Think protecting your customers’ data is too complicated? Well, you may be surprised to know that putting practices into place to protect that private data is far less complicated than attempting to recover from a breach. Security breaches cost small businesses millions each year and even cause some businesses to fail. So how can you make sure your business is not one of them? By putting these best protection practices into place ASAP.
Get Familiar With State and Federal Data Regulations
Keeping your customers’ data secure is definitely good for business. But setting up structured data practices may also help keep your business out of legal trouble. One such example of these kinds of state-level data laws can be found in New York, and applies to specific kinds of businesses. The NYDFS Cybersecurity Regulation requires affected financial institutions to address data privacy with proper infrastructure and protection policies. About half of all other states also have some type of consumer protection law in place when it comes to private data. Most of these regulations focus on data protection policies, but many also have restrictions around data breaches and how businesses must respond when trying to recover from a breach.
Consider Hiring Professionals to Help Manage Your Data
Failing to properly address data security can land your business in big trouble, and ultimately sink your business. That’s why it is so important to take the necessary steps to ensure your customers’ data is secure and invulnerable to online threats. If you don’t know how to enact security measures, you may need to find an IT consultant. An experienced consultant can quickly determine the greatest threats to your business data and technology, and can help develop strategies aimed at preventing costly breaches. If a breach does occur, you will want to hire a digital forensics specialist to determine the source of the issue and help you find a resolution.
Be Prepared for the Financial Costs of a Major Data Breach
By now, you can see how important protecting your customers’ data really is to the stability of your small businesses. Data breaches cost small businesses an average of $148 for each customer record that is exposed. When the damages are added up, most small businesses that suffer a data breach not only suffer a loss in profit, but they usually end up going out of business. Putting guidelines and security initiatives in place can keep your business from suffering this fate. In addition to hiring pros to help, you should look to software that can help, and you will certainly want to train your staff on best practices. Employees can be a weak link when it comes to your data, but training can help prevent many issues. You may also want to research data breach insurance for added financial protection.
Know How to Handle Customer Service Around Data Privacy
So far, you’ve learned a lot of valuable lessons to avoid having your business impacted by data security issues. It’s important to keep in mind, however, that issues with data privacy and your business can have a major impact on your customers too. When customers provide their private information, they do so with an expectation that you will keep it safe. Once that trust is broken, it can be tricky to repair. The most important step in gaining back the trust and loyalty of your customers is to remain as transparent as possible. Own up to the breach in question and also own up to any mistakes. Not doing so will only harm the long-term success of your business. Even if you haven’t experienced a breach, communicate data privacy policies to your customers to build that trust and keep your operations compliant.
When you fail to prioritize the protection of your customers’ private information, you leave your business vulnerable to online threats and hacks. You also leave your business open to breaches that can wreck your bottom line and destroy your business. So make sure you have the right policies, practices and protections in place for your customers and yourself.
Courtesy of Chelsea Lamb
Photo Credit: Unsplash
How to Have Fun on a Budget in Your Senior Years
Sixty percent of Americans don’t keep a budget, choosing instead to throw caution to the wind. Many people fly by the seat of their pants because they know life will work itself out. For Baby Boomers, there isn’t much time to rebound from financial frivolity. As you draw closer to retirement, frugality becomes very important. One day, the income stream might dry up and you could be surviving on savings and investments. You’ll come out fine if you live today with your future financial health in mind.
However, none of this means that you must lead a humdrum life in order to remain in constant savings mode. You can enjoy a fulfilling life without depleting your savings, and much of this depends on whether your cost of living is compatible with your income. The recommended budgetary breakdown for spending your money is 50 percent for necessities, 30 percent for wants, and 20 percent for savings and debts. By following this principle, it’s not difficult to stick to a budget while still having fun.
Savings
Let’s get this one out of the way first. Paying back credit card debt and loans falls under the savings bracket, but saving for the future is a big part of it too. Retirement funds and emergency funds might not be part of your necessary spending now, but they will come in handy when you need them in the future.
One such expense to consider is long-term care. Long-term care is inevitable for some seniors, and it’s best to be prepared so that you’re not depleting your cash flow when the time comes. Although it’s a cost that you’d have to fork up now, long-term care insurance can protect you in the future when you’re in need of care at home, an assisted living facility, or a nursing home. Start now to save for later, but before you purchase a policy, head to Consumers Advocate or a similar information site to research the leading long-term care insurance companies.
Needs
Needs are the things that help us survive and function within society. They include fixed expenses like housing costs and insurance premiums, as well as variable expenses like groceries, transportation, and healthcare co-pays.
There are some necessities that you can possibly cut down on. If you’re lucky enough to telecommute for work, consider moving to a cheaper neighborhood. Without an office to go to, you can live just about anywhere with an internet connection. An even better move would be to a town with good public transportation and a high walk score to reduce your transportation costs. There’s also the option of selling your car and purchasing a used car with lower insurance rates. In addition to cutting costs for transportation, there are many other cost-saving strategies, such as using senior discounts or enrolling in the right Medicare program for your needs.
Wants
But what about the fun stuff — vacations, entertainment, and going out? With the average American household spending over $60,000 annually, only about 5 percent of it is spent on entertainment. It’s not a lot of money when you look at the big picture, so don’t feel guilty about your discretionary expenses. If you need new clothes, then buy yourself something nice. If you want to watch a film, then treat yourself to a movie night. Here are some ways to enjoy life while staying on a budget:
Rent a movie from Redbox, subscribe to Netflix, or go to matinees.
Shop at thrift stores or bargain retailers like Ross and Marshalls
Take advantage of free days at the museum and parks with free entry
Go on outdoor adventures that don’t cost a thing
Dine out on a discount: Groupon, Taco Tuesdays, Happy Hour, etc.
The best years of your life have yet to come, but the worst-case scenarios can happen if you don’t prepare. Go into your retirement years with financial security and a plan to take care of your needs when aging diminishes your independence, but don’t sacrifice your happiness along the way. Live it up and seize the day — without having to pay.
Courtesy of Jim McKinley
Photo Credit: Pixabay
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BUILDINGType: RetailSubtype: StorefrontTenancy: SingleYear Built: 1946GLA: 5,771 SFFloors: 1Typical Floor: 5,771 SFDocks: NoneConstruction: Masonry
LANDLand Area: 0.25 ACZoning: C-1Parcel 01-3219-000-0180
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Miami Beach, FL 33140 - Miami Beach SubmarketSignalized Intersection
BUILDINGType: RetailSubtype: BankTenancy: SingleYear Built: 1940GLA: 4,575 SFFloors: 1Typical Floor: 4,575 SFDocks: None
LANDLand Area: 0.10 ACZoning: CD-3Parcel 02-3222-001-151
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Miami, FL 33137 - Miami Submarket
BUILDINGType: RetailSubtype: StorefrontTenancy: SingleYear Built: 1952GLA: 1,500 SFFloors: 1Typical Floor: 1,500 SFDocks: NoneConstruction: Masonry
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Miami, FL 33127 - Miami SubmarketParis Perfumes, Inc
BUILDINGType: RetailTenancy: SingleYear Built: 1950GLA: 6,500 SFFloors: 1Typical Floor: 6,500 SFDocks: NoneConstruction: Masonry
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Subtype: BankTenancy: SingleYear Built: 1984GLA: 3,967 SFFloors: 1Typical Floor: 3,967 SF
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BUILDINGType: RetailSubtype: Storefront Retail/R…Tenancy: SingleYear Built: 1954GLA: 2,508 SFFloors: 1Typical Floor: 2,508 SFDocks: None
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BUILDINGType: RetailSubtype: StorefrontTenancy: SingleYear Built: 1964GLA: 7,900 SFFloors: 1Typical Floor: 7,900 SFDocks: NoneConstruction: Masonry
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BUILDINGType: RetailSubtype: FreestandingTenancy: SingleYear Built: 1985GLA: 5,942 SFFloors: 1Typical Floor: 5,942 SFDocks: None
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