Cybersecurity Risks Facing the Energy Industry

The energy industry faces a wide range of cybersecurity risks, including cyber-espionage, ransomware, phishing, and insider threats.

Cyber-espionage is a significant threat to the energy industry, with foreign governments seeking to steal intellectual property, sensitive data, and other critical information. In addition, ransomware attacks involve cybercriminals encrypting a company’s data and demanding payment in exchange for the decryption key. Ransomware attacks on the energy industry can cause significant disruption to operations and can result in costly downtime. Phishing attacks, which involve cybercriminals sending fraudulent emails or messages to employees, are also a common tactic used by cybercriminals to gain access to energy company networks. Insider threats are another significant risk to the energy industry, involving employees or contractors with access to critical systems and data intentionally or unintentionally causing harm to the organization.

Combatting Cybersecurity Risks in the Energy Industry

Combatting cybersecurity risks in the energy industry is a complex and ongoing process that requires a multi-faceted approach. Technical solutions, policies and procedures, and employee training all play critical roles in mitigating cybersecurity risks and protecting sensitive data. Let’s learn more about each of them:

Technical Solutions

Implementing technical solutions such as firewalls, intrusion detection systems, and encryption is a critical first step in combatting cybersecurity risks in the energy industry. Firewalls are used to prevent unauthorized access to a company’s network, while intrusion detection systems can detect and respond to potential threats. Encryption is used to protect sensitive data by converting it into an unreadable format that can only be accessed by authorized users.

Policies and Procedures

Developing policies and procedures that outline how employees should handle sensitive information and respond to potential security threats is another critical step in combatting cybersecurity risks. These policies should cover everything from password management to incident response and should be regularly updated to reflect changes in the threat landscape.

Regular Security Assessments and Audits

Regular security assessments and audits can help identify potential vulnerabilities in a company’s network and ensure that security protocols are being followed. These assessments should be conducted by qualified professionals and should cover everything from network infrastructure to employee behavior.

Employee Training

Employee training is critical for combatting cybersecurity risks in the energy industry. Employees should be trained on how to recognize and avoid phishing scams, how to handle sensitive information, and what to do in the event of a security breach. Ongoing training can help ensure that employees are aware of the latest cybersecurity threats and best practices for mitigating those risks.

Leasing Solutions for Cybersecurity Risks

Leasing cybersecurity solutions has emerged as an increasingly popular strategy for energy companies to effectively manage and mitigate their cybersecurity risks. This approach enables businesses in the energy sector to gain access to the most advanced and up-to-date cybersecurity technology without having to make a substantial upfront investment, which can be particularly beneficial for smaller companies or those with limited budgets.

By choosing to lease cybersecurity solutions, energy companies can stay at the forefront of the constantly evolving technological landscape and ensure that their operations remain as secure as possible. This is especially important in today’s world, where cyber threats are becoming more sophisticated and the potential consequences of a security breach can be dire, including operational disruptions, financial losses, and reputational damage.

One of the key advantages of leasing cybersecurity solutions is the flexibility it offers. Companies can tailor their security solutions to meet their unique needs and requirements, and can easily adjust or upgrade their systems as their needs change or new threats emerge. This flexibility extends to lease terms, which can be customized to suit a company’s specific needs, including the duration of the lease term, and the option to purchase the equipment outright at the end of the lease period.

The Importance of Cybersecurity for the Energy Industry

The importance of cybersecurity for the energy industry cannot be overstated. As the energy industry continues to digitize and adopt new technologies, the risk of cyberattacks will only increase. A successful cyberattack on the energy industry could result in significant financial losses, downtime, and damage to critical infrastructure.

In addition, the energy industry plays a critical role in society, providing essential services such as electricity, heating, and transportation. A successful cyberattack on the energy industry could have far-reaching consequences, impacting not only the energy industry but also the wider economy and society.

Furthermore, the energy industry is subject to a complex web of federal, state, and local regulations governing everything from production to consumption. Failure to comply with these regulations can result in costly penalties and legal disputes. Effective cybersecurity is essential for ensuring compliance with these regulations and avoiding costly legal battles.

Finally, the energy industry is subject to intense public scrutiny, with concerns over environmental impact and sustainability driving increased attention to energy companies’ operations. A successful cyberattack on the energy industry could damage a company’s reputation and lead to a loss of public trust.

The Future of Cybersecurity in the Energy Industry

The future of cybersecurity in the energy industry is likely to be shaped by a range of technological and regulatory developments. One significant trend is the increasing use of artificial intelligence (AI) and machine learning (ML) in cybersecurity.

AI and ML can be used to detect and respond to cyber threats more quickly and efficiently than traditional methods. For example, AI and ML can analyze vast amounts of data to identify patterns and anomalies that may indicate a cyber attack. This can help energy companies detect and respond to threats in real-time, reducing the risk of significant damage or downtime.

Another trend in cybersecurity is the increasing use of blockchain technology. Blockchain is a decentralized, distributed ledger that provides a secure and transparent way to record transactions. In the energy industry, blockchain can be used to secure energy transactions and protect against cyber threats.

Regulatory developments are also likely to shape the future of cybersecurity in the energy industry. For example, the Cybersecurity and Infrastructure Security Agency (CISA) recently issued guidelines for the energy sector outlining best practices for cybersecurity. Energy companies are likely to be subject to increasing regulatory scrutiny, and compliance with cybersecurity regulations is likely to become even more critical in the years ahead.

Ultimately, cybersecurity is a critical issue for the energy industry. As cyberattacks become more sophisticated and frequent, energy companies must take proactive steps to mitigate cybersecurity risks. By implementing technical solutions, developing policies and procedures, providing employee training, and considering leasing cybersecurity solutions, energy companies can protect their operations, comply with regulations, and maintain public trust.

The post Cybersecurity Risks to the Energy Industry and How to Combat appeared first on Small Business Coach.

This blog will dive into some tips on protecting your company’s most valuable asset – the data. Note that this article will provide actionable tips for individuals and small businesses.

Create strong passwords

Perhaps we’ve all been told about creating strong passwords at some point in our lives, but I reiterate it here again; it is one of the easiest ways to safeguard against unauthorized access. You don’t want someone hacking into your social media account or banking app because you used “password” as your password. Use a combination of letters, numbers, and symbols, and ensure it’s at least 10 characters long.

Enable Two-Factor Authentication

Enabling two-factor authentication provides an extra layer of protection against unauthorized access. Log into an account from a new device or location after using a username/password combination. This second mode allows you to verify identity through something only the owner has (like email) rather than just something memorized, such as a name/password. While sometimes tedious, setting up Two-Factor Authentication can protect against data breaches.

Regularly install software updates with data loss prevention

Software updates are critical. They provide features/improvements and often contain security fixes preventing malicious actors from exploiting known loopholes in outdated services. You never know what loophole could exist in old software, so installing the latest one is best.

Use Cloud Storage

Cloud storage can be a valuable tool for businesses and individuals alike. It is beneficial when you need to access your data remotely. When you use cloud-based services, your data is stored on third-party servers, making it accessible from anywhere with an internet connection. You can also benefit from cloud storage providers’ security systems, which are more advanced than some individuals.

However, note that anything in the cloud must be encrypted and secured, or better options should be explored.

Encrypt Your Data

Encryption is fantastic as it protects confidential data. This can be useful if any device you own gets stolen or someone gains access to unencrypted files. Encryption makes your data unreadable unless they know a secret passphrase that decodes the encryption key (or provides authentication credentials). All sensitive data should be encrypted before being stored or shared, even through emails, since emails go through many servers before arriving at their destination, potentially inadvertently exposing sensitive information. This can lead to and identity theft and that is exactly what Hari Ravichandran wants to fight with his cybersecurity company while creating a safer internet for everyone.

Conclusion on Data Loss Prevention

Technology has revolutionized the way we live and work today. However, it comes with risks. The threat of cyber attacks targeting personal information like bank accounts, social media accounts, etc., continues to grow despite national regulators trying tirelessly to keep up with developing technologies. However, as mentioned throughout this article, these risks can be managed by simple yet effective protection techniques; strong passwords enable two-factor authentication measures, regularly installing software updates, and securing devices.

The post Protect Your Data: A Guide to Data Loss Prevention appeared first on Small Business Coach.

Secure User Access with Infrastructure Security

Appropriately handling infrastructure security at your business requires taking vital security measures like securing user access. Securing user access is important because it helps prevent unauthorized access to sensitive information, thereby reducing the risk of data breaches and insider threats that could adversely affect your organization. Securing user access also allows companies to manage user permissions, prevent unauthorized devices on a network, and stop unauthorized access in its tracks. It can also be useful for keeping a company compliant with certain industry regulations or standards. When companies fail to comply with some of these measures, it can result in fees or possible legal trouble. That can also lead to financial damage and worse. Fortunately, securing user access is pretty easy to do by using IAM (identity and access management) controls. These can be as simple as implementing a zero trust policy and requiring complex passwords to adopting the principle of least privilege and multifactor authentication for all users.

Endpoint Protection

Another topic that often comes up when discussing infrastructure security is endpoint protection. A big part of endpoint security involves protecting devices and endpoints that connect to your organization’s network. With remote work being such a prominent thing these days, people from all over the world might have access to your company’s infrastructure. That means that there are more potential attack services and vectors that could be a problem in the event of a data breach. Fortunately, securing these endpoints isn’t as difficult as it might seem. Anything connected to your network could be considered an endpoint. This might be a laptop or desktop computer used by remote employees. It could be a device on your company’s internet of things. It could be anything. That means you must be able to identify the items that are connected to the network to provide better endpoint security. More than that, you must have a strong plan in place to prevent unauthorized access to these devices. And point security also involves monitoring and managing devices. IAM management company to play here as well. Using firewalls, antivirus programs, detailed protocol for working remotely, and endpoint security software, you can stay on top of protecting your endpoints. Since they’re such a ripe target for attacks, endpoint security should be part of your overall company cyber security strategy.

Securing SaaS Apps

In most modern businesses and industries, SaaS—software as a service—apps are employed in various ways thought the company. Securing your SaaS applications is truly important for cyber security at any organization. These applications store and process sensitive information. And they’re a frequent favorite attack vector for hackers. Since that’s something that’s like candy to cyber criminals, they’re always on the lookout to exploit any potential vulnerability they can find. That’s why implementing superb and powerful security measures—including data encryption, multi-factor authentication, access controls, and specialty software—can be an effective deterrent and protect your most sensitive data. Neglecting SaaS applications can ultimately lead to financial loss, legal problems, reputational damage, and (probably worst of all) stolen/compromised data. That’s why it’s so essential to prioritize security in any SaaS apps your organization is using. Doing so will effectively prevent data loss, ensure sensitive data remains safe, and ultimately build trust with your customers.

Risk Management

Securing your SaaS apps and having an understanding of potential threats simply isn’t enough. Your company must also have an effective risk management procedure in place to protect itself from potential vulnerabilities and attacks that could occur throughout the course of business. Risk management involves identifying these vulnerabilities, educating employees about how to address them, and implementing procedures for doing some. These procedures might be as simple as having incident response plans to mitigate the effects of an assistance. They might be more complex than that and involve a Security Operation Center continually working on threat assessment and monitoring throughout the day. Recognizing and addressing risk by using infrastructure security software and a comprehensive risk management strategy can help you discover both internal and external issues, see what you’re missing out on, and have full visibility of potential risks that could affect your company.

Conclusion on Infrastructure Security

The specific techniques, tools, and way you handle infrastructure security can make or break your organization. Cybersecurity threats and attacks are always on the rise. Since about 43% of cyber attacks target small businesses are affected by such attacks each year, securing your infrastructure is becoming more critical than ever. Remember that a breach in your organization’s infrastructure compromises sensitive data, damages your reputation, and can lead to untold financial losses in a short time. Investing in a strong security framework, automation, employee training, and data backups can help you be more proactive and prevent cybersecurity issues in the future. At the end of the day, protecting your company’s assets and infrastructure can help you protect your business and build trust with your customers, partners, and stakeholders.

The post Handling Infrastructure Security At Your Business appeared first on Small Business Coach.

How Network Downtime Can Affect Your Company

Network downtime can hurt the growth and success of your business enterprise in various ways. They include the following:

• Lost Sales

One of the major goals of any business organization is to maximize its sales. If a company increases its sales, it can boost its revenues. Therefore, it won’t have any problems when paying for overheads and other operational costs. Also, when a company increases sales, it can remain afloat and improve its profitability. But this might not happen if a business experience regular downtime.

Most businesses use online platforms to connect with customers in the modern digital era. Network downtime means that clients can’t access your business. Therefore, they won’t buy your products or services, leading to lost sales.

• Decreased Productivity

Like connecting with customers, companies use online tools to communicate and complete tasks. You might be using online communication software to give instructions to employees. Similarly, you might be utilizing a specific application for project management and monitoring the work of your staff. You can’t communicate with employees if you can’t access your business network. Henceforth, they won’t do their work which leads to lost productivity.

• Reputation Damage

Another effect of network downtime is damage to a brand’s reputation. Customers expect to find you or your services whenever they visit your store. When a customer can’t connect with you because of network downtime, this affects your sales. Yet that isn’t the end of it.

Frequent downtimes can have a long-term effect on your reputation too. Disappointed customers can leave negative reviews on your website. This will harm your reputation and turn away potential clients.

Dealing With Network Downtime

As detailed in the previous section, network downtime could ruin your business in many ways. For this reason, you should find ways to overcome this challenge. Here are some strategies you can employ to handling network downtimes in your business: 

• Hire A Network Expert 

One of the effective tips for dealing with the challenges of network downtimes is to find IT services in Chicago if you’re in Illinois. Many of these companies offer network services. The right company can assist you with risk assessment so that you can get insights into risk posture for your business systems. And it’ll help address emerging threat issues and guide you in implementing effective technologies for improving your online security.  

Apart from that, a managed IT company can offer remote monitoring services. This involves supervising your systems to ensure they function optimally. Besides, the hired company can help detect any potential network issue and provide preventive measures before the problem can occur.  

There are several factors to consider when choosing a managed IT service provider for your business. Yet the most important thing is its ability to make sure all your systems are up and running. If you want to find a provider who can meet your up-time requirements, you can consider remote IT services in Seattle or any other similar firm.

• Invest In A Backup Power

Your network system will ultimately go down when there’s a power outage. Additionally, you must note that a total power failure at the remote site can affect your tools and equipment even after the power is back. This is why you need to invest in a backup power solution.

The most common backup power solution is commercial standby generators. This helps power your systems when the regular power goes offline. Further, you can invest in an uninterrupted power supply solution. This provides a backup battery you can use to power your systems. As such, your networks will always remain up and running, thus ensuring reduced downtimes in your business.

• Invest In Quality Network Equipment 

Today, most business owners are utilizing any available opportunity to reduce costs. For that reason, some have invested in low-quality network equipment.

While it’s true you can save money by purchasing cheap network tools, it can potentially increase downtime in your business. This is true because low-quality equipment is more prone to technical glitches than quality equipment.

When selecting network equipment for your business, ensure it’s of high quality. It’ll help minimize network downtime in your business. Examples of these tools include routers, servers, and cabling systems.

In many cases, the price can help determine network equipment quality. Nevertheless, this shouldn’t be your guiding factor. Some vendors on the market attach high prices to their tools to make clients believe they’re of high quality, which isn’t true. Therefore, you should devise other ways to ensure you purchase quality tools.

For instance, you can visit the vendor’s website comment section to see what past clients say about the tools. If the network equipment is of good quality, you’ll ultimately know from the previous clients’ comments.  

• Regularly Update Systems

One of the many things that can cause network downtime in your business is cybersecurity attacks.

Unfortunately, what increases online attacks in businesses is outdated systems. Before attacking a company, hackers always scan old systems or software to determine their vulnerability. This implies you can safeguard your business against cybersecurity attacks and reduce network downtimes by simply updating your systems.

While that’s the case, manually updating your systems can be overwhelming and time-consuming. Fortunately, you can install automatic systems update software to ensure your systems are always up to date. This goes a long way in reducing the number of vulnerable access points in your business, thus minimizing network downtime.

Takeaway

Reducing network downtime should be a top priority for your business to operate efficiently for the foreseeable future. Reduced network downtime can help increase sales, boost productivity, and improve your brand’s reputation, among other benefits.

Partnering with a managed IT service provider, investing in a power backup solution, purchasing quality network equipment, and regularly updating systems are effective strategies to minimize network downtime in your business enterprise.

The post A Business’s Guide To Minimizing Network Downtime appeared first on Small Business Coach.

As such, it’s essential to understand the differences between Chapter 7 and Chapter 11 bankruptcy filings under the US Bankruptcy Code. Each option has unique features, advantages, and disadvantages, so choosing the right bankruptcy chapter will depend on your specific financial goals and objectives. Not to mention, there is potential that there is a debt collection lawsuit coming your way or already being dealt with. In this article, we’ll provide you with a comprehensive overview of the differences between Chapter 7 and Chapter 11 bankruptcy filings and the requirements for filing under each chapter.

Chapter 7 vs Chapter 11 Bankruptcy: Understanding the Key Differences

When it comes to bankruptcy, it’s essential to understand the differences between Chapter 7 and Chapter 11 filings. Chapter 7 is a liquidation bankruptcy, while Chapter 11 is a reorganization bankruptcy. In this article, we’ll explore the differences between the two types of bankruptcy filings and what they entail.

Chapter 7 Bankruptcy: An Overview

Individuals can file for bankruptcy under either Chapter 7 or Chapter 11 of the Code. To qualify for Chapter 7, the individual must meet specific income requirements specified under the code. Chapter 7 cases are designed for individuals who don’t have enough disposable income to repay their debts. Disposable income is the amount of money remaining after paying reasonable living expenses.

Chapter 7 Bankruptcy Calculator 

If you are wondering if you or your startup would qualify for a chapter 7, take the chapter 7 bankruptcy calculator. It will help you see your qualification and also look at other options if a chapter 7 is not the best option for you. 

Asset Liquidation in Chapter 7 Bankruptcy

When an individual files for Chapter 7 bankruptcy, the trustee may seize and sell any non-exempt property to pay off creditors. Non-exempt property refers to assets with equity that exceeds the allowed bankruptcy exemptions. The amount of each bankruptcy exemption depends on whether the debtor may use federal or state bankruptcy exemptions. The debtor’s residency for the two years preceding the filing of the Chapter 7 petition determines the bankruptcy exemptions they may claim.

Most Chapter 7 cases filed by individuals are no-asset cases. In a no-asset case, the trustee abandons any of the debtor’s property that cannot be sold to repay creditors. The Chapter 7 case is typically complete in about four to six months after filing, and the debtor receives a bankruptcy discharge for most unsecured debts. However, some debts, such as student loans, most tax debts, debts owed to the government, alimony, and student loans, are not forgivable in bankruptcy.

Protection of Property in Chapter 11 Bankruptcy

In contrast, Chapter 11 protects a debtor’s property and allows them to reorganize their debt to pay creditors over time. Chapter 11 is typically reserved for businesses but is available for individuals as well. The process can be more expensive and time-consuming than Chapter 7 bankruptcy, and it requires the debtor to file a detailed Chapter 11 Plan of Reorganization.

Chapter 11 Bankruptcy for Businesses

Chapter 11 bankruptcy is primarily designed for businesses that want to reorganize their operations and continue operating while repaying their debts over time. However, this process is significantly more expensive than Chapter 7 bankruptcy. Small businesses can expect to pay an average of $50,000 for a Chapter 11 bankruptcy case, while larger corporations may spend up to $500,000.

Chapter 11 for Individuals

For individuals with debts that exceed the Chapter 13 debt limits, Chapter 11 bankruptcy may be the only way to restructure their debts. However, the Chapter 11 process is generally expensive and inefficient for most individuals. Individuals who have substantial income and assets typically file for Chapter 11.

Chapter 7 for Businesses

When a business files for Chapter 7 bankruptcy, it means the business is closing down. The Chapter 7 trustee assumes control of all business assets on the date of the bankruptcy filing. Secured creditors receive their collateral, and the remaining assets are sold to pay off the company’s unsecured creditors.

Chapter 11 for Businesses

Businesses that want to remain open but need assistance in restructuring their debts can file for Chapter 11 bankruptcy. The party filing for Chapter 11 remains in control of the business assets, and the business continues to operate during the bankruptcy case. However, all Chapter 11 debtors must follow specific guidelines.

Understanding Subchapter 5 of Chapter 11 Bankruptcy

Subchapter 5 provides a more streamlined approach to Chapter 11 bankruptcy, making it easier for businesses with less debt to receive some benefits from Chapter 11. It can be a smoother process that leads to a Chapter 11 plan confirmation. If you’re interested in exploring Subchapter 5, you can check out an example subchapter to get a better understanding of the process.

Navigating Chapter 11 Bankruptcy Process

Chapter 11 bankruptcy is a complicated process that requires businesses to reorganize their operations and manage debt repayments. To file for Chapter 11, the debtor must submit a detailed Disclosure Statement, which includes comprehensive information about their business, including assets, liabilities, income, and other affairs. In this article, we will provide a comprehensive guide to understanding the Chapter 11 bankruptcy process, from filing the Disclosure Statement to discharge from debt.

Filing the Disclosure Statement

To initiate the Chapter 11 bankruptcy process, the debtor must file a detailed Disclosure Statement. This statement must provide sufficient information for parties to vote for or against the Chapter 11 plan. Some bankruptcy courts have local forms that Chapter 11 debtors can use to prepare the Disclosure Statement.

The Chapter 11 Plan of Reorganization

The debtor must also file a detailed Chapter 11 Plan of Reorganization, which is much more detailed than the Disclosure Statement. This plan contains descriptions of the classes of claims and how creditors within each class will be paid. Creditors vote for or against the Chapter 11 plan, and the plan cannot be confirmed without creditor participation.

Creditor Committees

In some cases, the court may appoint Creditors’ Committees responsible for investigating the debtor’s conduct, participating in the administration of the case, and drafting a Chapter 11 plan. Creditors may also file competing plans for consideration.

Confirmation of the Chapter 11 Plan

Chapter 11 cases usually involve the filing of several motions, including motions to use cash collateral, value assets, assume or reject leases, and continue or cancel contracts. Creditors may file motions to dismiss, convert the case to Chapter 7, or modify the automatic stay to obtain collateral.

The debtor may remain in Chapter 11 for years, and business Chapter 11 cases can be very complex. It could take more than a year to confirm a Chapter 11 plan, during which the debtor must pay quarterly fees and file monthly reports.

Discharge from Debt

Upon confirmation of the Chapter 11 plan, the debtor is discharged from any debt incurred before the date of confirmation. The Chapter 11 plan creates a new contract with the debtor’s creditors. If the debtor fails to make the payments required by the Chapter 11 plan, creditors can take certain actions to collect the debts or protect their rights in collateral securing loans.

Streamlined Chapter 11 Cases

Small businesses and those that own a single asset may file a streamlined Chapter 11 case, which is less complicated than a regular Chapter 11 case. This process is intended to make it easier for businesses with less debt to receive some benefits from Chapter 11. It can be a smoother process that leads to a Chapter 11 plan confirmation.

Comparing Bankruptcy Fees and Costs: Chapter 7 vs. Chapter 11

Filing for bankruptcy can be a challenging decision, and understanding the associated fees and costs is crucial. You can check the estimated cost to file bankruptcy by state, but let’s compare the filing fees and attorney costs for Chapter 7 and Chapter 11 bankruptcy to help you make an informed decision based on your financial situation.

Filing Fees

Chapter 7 bankruptcy filing fee is significantly lower than Chapter 11. The filing fee for a Chapter 7 bankruptcy case is $335, while the filing fee for a Chapter 11 case is $1,717. Moreover, Chapter 11 debtors have to pay quarterly fees to the United States Trustee. The minimum Chapter 11 quarterly fee is $325, and it is calculated based on the disbursements made during the three-month calendar quarter.

Attorney Fees

The attorney fees for Chapter 7 and Chapter 11 cases differ significantly. The average attorney fee for a Chapter 7 case ranges from $1,000 to $1,750, whereas the fees for Chapter 11 cases are comparatively higher. Small Chapter 11 cases can cost between $10,000 to $25,000, medium-sized cases up to $50,000, and large, complex cases involving multi-million dollar corporations or individuals can cost up to $500,000.

Other Considerations

While some individuals and companies can file for Chapter 7 without an attorney, Chapter 11 cases require the assistance of an experienced Chapter 11 lawyer. A bankruptcy filing is a complex legal process, and a qualified attorney can guide you through the proceedings and help you understand the options available to you.

When considering which type of bankruptcy to file, it’s crucial to consider all factors, including the fees and costs. While Chapter 7 may be a more straightforward process, individuals and businesses with more complicated financial situations may need to consider Chapter 11 bankruptcy despite the higher fees and costs. Seeking the advice of a qualified attorney can help ensure that you make informed decisions and understand the process. You may also consider canceling products such as Experian or other products that you were using in your business.

How to Find Out if Someone is Suing You 

There is potential that there is a debt collection lawsuit that you or your startup is having to deal with, depending on how much debt you have, and how long it has been going on. But what if you don’t know? How do you find out if someone is suing you? There are a few different options, but your best bet would be to contact the country clerk, check PACER, visit the courthouse, or check online.

Summing it Up 

In conclusion, while the fees and costs associated with Chapter 11 may be higher, the benefits of reorganization and debt restructuring may make it a more viable option for those with complex financial situations. Understanding the key differences between Chapter 7 and Chapter 11 bankruptcies and seeking professional legal guidance can help you navigate the bankruptcy process and achieve financial stability.

The post Chapter 7 vs Chapter 11 Bankruptcy When Closing Your Business appeared first on Small Business Coach.

However, E-commerce stores are particularly vulnerable to cyberattacks because they handle large amounts of customer personal information and financial data. A successful attack on an e-commerce store could result in identity theft and a complete loss of customer trust, not just for that particular brand but also for all e-retailers. That’s why protecting your e-commerce store from potential cybersecurity threats is essential.

Examining Potential Threats to eCommerce Security

E-commerce businesses are increasingly vulnerable to various types of cybersecurity threats due to the growth of digital payment systems. Therefore, staying up on the latest security threats is vital for businesses and individuals in the e-commerce sector. 

Let us consider a few cyberattacks relevant to online businesses and ideas on how to avoid being a victim.

DDoS attacks

The retail sector is increasingly targeted by cybercriminals using distributed denial-of-service (DDoS) attacks to hold businesses to ransom. DDoS attacks are a cyberattack that uses multiple computers to overwhelm the victim’s server, causing it to crash or become unavailable. 

Hackers can easily implement them and cause serious disruption for companies, making them an attractive target for malicious actors. For retailers, this attack can have serious financial consequences as customers may not be able to access the online store and make purchases. 

Furthermore, these attacks can lead to the loss of data and the company’s intellectual property. On the other hand, DDoS attacks also offer a relatively low risk for attackers as law enforcement agencies often find it difficult to trace their source. 

Card fraud 

Vulnerabilities get probed on e-commerce sites, and the hacker steals credit card numbers after a successful hack, as cybercriminals’ efforts tend to target e-commerce businesses. 

Inventory denial

Indirectly disrupting the eCommerce business by strictly limiting sales to paying clients harms brand image, company reliability, and the eCommerce firm’s revenues. It is commonly thought of as the malicious action of removing inventory from a seller’s inventory. It allows the robber to avoid delivering an order and get away without any liability.

e Skimming

Cybercriminals try to trick customers in checkout areas by adding malicious code to dynamically receive their consumer card information, in practice known as e-skimming.

With NordLayer, we strive to guard the cloud and reduce security risks by building a security framework that includes IP whitelisting or allowlisting. IP safe listing limits access to networks based on an IP address. 

Our IP allowlisting regimen and complementary offerings such as two-factor authentication (2FA) and Single-Sign-On (SSO) instantly encourage leading companies’ standard practices and work to reduce e-commerce security concerns dramatically.

Data Breaches

Data breaches are a danger that e-commerce companies face as criminals seek access to valuable information and funds. It can take various forms, from unauthorized access to confidential customer data such as credit card numbers or personal information to malicious software. As a result, companies should prepare effective strategies to protect their customers and company assets from cybercriminals and other malicious actors.

Poor Security Practices

With the rise of e-commerce, businesses have started to experience success in sales through digital means. However, with the convenience and ease of access, there is an increased risk of malicious activities that can put e-commerce transactions at risk. 

Poor security practices are one potential threat to these online transactions. 

Therefore, security should be a top priority for businesses to protect e-commerce sites from breaches or intrusions. Poor authentication protocols and weak username/password combinations can leave sites vulnerable to hacking due to easily guessable credentials. 

Furthermore, not encrypting user data on websites exposes customers’ private information and is open for misuse by cybercriminals. 

On the other hand, using two-factor authentication and strong password requirements can help prevent possible hacking attempts on e-commerce sites.

How to protect a store from potential network eCommerce security threats?

As e-commerce continues to grow, there is an ever-growing need to protect online stores from potential cybersecurity threats. With more customers turning to online shopping, the risk of cyber-attacks increases. 

Fortunately, there are steps that e-commerce store owners can take, with eCommerce security. 

Let’s look at protecting an e-commerce store from potential cybersecurity threats, including creating secure passwords, using a secure payment gateway, and implementing two-factor authentication. 

By taking the time to understand these steps and implementing them, e-commerce store owners can rest assured that their online store is well-protected against potential cybersecurity threats, with eCommerce security. 

1. Ensure your website is secure with the latest security updates and patches.

Security vulnerabilities get constantly discovered in software and hardware, so it’s worth taking advantage of the latest security updates and patches to avoid potential attacks. In addition, maintaining the security of your website is critical for any business operation. 

From preventing data breaches to protecting customer information, ensuring your website follows the latest security measures is essential. Regularly updating and patching software on your site can help protect against malicious attacks and keep sensitive data secure.

When considering securing your website, evaluate which patches and updates are necessary. Common components that need updating include web browsers, operating systems, server software, plugins, extensions, or other applications running on the website. Many of these items will have available updates or patches that should get installed at regular intervals. 

Additionally, consider using a Content Delivery Network (CDN) service; this allows visitors’ requests to get distributed across multiple servers for improved performance and security layers from distributed denial-of-service (DDoS) attacks.

2. Boost eCommerce security with access control – NordLayer

NordLayer is a leading provider of data and applications for eCommerce or network security. Global brands like Walmart, Home Depot, and Shaw Communications have adopted their solutions. NordLayer’s solutions help your business protect against online fraud, prevent hackers from stealing information or access to your website, and identify suspicious activity. 

Access control helps you manage user permission levels and secure your website so only authorized users can gain access. It requires user authentication before allowing them to enter the system, which ensures that no one else can gain entry without permission. 

With NordLayer’s access control tools, you can quickly implement multiple layers of network security to protect your eCommerce site from potential threats and keep customer data safe. Additionally, it allows you to monitor who is accessing what parts of your website to detect any suspicious activity quickly and efficiently.

2. Use multi-factor authentication to protect customer accounts.

Multi-factor authentication is one way to help protect your e-commerce store from cyber or network security attacks, with eCommerce security. This type of security feature requires more than one piece of information to log in to a particular account, such as a password and an authentication code. Multi-factor authentication makes it difficult for hackers to access personal data or financial information because the user would need both information. 

In addition, multi-factor authentication is effective against hackers, and You can use it to prevent phishing scams. Phishing scams are when people trick consumers into divulging their personal information or financial data to steal money or identity online. With multi-factor authentication, you’ll know your customer accounts are safe from phishing scams and cyber network security attacks.

3. Implement a secure payment system to protect customer data.

Payment security is essential in protecting your eCommerce security from potential cybersecurity threats. The most vulnerable aspect of e-commerce stores is payment security, which transfers customer data to a third party.

In addition, it includes credit card information, which can get used to commit identity theft and fraudulent purchases. That’s why securing payment systems and using encrypted communication channels are important steps that you can take to protect your business from potential cyberattacks.

There are three ways you can protect your business with eCommerce security:

1. Make sure that you implement a secure payment system to protect customer data.
2. Encryption should get used in all communications with customers.
3. Implement a risk management program that alerts you when a suspicious activity gets detected (e.g., unusual transactions by specific accounts).

4. Monitor systems for malicious activity and investigate suspicious network traffic.

First, you’ll want to monitor your systems for any suspicious activity or network traffic that could indicate a cybersecurity threat. Then, you can use tools like Splunk to help you detect unusual behavior and alert you when it occurs. 

Moreover, it also helps to create a list of all the systems in use, their IP addresses, and their user accounts. This way, you can investigate any unusual behavior without examining every system individually.

Conclusion on eCommerce Security

Implementing security measures that protect your e-commerce store against potential cyber or network security attacks is important. You can implement the necessary safeguards, such as securing your website, employing multi-factor authentication, implementing a secure payment system, and protecting customer data.

The post eCommerce Security: Protecting from Cyber Network Threats appeared first on Small Business Coach.

What is Spear Phishing?

Spear phishing is a targeted form of phishing that is directed towards a specific individual or group within an organization. The attacker usually gains access to personal information about the target, such as their name, email address, job title, and company information. The attacker then uses this information to create a convincing email or message that appears to be legitimate, which often tricks the target into revealing sensitive information or installing malware on their device.

Unlike regular phishing, spear phishing is personalized, making it more difficult to detect. Emails are often designed to look like they come from a trusted source, such as a colleague or a well-known company, which increases the chances of the target falling for the scam.

Why is It so Dangerous?

Spear phishing is a dangerous type of cyber attack because it is highly targeted and tailored to the victim. Unlike traditional phishing attacks that rely on mass emails sent to a large number of recipients, spear phishing targets specific individuals or groups within an organization. This means that the attacker has done their research and has enough information about the victim to make the attack appear credible and convincing.

Spear phishing can also be used as a stepping stone to launch further attacks within an organization, such as a ransomware attack. This can result in significant financial losses, reputational damage, and legal liabilities for the targeted business.

Spear Phishing Attacks Sometimes Succeed

Spear phishing attacks can have serious consequences for businesses. In 2014, a spear phishing attack targeted Sony Pictures Entertainment, resulting in the theft of confidential data, including personal information about employees and unreleased movies. The attack was attributed to North Korea and caused significant reputational damage to the company. 

In 2016, the Democratic National Committee (DNC) was targeted by a spear phishing attack that resulted in the release of thousands of sensitive emails. The attack was attributed to Russian hackers and was believed to have been an attempt to influence the outcome of the US presidential election. 

These examples highlight the serious consequences of successful phishing attacks and why they are becoming a growing threat to businesses.

How Can You Detect Spear Phishing?

Understanding the enemy is the first step to fighting it. If you can detect a phishing attack, and know the signs to look for, you are on your way to protecting yourself and your business from this deadly threat. Here are some ways to detect this:

1. Check the sender’s email address: The sender’s email address may appear to be legitimate at first glance, but upon closer inspection, you may notice slight variations or misspellings that indicate it is a fake email address.

2. Look for urgent or unusual requests: Emails often contain urgent or unusual requests, such as asking you to click on a link or download an attachment immediately.

3. Pay attention to the content of the message: Emails often use persuasive language to encourage you to take action, such as offering a special promotion or threatening to cancel your account.

4. Check the links: Hover over any links in the email to see the URL it points to. If the URL looks suspicious or different from the official website, it is likely a phishing attempt.

5. Verify the request: If you receive an email requesting sensitive information or an action that seems unusual, contact the sender using a separate communication channel (e.g., phone call) to verify the request. 

6. Check for grammar and spelling errors: Phishing emails often contain grammar and spelling errors or awkward phrasing that indicates it is not from a legitimate source.

Overall, it’s important to be cautious and skeptical of any unsolicited emails, especially those that ask for sensitive information or unusual actions. Trust your instincts and take steps to verify the request before taking any action.

How Can You Prevent Spear Phishing?

The good news is, you can act to prevent spear phishing attacks. Preventing spear phishing attacks requires a combination of employee education, strong security measures, and regular testing and evaluation of security measures.

Employee education and training are essential in preventing spear phishing attacks. Employees need to be educated on the risks of spear phishing and how to identify suspicious emails. Effective training methods include simulations and hands-on training that teach employees how to recognize phishing emails and what to do if they receive one.

Strong security measures are also essential in preventing spear phishing attacks. Multi-factor authentication is a highly effective security measure that adds an extra layer of protection to login credentials. In addition to multi-factor authentication, implementing a biometric pass solution can provide an even stronger defense against phishing attempts by leveraging unique biometric traits like fingerprints or facial recognition, ensuring secure and reliable user authentication and reducing the risk of unauthorized access to sensitive information and accounts. Anti-phishing software is another effective tool that can detect and block phishing emails.

Regular testing and evaluation of security measures are also essential. Regular testing can identify vulnerabilities in security measures and enable businesses to make necessary adjustments to prevent future attacks. Best practices for evaluating the effectiveness of security measures include penetration testing and vulnerability assessments.

Conclusion

Phishing attacks pose a significant threat to businesses, and the consequences of a successful attack can be severe. However, by implementing employee education and training, strong security measures, and regular testing and evaluation of security measures, businesses can reduce their risk of falling victim to these attacks. It’s essential for businesses to keep up-to-date with the latest security measures to ensure they stay protected from the evolving threat of phishing attacks.

The post Protect Your Business from Spear Phishing Attacks appeared first on Small Business Coach.

We’ve got a list of some of the challenges you will face as you build up your law firm, as well as some of the best ways to mitigate those challenges.

1. Differentiating Yourself And Your Law Firm

One of the biggest issues that some lawyers have when starting their law firm is the ability to show that they are different from all the other firms in the area. Even if they pick an area where only a few other competitive law firms exist, it is tough to break into a new area and start getting customers.

So make sure you determine what your firm really does well. Whether you are great at talking to your clients, great at using keywords and writing your blog to bring in customers, or great at working on one specific type of case or field of law, figure out what makes your firm special and then start to lean into it when learning how to market your personal injury practice.

Make what you are great at the centerpiece of your marketing and how you talk to your clients, and then you will find that people will come to your firm because of your strengths! Don’t get sucked into trying to be the best at everything, because that is how firms fail to be remembered and then fail entirely.

2. Getting Customers And Knowing How To Treat Them

Another problem that law firms have when just starting out is how to get customers, and also learning how to treat them. By leaning into the strengths of your firm as well as consistent marketing, you will be able to find your first clients.

However, that’s only half the battle, and it can be very hard for new law firms to not seem disorganized as they deal with a client who needs serious legal help.

In order to give your clients everything they need to succeed, as well as the trust they need to ensure you can take their case, you need to project confidence.

Show your clients that your business might be new, but your lawyers know what they are doing and want to help them. The better you can treat your first few clients, the more they will spread the word about your business.

3. Staffing Problems

Even if you get a law firm up and running, you might find that you are running into staffing problems. It can be hard to find good and competent people to staff your office, and often harder to pay them if you don’t have any clients coming in.

For the first few months, you might find your law firm is surviving on a skeleton crew or even just with you at the helm. You don’t want this to go on, because that will lead to mistakes and burnout in the long term.

One of the best ways to handle this problem is to use outsourcing. You might not have the money to hire an employee to complete a job, but you might be able to hire a professional to do the job that you need to get a better result for a bit of a cheaper cost.

4. Lack Of Technology for Your Law Firm

Depending on your field of law and also other factors around your firm, you might find that you need technology in order to keep up. Whether you need to get a new piece of software to help you organize your firm, or a system to navigate a challenge you are facing, you need to make sure your law firm is in the 21st century.

The biggest problem with this is that technology is often very expensive, and can be hard for smaller law firms to get.

The best thing you can do to mitigate the cost is to find affordable alternatives that are specifically meant for smaller law firms. With several free and affordable options out there for most law firms, don’t be afraid to do your research and figure out what will work for your law firm.

5. Stress and Long Hours

Finally, if you thought that starting a law firm was going to be easy, then you might need to think again. Long hours are going to happen all throughout your journey as a lawyer, but when you get started they will certainly increase, and that will also cause a lot of stress as well.

Since you don’t want to make mistakes due to exhaustion or pressure, then you need to learn how to balance your life as a lawyer and take some time for yourself.

While it can seem tempting to pour every single hour into your business and work long nights and weekends to make your law firm a real success, you don’t want to burn yourself out or damage your relationships by doing so. So make sure to take care of yourself and don’t be afraid to take your foot off the gas.

Take On These Challenges And See What Happens to Your Law Firm

Starting your law firm can be a little tough, but if you have a plan for each of these challenges and know how to rise above them, you’ll find yourself at the head of a growing firm in no time at all!

The post 5 Challenges You Might Face When Starting a Law Firm appeared first on Small Business Coach.

Business continuity is the process of advanced preparation and planning that allows a business to continue its critical functions in the case of a catastrophic mishap. Mishaps may include business crises, pandemics, natural disasters, or any occasions that disrupt business operations.

When planning for business continuity, make sure to keep the IT department involved in the process. They’re crucial in maintaining the systems you need to execute your operations continuously. If you don’t have an in-house IT department, you may consult any IT support in Providence for professional assistance.

A plan won’t succeed without a compelling set of strategies. That said, you might want to consider the following strategies below to help ensure business continuity:

1. Create A Disaster Recovery Team

A disaster recovery team is a group of trained individuals responsible for handling all aspects of your business continuity plan and executing it in the case of a disaster.

Since you’ll need the cooperation of multiple departments, it’s a good idea to include personnel from different areas on your team. This will help improve the process of sharing information and communication when implementing your business continuity plan.

Here are the following employees you might need to include in your disaster recovery team:

• Disaster Recovery/Crisis Management Coordinator

Their main role is to oversee the implementation of your plan as a whole. They’ll be the ones to confirm if your business continuity plan is aligned with your business needs and make sure that all members are informed accordingly. Someone in the IT department (managerial level) is a good fit for this position.

• Critical Business Unit Advisors

They don’t have much work to do when it comes to the execution of the plan. Their main role is to evaluate and determine what constitutes the plan. These include the budget, strategy, recovery team members, and policy considerations. The perfect fit for this role is C-level executives and department heads.

• Business Continuity Experts

They facilitate proper communication between different departments to ensure proper collection and sharing of information. The perfect employee for this role is someone from the human resources department or a public relations manager.

• Recovery Team

They’re the most important members in the event of a disaster. They know how your IT infrastructure works and how to protect its essential components such as servers, networks, devices, and databases. Their main role is to execute your plan and keep the integrity of your system. The perfect fit for this role is someone who holds a managerial position in your IT department.

2. Assess Potential Risks

In this vital process, you need to identify all the vulnerabilities that may cause serious problems in the future. You also need to determine the possible scenarios that’d negatively affect the critical functions of your business.

While there are disasters that may apply to any business, the most crucial risks are unique and specific for every company. For example, an office situated along a coastal area may have a higher risk of flooding than those far from it. Also, a power outage may have more severe consequences for a medical care facility than for law firms.

Your main role is to determine all the potential risks that may put your business operations in peril. Communicate with your disaster recovery or business continuity team to evaluate each risk and prevent them from occurring.

3. Prioritize the Likelihood of Those Risks and Their Impact

The possibilities of different disasters will be unique to your business, especially if you’ve already established preventative measures. For example, disrupted telecommunication lines are a high risk for call centers. If you have multiple redundant phone lines, the risk might be manageable. However, it doesn’t mean that the potential threat should be ignored.

This is why it’s important to determine the potential impact of every disaster on your business operations. How would a power outage affect your operations? What would be the cost of disrupted business operations?

Answering such questions will help you prioritize every disaster and its impact on your business. You’ll also be able to determine the most important measure that’d allow you to mitigate them and recover promptly. Invest in a power generator and ensure that you have a trustworthy emergency fuel service that can support you when disaster hits your business.

4. Create Emergency Contacts

No one can anticipate when the emergency will happen. Otherwise, it wouldn’t be called an emergency, right? So, make sure to gather and compile all the contact information of everyone involved in executing business continuity plans.

Also, make sure that all stakeholders are informed of what’s happening by keeping communication open. This is extremely crucial in the event of a major disruption. So, prepare a complete list of contacts of specific personnel and some ways to contact them during emergencies.

In addition, you need to secure the contact information of third-party service providers, business insurance companies, media, and other essential external parties. They also have different roles to play to ensure business continuity.

5. Empower Your Employees

These days, more and more employees are working remotely from the comfort of their homes. Therefore, it’s important to ensure that each of them can fully maximize the tools and equipment available for their needs.

If your business is operating remotely, it’s important to provide them with the necessary tools that’d help your employees work effectively. Also, don’t forget to create programs that’d keep them engaged while working in the comfort of their homes. In this way, employee engagement and retention rates would increase. If they remain in your company, business continuity will be assured accordingly.

Final Words on Business Continuity

Business continuity will help your business continue its critical functions when a disaster strikes such as floods, cyberattacks, natural disasters, and others. To ensure business continuity, it’s important to establish a plan that includes essential practices and strategies.

Some of the strategies you’ll need include forming a disaster recovery team that’ll facilitate the execution of the plan, evaluating and prioritizing risks, empowering employees with the right tools, and establishing emergency contacts and communication methods.

With these strategies, you’ll never have to worry about your business continuity. But don’t forget to assess your plan from time to time for better results.

The post 5 Strategies to Ensure Business Continuity appeared first on Small Business Coach.

The success stories you see online are from people who put in the hard work and effort. Granted, some of them do tend to exaggerate a bit and say things like opening a business has never been easier. In hindsight, this is true as the internet has evolved to the point anyone can go onto a platform, like Shopify, and can have a startup ready in just a few clicks. Despite the ease of access, you still have to put in the time, effort, energy and funds to make it successful. However, you also need to be on the ball with pretty much everything as mistakes can be made. Here are a few mistakes every new small business owner needs to be aware of and how they can avoid them. 

Going in Blind is One of the Most Common Business Owner Mistakes

The first mistake you can make with this is going into the process with little to no knowledge. Not knowing the basics of business is a recipe for disaster. Before you start, it’s important for you to get a feel of what to expect as a business owner. You can easily learn what you need for free as there are a ton of online guides and courses to explore. Alternatively, you can also consider going to college and obtaining your degree in business. You might be thinking there’s no point in doing this if you can learn what you need for free. College is an investment, but what you learn from it is far more valuable than what’s taught to you online. Your assignments will, more often than not, put you in scenarios where you must act like you’re a business owner. 

You’ll learn how to compile data, learn the importance of interacting with your target audience and understand how to perform in-depth research. A BA in business can be pretty expensive as it can cost almost $140,000 in total. Fortunately, you’re not obligated into paying this out of pocket. There are plenty of ways for you to finance your college education, but a student loan is a great option. They’re easy to acquire and they’re the fastest method of financing. Going to a private lender is a great option as they usually come with reduced interest rates. They may also allow you to customize when and how much you pay each month as well as give you the option to refinance your loan into a new one. 

Underestimating the Importance of Insurance 

Perhaps the most detrimental mistake any owner can make is not protecting what they’ve worked so hard to build. You can never be too sure of what could potentially happen. Maybe a natural disaster occurred and caused immense structural damage. Alternatively, a customer could have had an unpleasant experience or sustained an injury on the premises, which might lead to a lawsuit. Here’s a brief list of the insurance policies you need to have: 

• General liability 
• Worker’s compensation 
• Professional liability 

• Data breach 
• Commercial property 
• Business income 
• Commercial umbrella 

Having these insurance policies in effect can keep you safe from any natural disasters and legal claims. Bear in mind that the most necessary policies are general liability, worker’s compensation, and commercial property insurance. Everything else is optional unless mandated by your state guidelines. 

You’re Not Familiar with Your Audience 

Business is more than simply coming up with new products and services to sell. It’s also about building a faithful community. This is accomplished by researching and interacting with your target audience. If you do not know this, that is one of the telltale signs you need help managing your business strategies. Since today’s society is mostly digital, the best way to connect with your audience is through social media. Social media is the biggest network for businesses to use as it helps them reach out to people locally and internationally. Not interacting with your audience is another mistake you must avoid. Business owners who refrain from engaging with their audience won’t be able to learn what they’re looking for. They also won’t know how their consumer’s experience was, so they can incorporate their feedback into future ventures. 

Thinking There’s No Competition 

One thing you’re going to learn really quick is that the business world is full of competition. No matter what your niche is, you’re always going to be competing with other companies. Underestimating or ignoring them entirely is one of the biggest mistakes anyone can make. Remember when we said you’ll be learning how to research and compile data in your BA program? Your competition is one of them. Researching how and what your competition is doing is how you’ll stay on par or even one step ahead of them. 

Investing Too Much is Among Frequent Business Owner Mistakes

Investing money into your business, whether it’s for ads, your ventures and even your employees is always going to be a priority. However, it’s important for you not to be overzealous with your finances. Investing too much is a huge risk, especially for a small business. If you’re looking for a safer way to invest, we recommend trying out crowdfunding. Crowdfunding is not only a way for you to get your hands on the extra funds you need, but also a great way to show off what you’re currently working on. To hook the crowd and maximize your profits, make sure to be as transparent as possible as you showcase. It’s how you build trust and loyalty. You also want to make your presentation as enticing as possible, so you can hopefully reign in an angel investor.

The post Common Business Owner Mistakes that Need to be Avoided appeared first on Small Business Coach.