Posts Tagged ‘Ohio small business’

New Form of Malware Catching Retailers Off Guard

Monday, August 25th, 2014

Last week, UPS announced that 51 of its stores were infected by point-of-sale (POS) malware that has been affecting other retailers across the U.S. In total, UPS estimates that approximately 105,000 POS transactions were comprised in the data breach, leaving many customers’ financial and contact information exposed, increasing their risk of identity theft and fraud.

POS malware, known as Backoff, was identified last week as having targeted a New Orleans restaurant, a much smaller retailer than UPS. On July 31, several government agencies sent out an alert about Backoff. The alert explained the risks that Backoff posed to U.S. businesses, including smaller merchants, and that this new form of malware was found to infect POS systems via access to a remote-access portal.

And just a few days ago, the U.S. Secret Service announced that an estimated 1,000 businesses have been infected by Backoff. Now the Department of Homeland Security is encouraging all businesses – no matter the size – to scan their POS systems to check for a possible compromise.

While these recent incidents may not affect you or your business directly, the discovery of this new form of malware should cause you to stop and assess your business’s IT security situation. Do you have the right security protocols in place to protect your business – and your customers – from a potential data breach?

How To Protect Your Business From A Data Breach

Your mind may be far from thinking about your business’s IT environment. You’re probably focused more on the day-to-day operations of your business and serving your customers. But think of protecting your business’s IT environment as one way of serving your customers. By protecting your IT systems, you are helping ensure that your customers’ personal and financial data is safe. Here are some ways you can protect your business’s IT environment:

  • Use End Point Protection monitoring to verify that all workstations are current on their virus definition files and OS patches.
  • Make sure all servers are patched with the most current operating system security patches.
  • Employ a vendor to complete penetration testing to find any open avenues to your network.
  • Consider implementing Intrusion Detection Systems (IDS) or Security Information & Event Management (SIEM) applications. Many companies utilize IDS/SIEM to monitor their incoming and outgoing network traffic. If the expense is too great or you don’t have qualified personnel, then consider a vendor to provide the service. Many vendors provide these services at a very reasonable price.
  • Review the Mitigation and Prevention Strategies of the Department of Homeland Security July 31, 2014, announcement of the Backoff malware.

The Cost of Protecting Your Customers

What cost is too much to protect my customers’ data? Only you can answer this question. UPS and the restaurant have chosen to pay for identity theft and credit monitoring services for customers who may have been affected from their data breaches (a data breach-related expense many companies don’t consider). But take that one step further. What cost is too much to protect my business’s reputation? In order for your company to survive in today’s digital world, it’s critical for your business to cultivate a culture of trust with your customers. Many businesses find that they’ll do what it takes to prevent security breaches. What will you do?

Want more IT tips? Check out other articles that provide best practices on how to secure your business’s IT environment.

Author: Joe Welker, CISA (New Philadelphia office)

 

Related Articles:

8 Tips For Crafting A Strong Password

Do You Know Who Has Access To Your IT Network?

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

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

Thursday, May 8th, 2014

Who doesn’t want more money in their pocket? It’s something I think all of us would love to have. And small business owners are in luck! Accountants throughout the state of Ohio advocated for small business owners and worked with Ohio legislators to develop the Ohio Small Business Investor Income Deduction provision. In the 2013 tax year, Rea clients eligible for this tax deduction submitted nearly $80 million in tax deductions, and realized nearly $4 million in tax savings. This provision has truly helped small business owners keep money in their pocket!

How Do You Know If You Eligible For The Ohio Small Business Income Deduction?

If you’re a taxpayer who owns a business, such as a sole proprietorship, a partnership or a limited liability corporation, and you bring in $125,000 in Ohio-sourced income (that would be $250,000 if you’re married and file jointly), you’re eligible for this deduction. For the first $125,000 (or $250,000 married, filing jointly) you report, you can take up to a 50 percent tax deduction. For many business owners, that’s real, significant savings. Keep in mind that businesses themselves are not eligible for the deduction, but rather the business owner, as an individual taxpayer, is eligible.

Why This Deduction Matters  

This provision, along with others, provides a tax cut for individual taxpayers. Last year, Ohio Governor John Kasich released a broad tax reform package that was aimed at putting money back into Ohio taxpayers’ pockets. Part of this reform was the Ohio Small Business Investor Income Deduction (SBD). The Ohio SBD, along with a string of other tax cutting provisions, is aimed at cutting taxes for Ohio business owners and individuals by $2.7 billion over the next three years. The end goal: to build and accelerate economic and job growth in Ohio.

If you were eligible for this deduction in 2013, you should have realized tax savings. In looking to the future, have you considered what your 2014 tax savings could be by taking advantage of the Ohio SBD? If not, it’s something you should be looking into so you can keep more money in your business.

Ohio Tax Help

Unsure of your eligibility or need help in understanding how this deduction can apply to you? Contact Rea & Associates. Our team of Ohio tax professionals can review your operating structure and help you maximize your 2014 tax savings.

Author: Lee Beall, CPA (Dublin office)

 

Interested in reading more blog post about tax savings? Check these posts out:

How Will A Tax Credits and Incentives Plan Benefit Your Business?

So Is It a Tax Credit Or a Tax Deduction?

How Do You Make Your Charitable Contributions Count?

 

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What Could Ohio’s Small Business Investor Income Tax Deduction Do For Me?

Thursday, February 27th, 2014

In an effort to become more taxpayer-friendly and reduce the effective tax rate, Ohio enacted the Small Business Investor Income Tax Deduction effective for tax year 2013. This tax deduction benefits many of Ohio’s individual income taxpayers. So how exactly does this deduction work?  (more…)

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When Can I Apply for the Ohio Incumbent Workforce Training Voucher Program?

Tuesday, May 28th, 2013

When will the application process begin for the next round of the Ohio Incumbent Workforce Training Voucher Program? This is a burning question for many Ohio companies these days. While the Ohio Development Services Agency has not yet communicated what date the application process will begin, you can keep an eye on its website for an official announcement.  They are hoping to have the application process open sometime in June, though it’s possible that date may get pushed back.  (more…)

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What do InvestOhio Changes Mean for You?

Thursday, June 28th, 2012

If you’re a tax payer who’s invested in a small business through the InvestOhio program, or if you’re a business owner who’s received a credited investment, you could find yourself impacted by new program changes or fees. (more…)

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