Archive for the ‘Business Advice’ Category

Who’s Fishing For Your Data Today?

Monday, February 23rd, 2015
Computer company Lenovo informed the public that  desktop and laptop devices it sold between September 2015 and January 2015 may have arrived to users loaded with an extra (and unwelcome) feature - SuperFish.

Computer company Lenovo informed the public that desktop and laptop devices it sold between September 2015 and January 2015 may have arrived to users loaded with an extra (and unwelcome) feature – SuperFish. Users should not enter secure information on their device until they are certain that their security was not compromised.

If you purchased a Lenovo desktop or laptop between September 2014 and January 2015 you could be susceptible to “SuperFish” – adware that can be found lurking in the depths of your device.

Capable of hijacking Internet traffic data typically used for securing Internet transactions, SuperFish was installed on Lenovo devices by the manufacturer per an agreement with Superfish Advertising, a third-party software developer based out of Palo Alto, Calif.

“In our effort to enhance our user experience, we pre-installed a piece of third-party software … on some of our consumer notebooks. The goal was to improve the shopping experience using their virtual discovery techniques,” said the company in a prepared statement. “In reality, we had customer complaints about the software. … We stopped the preloads beginning in January. We shut down the server connections that enable the software (also in January), and we are providing online resources to help users remove this software.”

Until you are certain that your Lenovo system is safe from adware, refrain from online banking, making online purchases or engaging in any other online activity were security is critical.

To determine if SuperFish is present on your device and how to remove it, Lenovo released step-by-step SuperFish Uninstall Instructions on its website. You can also visit this secure site, which will run a basic scan on your device to determine if SuperFish is intercepting your connections.

Unfortunately, in his article about the Lenovo crisis, Zack Wittaker cites ZDNet’s Chris Duckett as saying that “the only confirmed way of completely removing SuperFish appears to be reinstalling Windows … or moving to another operating system entirely” as simply uninstalling the adware may not remove the root certificate authority.

According to reports from IDC Worldwide Quarterly PC Tracker and Gartner, Lenovo shipped more than 16 million desktops and notebooks worldwide during the fourth quarter of 2014. Lenovo’s statement indicates that following models may have been effected:

  • G Series: G410, G510, G710, G40-70, G50-70, G40-30, G50-30, G40-45, G50-45, G40-80
  • U Series: U330P, U430P, U330Touch, U430Touch, U530Touch
  • Y Series: Y430P, Y40-70, Y50-70, Y40-80, Y70-70
  • Z Series: Z40-75, Z50-75, Z40-70, Z50-70, Z70-80
  • S Series: S310, S410, S40-70, S415, S415Touch, S435, S20-30, S20-30Touch
  • Flex Series: Flex2 14D, Flex2 15D, Flex2 14, Flex2 15, Flex2 Pro, Flex 10
  • MIIX Series: MIIX2-8, MIIX2-10, MIIX2-11, MIIX 3 1030
  • YOGA Series: YOGA2Pro-13, YOGA2-13, YOGA2-11, YOGA3 Pro
  • E Series: E10-30

Email Rea & Associates to learn more about the importance of protecting your virtual assets against cyber threats.

By Joe Welker, CISA (New Philadelphia office)

 

Related Articles

Could A Cyber-Attack Cripple Your Business in 2015?

How Prepared Is Your Business For A Potential IT Disaster?

How Can I Protect My Business From A Data Security Breach?

Share Button

Obamacare: Discrimination Is Not An Option

Friday, February 20th, 2015

Do you provide health care benefits to a few of your employees and not others? This is an eligibility and richness of benefits issue. You may find yourself at risk for eligibility discrimination if, for example, you offer coverage only to the owner and an employee or two and not to the rest of your team. You also run into problems if you are found to be discriminating in the benefits your company provides. An example could be if you offer your management group 100 percent of premiums paid by the company and only offer your staff 50 percent of premiums paid. This is not related to the 50 full-time equivalent (FTE) large employer status.

While it might be possible to set up a plan to comply with the tax non-discrimination rules where employees throughout the company are offered different benefits, you also have to navigate through federal and state insurance laws and other Department of Labor regulations – the short answer is just don’t do it! The penalty for non-compliance is $100 per failure per day.

Do You Qualify For The Self-Insured Health Deduction?

Are you seeking to claim the self-insured health deduction (SIHD) on your 1040? If so, one of the following statements must be true:

  • You were self- employed and had a net profit for the year. (Profits should be reported on Schedule C, C-EZ or F).
  • You were a partner with net earnings from self-employment.
  • You received wages in 2014 from an S corporation in which you:

-        Owned more than 2 percent of shares and
-        Health insurance premiums paid or reimbursed by the S corporation are shown as wages on Form W-2.

Easy enough … until it isn’t.

S Corps: Catch 22

If you are basing your self-insured health deduction on only the S Corp eligibility criterion above, you have to be very careful to a.) not violate ACA non-discrimination and, b.) maintain your eligibility for the self-insured health deduction.

In order to get the self-insured health deduction, S Corp either needs to pay directly or reimburse the owner and include the amount on form W-2. Whichever of those two choices the S Corp makes, the S Corp is providing coverage to that owner.  And, if you remember in the non-discrimination section above, ALL employees of the S Corp must receive the same benefit in order to comply with the non-discrimination rule.  So by doing the actions required to get that owner eligibly for the self-insured health deduction, S Corp is covered by the ACA non-discrimination testing and it had better be sure to offer coverage to everybody.

And if you think you can just get around the rule by simply increasing wages in lieu of paying for or reimbursing shareholder’s premiums, you’re wrong.  Doing this will put you at odds of the self-insured health deduction eligibility rules, making it impossible for your shareholders to claim the deduction.

Let this be your guide:

A shareholder of an S corporation (who doesn’t have a schedule C or one of the other SIHD criteria) will not be able to take the self-insured health deduction unless the S corporation is providing similar coverage to ALL other S corporation employees AND is including the amounts paid directly to the insurance provider or in payments reimbursed to the shareholder on Form W-2.

Remember, you do have options. A tax professional can help identify yours. Email Rea & Associates to learn more.

By Joseph Popp, JD, LLM (Dublin office)

 

Related Articles

Are You Prepared To Pay? Obamacare’s Shared Responsibility Provision

Supreme Court Obamacare Ruling Provides Religious Exemption To For-Profit Companies

What You Need To Know About Obamacare Employee Dumping

Share Button

How To Phone For Help

Tuesday, February 17th, 2015
Phone Interview - Rea & Associates - Ohio CPA Firm

While you should never consider a phone interview to be a shortcut, with a little practice and preparation a brief phone screen can be an effective hiring tool.

We’ve all been there. You need to hire a new employee – fast. But you dread the process of advertising for the position and being inundated with countless inquiries and resumes. Going through the process of finding the right employee for the job can be a huge time commitment for everyone involved. And, let’s face it; if you had the time needed to properly filter candidates you wouldn’t be looking to hire a new employee in the first place. For those in need of a better way to winnow the applicant pool, help may be closer than you think.

Instead of filling your calendar with interviews, why not pick up the phone instead.

A brief phone interview is a great tool for employers. Not only does this method of communication allow you to assess their interest in the position, it helps you identify whether the candidate demonstrates specific professional qualities that you are looking for in an employee.

“A good initial phone screen can reveal a wealth of important information, including a candidates skills, experience, motivation, professionalism and salary expectations,” stated Kathryn Tyler in an article about pre-employment screening for the Society of Human Resources Management. “Phone screens can also give under-the-radar applicants – those who might be overlooked if HR were doing only in-person interviews – an opportunity to shine.”

When its time to bring in a new employee, make sure to use all the tools available to you to ensure the person you hire is truly the best fit for the job. A phone screen is just one of your many, many options. Email Rea & Associates to learn more about hiring top-notch employees and the overall impact they have on your company’s bottom line.

By Charlene Meadows, CPA (Mentor office)

 

Related Articles

Getting Back To Business: How Outsourcing May Provide Relief To Your Business

Do You Need A CFO?

What Are 5 Things You Should Do Financially Now?

Share Button

Is Your Cash Flow Ready For Spring?

Tuesday, February 17th, 2015
cash flow - Rea & Associates - Ohio CPA Firm

Cash flow is arguably more important to your company’s success than your bottom line because it takes your past, present and future projections into consideration to arrive at a comprehensive analysis of your financial wellness.

Spring is the season of renewal. It’s the time of year when we emerge from our dens to enjoy warmer weather, the melting of snow and an abundance of greenery as nature appears to come alive. Spring is also an opportune time in the business world. And before we lose ourselves in the hustle and bustle of increased production and revamped initiatives, take this time to review and solidify your company’s cash flow projection.

Managing your cash flow now will help minimize mistakes later – when business and economic trends become more favorable. Still not convinced? Here are five more reasons to consider maintaining your company’s cash flow projection.

5 Reasons Why Managing A Solid Cash Flow Is Just Good Business Sense

  1. A cash flow projection will provide you with the information you need to make better, more lucrative decisions. For example, if you had insight into which of your company’s non-core assets are viable would you make changes to support future growth or would you simply maintain the status quo? With a well-maintained cash flow projection at your fingertips you can make decisions that will help secure a more lucrative future for your company.
  2. If you’re looking for a way to hold you and your team accountable for the company’s success and failures, look no further than your cash flow model. This tool can help you fine-tune your management strategy, which can help you and your team achieve better quality standards, increased production, enhanced efficiency and an improved reaction time.
  3. Your cash flow strategies can empower your team to take further ownership of their work and pride in the company. When they have a chance to see that their actions influence how well the business does as a whole they will be more likely to seek out opportunities for improvement.
  4. When you have a cash flow projection then you have the tool needed to develop timely and attainable goals. When you have a better idea as to how much money is going out and coming in (and why), you and your management team can put plans in place to better manage the company’s cash flow in a more favorable way.
  5. Are you managing cash that you acquired from an external source? Will you manage acquired cash in the future? Stakeholders love cash flow projections because they provide them with the information they need to monitor their investment. Oftentimes banks require you to provide quarterly financial information to prove that you’re complying with the terms of the loan package.

Cash flow is arguably more important to your company’s success than your bottom line because it takes your past, present and future projections into consideration to arrive at a compressive analysis of your financial wellness. Email Rea & Associates to learn more about the importance of cash flow projections and how you can use yours as a valuable management tool.

By Dave Cain, CPA (Dublin office)

 

Related Articles:

How Can My Statement Of Cash Flows Transform My Business?

Cash Flow Is King: Where Do You Need To Focus?

QuickBook Tips For Managing Cash Flow

Share Button

Don’t Forget About Your ERISA Fidelity Bond

Wednesday, February 11th, 2015
Don't Forget About Your ERISA Fidelity Bond

Avoid problems with the Department of Labor, make sure you know the ERISA fidelity bonding requirements.

If your company offers a retirement plan to its employees, make sure you are familiar with the Employee Retirement Income Security Act’s (ERISA) fidelity bonding requirements and the information you must include on your plan’s annual Form 5500.

Over the years we have noticed that many clients struggle with obtaining and keeping an active and accurate ERISA fidelity bond because of a general lack of understanding. The purpose of the fidelity bond is to protect your plan’s assets from the risk of loss due to fraud or dishonesty by employees handling the plan’s funds, such as when remitting plan contributions.

The required bonding amount is “10 percent of plan assets handled.” Because this is a difficult number to know with certainty, most plan trustee’s make sure the plan is bonded for at least 10 percent of all plan assets. This means that as your plan’s assets grow, so does your required bonding amount. There are two primary exceptions to this rule:

  1. The maximum required amount is $500,000 – regardless of your plan assets.
  2. If your plan has more than 5 percent non-qualifying plan assets, then a bond is needed to cover the amount of non-qualifying plan assets.
    • “Non-qualifying plan assets” includes anything that is not a marketable security held by a bank, trust company, registered broker-dealer or insurance company.
    • If a bond in the correct amount is not established, then an independent plan audit by a certified public accountant is required. These audits cost about $10,000 annually.

Even if your plan only contains qualifying plan assets, not maintaining a fidelity bond in the proper amount can be a red flag to the Department of Labor, which could prompt them to take a closer look at your plan.

NOTE: A fidelity bond is different than fiduciary insurance. Fiduciary insurance is not required, but should be in place to protect your plan fiduciaries from personal risk of loss. Your plan fiduciaries include any employee who serves as a plan trustee or who is on a plan investment committee tasked with ensuring that your plan is free from errors or omissions that could result in loss to your plan. Plan fiduciaries are personally liable for these potential losses, so having fiduciary insurance coverage is prudent (albeit not required).

To learn more about the ERISA fidelity bond requirements, email Rea & Associates.

By Paul McEwan, CPA, MT, AIFA (New Philadelphia office)

 

Related Articles

You Can’t Know Enough: The Importance of Knowing Your Fiduciary Responsibility

What Should I Do If I Recently Received An IRS Notice About Form 5500 or 8955-SSA?

What Happens If My 401(K) Plan Is Out Of Compliance With An IRS Or DOL Rule?

Share Button

Governor’s Budget Proposal Makes The Case For Tax Reform

Wednesday, February 11th, 2015
Proposed tax increase on oil and gas production

If the proposed two-year state budget proposal passes, oil and gas produced by horizontal wells will be taxed at a 6.5 percent tax rate for product sold at the wellhead. If sold downstream, a 4.5 percent tax will be applied.

Since it was unveiled last month, Gov. John Kasich’s proposed two-year state budget has many individuals, businesses, school districts, not-for-profit organizations and others scrambling to find out how his proposed tax reform package will affect them. In his recommendation, Gov. Kasich says his proposal seeks to “create more opportunities for each and every Ohioan.” To this end, the budget focuses on four primary objectives:

  1. To ensure that students are ready for college and careers
  2. To help more students get degrees
  3. To cut and reform taxes
  4. To help Ohioans move up and out of poverty and into jobs

To achieve these goals, Gov. Kasich has proposed implementation of several tactics to help fund his $35.5 billion 2016 budget, which is up 15.5 percent over the state’s projected spending in fiscal year 2015. Of those tactics, a slew of tax cuts and increases are central to his budget initiative. The following points address some primary changes Ohioans can expect to see if Gov. Kasich’s 2016-2017 budget plan is approved.

Proposed Tax Cuts

  • A 23 percent across-the-board income tax rate reduction. This proposed cut would drop the top income tax rate to 4.1 percent, the current from 5.33 percent.
  • Business owners of pass-through entities with gross receipts less than $2 million will pay no income tax on their business income.
  • Other Ohio business owners will see the 50 percent reduction incentive on income that totals $250,000 and less become permanent.
  • Individuals who earn less than $40,000 will see a $1,600 increase in their personal exemption (from $2,400 to $4,000). The personal exemption for those who make between $40,000 and $80,000 will increase by $900 (from $1,950 to $2,850).

Proposed Tax Increases

  • The commercial activity tax (CAT), which is measured by a business’s gross receipts on business activities in the state, will increase 0.6 percent to 0.32 percent.
  • The state’s sales tax will increase to 6.25 percent. The current sales tax rate is 5.75 percent and would be expanded to include management consulting, lobbying, market research and opinion polling, public relations, debt collection services, cable subscriptions and parking and travel services.
  • Means-tested tax credits and exemptions for retired taxpayers who earn more than $100,000.
  • Oil and gas produced by horizontal wells will be taxed at a 6.5 percent tax rate for product sold at the wellhead. If sold downstream, a 4.5 percent tax will be applied.
  • The state currently reduces the price paid for the new car or boat by the value of the trade-in. The proposal calls for a 50 percent deduction in this exemption.
  • The discount vendors receive for collecting, reporting and remitting sales tax will be capped at $1,000 per month.

To learn more about how tax reform could affect you, email Rea & Associates.

By Lesley Mast, CPA (Wooster office)

 

 

Related Articles

How To Drive For Business And Save On Your Tax Bill

Theft Safeguards To Cause Tax Return Delays In Ohio

Should I Make A Big Purchase To Cut Taxes?

Share Button

How To Drive For Business And Save On Your Tax Bill

Monday, February 2nd, 2015
Deducting expenses related to your car or truck is an allowable business expense – as long as the vehicle is used for business purposes.

Deducting expenses related to your car or truck is an allowable business expense – as long as the vehicle is used for business purposes.

If you are one of the many men and women who drive their personal vehicles for business, don’t forget to claim the appropriate tax deduction on your tax return – the savings just might help you keep more cash in your bank account and more gas in your tank.

Here’s what you need to know. …

Deducting expenses related to your car or truck is an allowable business expense – as long as the vehicle is used for business purposes. And if you use it exclusively for business purposes, you may be able to deduct the full cost of your vehicle. But before you start claiming deductions on your tax return, make sure you understand what the IRS considers to be a valid business purpose. Hint: Commuting from your home to work is not considered a valid business purpose.

When To Claim A Deduction

Do – claim a deduction if you use your vehicle for travel between two places of business.

Do – claim travel expenses that result from traveling from one job to another, traveling from one customer or client to another and traveling from your office or business location to perform other business tasks.

Do – claim your travel expenses that accrue between your home and a business destination if you have a home office that is considered your primary place of business.

Which Deduction Is Better?

There are many factors to consider when choosing a deduction method that will result in the most tax savings. The two biggest factors are the cost of the vehicle and how many business miles you drive each year. Here are the nuts and bolts of your two options:

  • Standard Mileage Method – If you keep good notes, then you may prefer the standard mileage method to keep track of your deduction. Here’s how it works: Start by keeping a log or a journal of all your business trips – include who, what, when and where. Then add up all the miles you racked up on your trips and multiply that number by the IRS’s standard mileage rate – which currently stands at 57.5 cents per mile. For example: if you were to drive 15,000 business miles over the year, you can multiply that number by 57.5 cents per mile to claim an $8,625 deduction.
  • Actual Costs Method – This method requires that you to keep track of all costs associated with your vehicle, including depreciation, repairs, maintenance, gas, tires, etc. When you have collected all these costs and arrived at a total, multiply this number by the percentage of time the vehicle is used for business purposes. Your deduction is limited to the percentage of time the vehicle was used for business purposes.

So, which deduction method is better?

Say you purchased a car for $30,000 and you use it exclusively for business purposes. You have figured that you drive about 10,000 miles for business each year. If you use the standard mileage method, you could claim a $5,750 deduction each year. But if you were to use the actual costs method, instead you would find that during the first five years of owning the car the actual vehicle expenses significantly add up to a larger tax deduction.

If you use your vehicle for business purposes, a financial advisor can help you identify the best route to maximize your tax savings. Email Rea & Associates to learn more.

By Tom Jeffries, CPA (Millersburg office)

 

Related Articles

New Year, New Mileage Rates

What Red Flags Might Get Your Audited?

How Can A Small Business Owner Keep More Money In Their Pocket?

Share Button

Beware Of Small Business Wire Transfer Scam

Thursday, January 29th, 2015

Late last week, the Federal Bureau of Investigation (FBI) issued a wire transfer scam alert for all small businesses in the United States. According to the FBI alert, between October 2013 and December 2014 a total of 1,198 complaints from U.S.- based companies were received dealing with wire transfer scams. Losses from these incidents totaled more than $179 million. The FBI also reports that the scams can follow a Ransomware incident, and may involve a fraudster contacting a vendor and requesting a change of payment to an alternate fraudster-controlled bank account.

How To Mitigate This Type of Scam

If you’re a small business owner, you may be at risk for this kind of scam. The FBI recommends the following mitigation steps for these types of scams:

  • Keep all of your anti-virus software up-to-date.
  • Educate your workforce about security best practices.
    • Be sure that any changes to payments via electronic transfer are verified with an employee of the bank and at a phone number that you utilize for assistance.
    • Don’t use alternate phone numbers provided via email or by a bank representative contacting you.
    • Always call the institution back and verify that you are communicating with your bank.
  • Monitor all of your business’s financial transactions on a daily basis. Suspected electronic fraud must be reported in a single business work day.
  • Use two-party authorization access to complete all wire transfer transactions.
  • Utilize biometric authentication to verify the identity of authorized users.
  • Use online bank portals that require strong fraud controls to complete all wire transfer transactions.

You can find more information about the FBI’s scam alert here. This site also provides detailed samples of how the scams will be run against unsuspecting businesses.

If you have any specific questions about how this scam might impact you or if would like more information on IT security best practices, email Rea & Associates.

By Joe Welker, CISA (New Philadelphia office)

Related Articles

Could A Cyber-Attack Cripple Your Business In 2015? 

How Prepared Is Your Business For A Potential IT Disaster? 

New Form of Malware Catching Retailers Off Guard

 

Share Button

Six Things 401k Plan Sponsors Need To Do Now

Friday, January 16th, 2015
2015 Retirement Plan Deadlines - Ohio CPA Firm

Mark your calendars and don’t forget these 2015 retirement plan deadlines. Click on the image to easily see what is due and when to file.

January may be flying by, but the New Year is still fresh. This is still a great time to make sure that the qualified 401k plan you offer your employees helps them effectively save for retirement and remains qualified. Not sure where to start? Here are six ways to get the most out of your 401k plan:

1. Review Your Match Formula

An employer match can be critical to helping your employees meet their retirement goals and stretching the match formula is a great way to entice employees to save more. Instead of matching 100 percent on the first 2 percent of deferrals, consider changing your contribution formula to 50 percent on the first 4 percent of deferrals, or 25 percent on the first 8 percent of deferrals instead. Each one of these formulas will result in a 2 percent wage cost to you, the employer, but changing the formula may encourage additional employee saving. Instead of saving 4 percent of their income (2 percent employee income plus 2 percent employer match), the employee may be motivated to increase contributions to their retirement plan to 10 percent (8 percent employee income plus 2 percent employer match). Contact your TPA to discuss different strategies.

2. Check Your Contribution Limits

Did you know that the 401(k) and 403(b) plan deferral limits have increased to $18,000? Employees older than 50, now have the option to defer an additional $6,000 of their wages toward retirement. Encourage your employees to review their payroll deduction to ensure that they are on target to meet their personal savings goals.

3. Offer Your 401(k) Plan To All Eligible Employees

If your 401(k) plan has an entry date of Jan. 1, be sure all newly eligible employees were provided the opportunity to participate in the plan. Even if you have an employee who doesn’t want to participate, I recommend that you obtain a signed election form that indicates a 401(k) election of “0 percent.” By doing this, you have documentation that they employee was offered the chance to participate, even though they decided not to.

4. Provide Employee Census To Your TPA

Your third party administrator (TPA) needs yearly plan census information to conduct compliance testing, verify 401(k) and to calculate matching contributions and profit sharing allocations. The deadline for most compliance tests is March 15.

5. Check Your Fidelity Bond

The Employee Retirement Income Security Act (ERISA) requires a fidelity bond for every plan fiduciary and for those who handle the funds or property of a plan. The bond must be at least 10 percent of the company’s plan assets. It’s a good idea to ensure that your bond is still meeting the 10 percent minimum requirement.

6. Restate Your Plan Document

Prototype documents for 401(k) plans currently are in a restatement window; therefore, if your plan uses a prototype document, it must be updated to meet new IRS standards. This document restatement period is a great time to examine your plan provisions. For example, do you want to change eligibility requirements or add a loan provision that you have contemplated adding in the past? This is a good time to make those changes. The deadline for restating 401(k) prototype documents is April 30, 2016. Managing your company’s retirement plan can be confusing or overwhelming at times, but it doesn’t have to be. Email Rea & Associates today to learn more. By Steve Renner, QKA (New Philadelphia office)

Related Articles

Why Should You Review Your Retirement Plan Documents Now?

Do You Need To Send An Annual Notice To Your 401(K) Participants?

What Should Plan Sponsors Ask Their Investment Advisors?

Share Button

Could A Cyber-Attack Cripple Your Business In 2015?

Tuesday, December 30th, 2014

As we embark on a new year, many of us will set personal goals for ourselves or renew commitments to objectives that may have eluded us over the last year – and if you are a business owner you probably have a whole other list of initiatives to conquer in 2015. But before you dive into a new campaign, product launch or acquisition, take a moment to reassess your business’s disaster recovery and business continuity planning. Doing so could save you from unforeseen financial hardships that could devastate your bottom line.

From eBay’s server breach early in 2014 to the recent Sony Pictures hack, this year major U.S. companies found out that even the best defenses cannot guard against attacks carried out by a determined hacker (or hackers). And if these large-scale businesses are vulnerable, how is your small to midsize business expected to recover? In addition to building up a solid defense to these types of threats by employing firewalls and antivirus software, businesses with a solid business continuity plan are more likely to recover if (and when) a disaster does strike.

Plan For The Best – Expect The Worse

Could you recover from a cyber-attack or data breach? Do you have a plan in place to not only shield yourself from threats, but to swiftly respond and recover? The ISACA, an organization that engages in the development, adoption and use of globally accepted, industry-leading knowledge and practices for information systems, encourages business owners to take a proactive stance when guarding against disasters – online and offline. If you are unsure whether your business could recover, ask yourself these questions.

  1. Do you have a thorough understanding your business’s activities, including which ones are critical to support your overall operations while satisfying your customer’s expectations?
  2. Do you know what data you need to support your business’s critical operations and do you know where this data is kept?
  3. Do you have a clear understanding of the effects of downtime within your business and, using this information, are you able to identify where you are most vulnerable?
  4. Do you have current infrastructure in place to protect your business and data against hackers and viruses?
  5. Do you consider business continuity to be a priority to your business?
  6. Do you have a documented plan in place to guide all aspects of your business through a major emergency? How about smaller disruptions like organizational, process and technology changes?
  7. If a disaster were to strike today would you be able to recover quickly while protecting the best interests of your customers and business stakeholders?

If you answered no to any of these questions your business may find itself susceptible to risk and unable to recover from a cyber-attack or data breach. Make business continuity a priority in 2015. Email Rea & Associates for more information on how you can protect your business against countless internal and external threats.

By Joe Welker, CISA (New Philadelphia office)

 

Related Articles

How Prepared Is Your Business For A Potential IT Disaster?

How Can Heartbleed Affect You And Your Business’s Online Identity?

How Can I Protect My Business From A Data Security Breach?

Share Button