Month: October 2019

Categories
Blog Business Fraud & Security

Three Tips to Keep Your Remote Employees Safe from Cyberattacks 

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Smartphones, laptops and tablets are especially susceptible to cybercriminals and can endanger company security. Arm your staff with information on how they can keep online data safe from cybercriminals. 

1. Public Unsecured Wi-Fi Networks

Connecting to public Wi-Fi on company-owned devices when working remotely is hazardous to company security for several reasons.

Public Wi-Fi Networks

Public Wi-Fi networks are a common way hackers acquire information. These networks are usually not secure, making it easy for hackers to intercept data, log-in credentials and other sensitive information. Hackers also use unsecured Wi-Fi networks to spoof a public Wi-Fi network and disperse malware. 

Wi-Fi Phishing

Wi-Fi phishing is when someone creates a web page that perfectly mimics an actual page on a website. A good example would be your company’s email sign-in page. Your employee lands on this legitimate-looking page and types in their email and password, which are now in the hands of the hacker. 

Home Office Wi-Fi Network

Your own home office Wi-Fi may put your company security in danger! An unsecured home office Wi-Fi network can be accessed through IP-enabled devices like thermostats, security cameras, wireless video equipment, etc. Unsecured IP-enabled devices are easy to hack. Once the intruder has access, they can breach the network and gain access to both your company and personal sensitive data. 

Solution: Use a Virtual Private Network (VPN)

Require remote employees to use a virtual private network (VPN). A VPN enables users to securely connect to your business, even if the available Wi-Fi network is questionable. Still prefer that your employees forgo using Wi-Fi connections at all? You can provide them with a personal hotspot.

2. Hold Regular Cybersecurity Training

Employees are likely to encounter a fake web page, infected attachment or malicious email at some point while working for you. Whether or not they engage with malicious content is dependent upon their knowledge of such security threats. Regular employee trainings that show examples of imposter pages and phishing emails can drastically reduce security risk. Teach your employees how to spot a scam and bring them up to date on the newest cybersecurity threats. If you don’t have someone on staff who is qualified to provide this type of training, look for an affordable outside expert who can. 

3. Secure Local Resources 

Local resources such as operating systems, network firewalls, software and applications must be kept up to date to protect sensitive information such as customer data, administrator credentials and intellectual property.

Steps to Secure Local Resources: 

  • Ensure all company-owned devices have the most current software versions. 
  • Set up automatic software updates. 
  • Preinstall malware scanners and a VPN on employee-issued devices.  
  • Enable local firewalls on all company-owned devices. 
  • Provide licenses for anti-virus and VPN software to employees who use their personal devices for work.

Working remotely offers flexibility and many opportunities for both businesses and their employees. With some planning, you can ensure that your cyber information is safe so that your staff can enjoy the benefits of working remotely. 

Categories
Blog Business Growth & Capital Managing Your Business

Startup Founders Are Often the Reason for Failure

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Many people think that most startups fail because of a shortage of funds, and for some, this is true. But often there is a more complicated problem: the founder. In this article, we will address common startup issues that arise because of faulty leadership. 

1. Dictatorial Leader Doesn’t Listen to the Team

Startup founders tend to be charismatic, ambitious and driven by their vision — all qualities needed to motivate people to buy in to their new business idea. Very often, it is the founder’s drive to make their idea a reality that makes a startup successful. But what happens when those qualities get taken to the extreme? Startup leaders who become dictatorial will set arbitrary goals and ignore team input, realistic time frames, technical challenges and costs to the detriment of the long-term success of the company. 

2. Advisors are Chosen for Reasons Other Than Experience or Expertise 

Many founders of startups surround themselves with friends rather than people who have expertise and experience in the field. They naturally gravitate toward similar personalities to their own and choose business partners who will not disagree with the direction they want to take the company. This means that when things start to go pear-shaped with the company, there is no one around to speak up and recommend a new direction. 

3. Planning Isn’t a Priority for the Founder 

Founders are often “idea” people. They get 50 ideas a day and are tempted to try at least 49 of them. This type of creative personality is excellent at coming up with ideas but, unfortunately, not great at making the ideas a reality. Why? Because developing an idea takes a great deal of planning and patience — and to make one idea work, the founder must give up the other 50 ideas they had that day. Startups that succeed usually have a creative ideas person who is backed by a highly organized team of people who excel at planning, making priorities and staying on course. 

4. Weekly Staff Meetings or Crisis Sessions?

Ideally, weekly staff meetings are a time to update the team on project statuses and plan for the next quarter. Instead, a dictatorial founder turns each meeting into a crisis session: What is going wrong? What could move faster? Why isn’t the project making more money? What should be an informative, calm meeting becomes an emotional deluge from the founder, which overwhelms the entire team.

5. The Founder Talks More Than They Listen

Successful startups have leaders who listen. A founder who always talks and gives their own opinion is a leader who is not learning from their team. These team members quickly become disgruntled because they feel unappreciated and undervalued.

6. The Leader Becomes Frustrated and Paranoid Over Time

When problems in the startup become too obvious to ignore, the founder may become more personal in their criticisms of staff members and advisors. Someone must be blamed, and since the leader won’t accept responsibility, then liability is passed to the staff. When this happens, staff commitment disintegrates, and people leave the company. Most who stay are only interested in collecting their paychecks. When this happens, the startup is destined for failure. 

Most founders begin their business with visions of being a great leader, but pressure, poor planning and limited resources can take its toll. If you’re reading this and recognize some of these traits in yourself, consider yourself lucky! Understanding your own strengths and weaknesses is a crucial first step to becoming a great leader.

Categories
Blog Building & Managing Credit Business

7 Tips to Improve Your Credit Score

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Would you like to improve your credit score but don’t know where to begin? We’ve got seven tips to get you started. 

Know Your Score 

The first step to improving your credit score is to know your credit score. Did you know that you can get a free copy of your credit report every year? Just go to Annual Credit Report and request your report. Once you have your report, read it carefully and make sure everything is correct. 

Rent and Build Credit 

VantageScore’s scoring model now weighs rent and utility payment records when calculating credit scores. 

Keep Balances Low On Credit Cards 

Try to limit your charges to 30% or less of your card’s limit to improve your score. 

Set Up Automatic Bill Pay

It’s a fact: If you consistently pay your bills on time, the better your score. Why? Payment history makes up 35% of your FICO credit score and 32% of your VantageScore score. Take the guesswork out of paying bills on time and set up automatic bill pay.

Keep Old Accounts Open

Strange as it may seem, closing old accounts doesn’t help your credit score. In fact, it can damage it. So go ahead and pay everything off but keep the accounts open. 

Open New Credit Accounts Sparingly 

You’re at the checkout counter, and a retailer says you can save 25% on your purchase if you open a credit card with them. Sounds like a great deal, right? Sometimes it is, but most times it isn’t. When opening a new credit account, you should compare rates and fees from various lenders. Get the best deal possible — not the one presented to you at checkout. 

Talk to a Credit Counselor

If your credit score is lower than you would like or if you need helpful advice, a nonprofit credit counseling service can be beneficial. These services can teach you to manage your debt and plan for your future — and getting help won’t hurt your credit score. Contact the National Foundation for Consumer Creditfor more information on debt management and improving your credit score.