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Cyber Security – Part Two

Jim Rickards – THE DAILY RECKONING

Hello everyone…this is Part 2 of 3 of our series called Cyber Security.  In 2016, Accenture Consulting published a cyber security white paper (geared towards large organizations) that we thought would be of interest to business owners like you.  This study goes into a more in-depth analysis supported by industry interviews and statistics.  You can download this white paper in two formats; either the Executive Summary or the Complete Report.

Having worked for a forensic accounting firm for several years, I understand some of the challenges and vulnerabilities all organizations face, and that we as consumers face regarding cyber security.  The challenge is, there doesn’t appear to be much access to simple, step-by-step, practical standards of cyber security available to small business owners to readily implement.  This is a real problem!  The white paper focuses its attention on cyber security threats of larger organizations, but we as small business owners can learn from their challenges, approaches and solutions.  The small business owner (and individual alike) needs access to practical, actionable standards of practice against cyber security threats and the protection of their data.

When we think of cyber security from the perspective of a small business owner or as an individual, think about it in terms of our smartphones/ tablets/ and computers.  We either grant permission for auto updates or regularly receive promptings to update and “accept” software company’s “terms and conditions” to either download or update the software on our devices.  This “acceptance” grants those software companies access to our data through our phone cameras, microphones, phone records, pictures and access to other data files.  It’s quite obvious that we have been conditioned to accept whatever terms and conditions are asked by these software companies in order to comply with their downloading/updating standards.   Why should you grant access to all these requests for your smartphones solitaire game?  What this means is that our data and our privacy are at risk.  Our privacy and security are practically non-existent because we have blindly “accepted” software providers terms and conditions.  We therefore have either knowingly or unknowingly relinquished our privacy, our data and control of our information, how it’s managed, secured and shared with others.  This can and does have serious repercussions!  How could we be then surprised that our information could be stolen and disseminated all over the globe?  We have only ourselves to blame.

We would recommend reading the white paper referenced above by Accenture Consulting, and think about how large organizations are approaching this eminent risk.  What can we as small business owners learn and implement from these organizations to better protect our privacy and data (and client data), and to help mitigate cyber security threats and breaches?  We’ll post a follow-up in Part 3 of this series in a few weeks to address how we as business owners (and individuals) can take some practical and actionable measures to better control the security and privacy of our data.  Well I should say, as best we can given that we live in a state of technological acquiescence…whether we choose to believe it or not.  Until then, we hope you enjoy reading the white papers by Accenture Consulting.  Back to you in a few weeks…

Contact Us if you would like to discuss business strategies for your business.

GMS BUSINESS CONSULTING provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact us if you are interested in learning more about our services, and in particular, about our M.A.P. (our 3-phase business development solution) to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

 

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Cyber Security – Part 1

Jim Rickards – The Daily Reckoning

Cyber Security may be the number one economic threat to individuals, businesses and to our nation.  Recently, there was a massive breach in cyber security for some of the largest companies in the world.  For the most part, it was brushed over on mainstream media for a few days.  Nothing substantial was revealed in terms of understanding the nature of this particular cyber hacking, and the potential threat and depth of damage this may have lead to.  Jim Rickards wrote an interesting post on his blog, THE DAILY RECKONING regarding cyber security that we thought would be of interest to our clients and readers.  Jim gives a macro perspective on the three degrees of the cyber security threats that currently exist in the world today.

We’ll post a follow-up to this in a few weeks to address how cyber security experts are strategizing about how to best address this imminent threat currently and for the future.  Hopefully their insights will enable us as business owners and individuals to take practical and actionable steps to better control the security and privacy of our data (well, as best we can).   Given that we live in a state of technological acquiescence (whether we realize it or not), have you ever seriously considered just how quickly and easily we “accept” the terms and conditions of downloading new software or software updates to our smart phones?  Do we really understand the access rights we are granting to these organizations, and what they’re doing with our data and who they’re sharing our data with?  Think about it…  Until then, we hope you enjoy reading the article by Jim Rickards.  Back to you in a week or two…

 

GMS BUSINESS CONSULTING provides lawyers and business professionals with Accounting Services, Business Development Services, Business Optimization Services and Digital Marketing Services to help business professionals successfully organize, grow and operate their businesses more effectively and efficiently.  We do NOT provide investment advice.  Contact Us  if you are interested in learning more about our services, and in particular about M.A.P. (our 3-phase business development solution), designed to help you strategically focus and tactically grow your business.  We would welcome the opportunity to speak with you.

info@gmsbusinessconsulting.com

707-218-3135

John 14:15

GMS Business Consulting 274 Comments

Business Succession

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Hello Everyone!  Recently, we met with a few attorneys with small practices, in their late 60’s with no plans of retirement, nor thoughts of business succession.  That’s a concern we have for many business professionals today who know better to plan for events like this, yet they don’t.  Over the years, we’ve seen many business professionals own and operate very successful practices/businesses, however we’re still surprised to see how many have not planned for their business succession.

If there is a younger family member coming into the practice or business, then that is a natural business succession, and the business owner has a whole lot less to concern themselves with.  Conversely, if there is no family member or young associate interested in taking over the practice some day, then that leaves a potentially valuable asset foregone and left behind, and clients that will still need to be served. Read more

GMS Business Consulting 306 Comments

Something Strange In The Numbers?

Zero Hedge

Zero Hedge

 

Hello Everyone!  Every once in a while we want to let newer viewers know why our business blog exists, and why we provide the content that we do.  As our longer-term readers know, the content of our blog is to serve two purposes:

  1. First, to provide meaningful/helpful business management content to help lawyers/law firms/CPA’s and other business professionals to better manage their short-term and long-term business goals and objectives.
  2. Second, is to provide our readers with powerful, insightful news, comments, and commentaries related to financial/economic/and political information that may not be reported by mainstream news media, and not as well-known or understood by the general public. Read more
GMS Business Consulting 319 Comments

A New Breed of Derivatives…Really?

The JPMorgan Chase & Co. in New York Photographer: Victor J. Blue/Bloomberg

The JPMorgan Chase & Co. in New York
Photographer: Victor J. Blue/Bloomberg

 

Hello everyone…You heard right!  Hard to believe it, but it’s true!  If we didn’t learn the first time around about Wall Street created derivatives, how about a second round?  Guess who is leading the charge this time around…you got it, Goldman Sachs,  JP Morgan Chase and ProShares.  In today’s Bloomberg Article, you will discover that the unimaginable, the unthinkable is happening again. Read more

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EMV Cards – October 2015 Deadline

ChipCard

Image by Square

 

Good morning everyone!  You may be asking yourself, what is an “EMV Card”, why the switch, and how does this impact me as a business owner?  The answers to these questions came from one of the product suppliers/services that we use in our own business, and we personally recommend to any business owner looking to quickly, simply and inexpensively process payments.  Whether you’re a professional service provider, small technology company, brick & mortar company or even a start-up business, we recommend that you seriously consider using Square as part of your business technology and payment solution. Read more

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U.S. Supreme Court Rules…Aereo is Finished

Photographer: Bebeto Matthews/AP Photo Chet Kanojia, founder and CEO of Aereo, Inc., shows a tablet displaying his company’s technology, in this Dec. 20, 2012 file photo in New York.

 

June 25 (Bloomberg) -- Bloomberg’s Paul Sweeney examines the business implications of the U.S. Supreme Court ruling against Aereo and how it impacts copyrights and content providers. He speaks on “Market Makers.”

June 25 (Bloomberg) — Bloomberg’s Paul Sweeney examines the business implications of the U.S. Supreme Court ruling against Aereo and how it impacts copyrights and content providers. He speaks on “Market Makers.”

 

 

 

 

According to Bloomberg,  a unanimous 6-3 decision has been reached by the U.S. Supreme Court ruling that Aereo Inc. is violating broadcasters’ copyrights.  This will most certainly end the pursuit of this company and its’ ambition to transform the television industry.  While this is a blow to the Dillard backed company, this is a victory for the following broadcasters and organizations: Walt Disney Co. (DIS)’s ABC, 21st Century Fox Inc., Comcast Corp. (CMCSA)’s NBC Universal and CBS Corp. (CBS) , National Football League and Major League Baseball. Read more

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Protecting Your Business & Personal Assets…Before The Next Financial Crises!

Nomi-Prins2AllPresidentsBankersCover

Hello Everyone!  As you know, we aim to bring insightful news, practical information, and reliable sources that can help you personally and professionally.  Most of the information we bring to your attention is not readily available on mainstream media for a variety of reasons (which we’ve covered in prior postings).  As informed readers, we know that the state of the economy is NOT as it is commonly reported to be on mainstream media. Read more

GMS Business Consulting 297 Comments

Is the Fed Laundering Treasury Purchases?

Greg Hunter’s USAWatchdog

Hello Everyone!  This interview caught our attention, and we wanted to bring it to your attention… “Is the Fed Laundering Treasury Purchases?”  Well the answer to that question is YES, according to Dr. Paul Craig Roberts (Chairman of  The Institute for Political Economy, Assistant Secretary of the Treasury for Economic Policy during the Reagan administration, and former Associate Editor of the Wall Street Journal).  Do you think he knows a thing or two about how the Federal Reserve, the U.S. Treasury and the treasury market works?  You can read about this issue and see the interview Video posted today on Greg Hunter’s usawatchdog.com Read more

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Is Aereo Legal? What the Supreme Court Is Deciding: Video – Bloomberg

Supported devicesHello Everyone!  Are you tired of paying outrageous oligopoly fees to the cable companies to view your favorite TV programs?  Well, there’s a new solution in about a dozen major cities across the U.S., and it’s making its way to your neck of the woods.  That is…if the U.S. Supreme Court doesn’t stop them in a major lawsuit by industry leading broadcasters.  The business is called Aereo.   As we post this, the U.S. Supreme Court is currently hearing the case, and is due to announce its decision in late June or early July before their summer break. Read more