disability.
  • Tax-free dollars from the policy can be put towards finding, hiring and training a replacement employee, compensation for lost business during the transition and/or financing timely business transactions.
  • The policy is used to protect the business, not the key employee—in the event the key person becomes disabled, the policy proceeds can be used by the company for any purpose.
  • Premiums are based on several factors, including the key employee’s age, physical conditions and health history. The amount of coverage also affects the premium.

In addition to proper coverage, create a business continuation plan that outlines how your business will function if you lose key employees.

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