Ask a wealth management colleague to define “the cloud” and you are likely to get a vague response. Even among information technology experts, the term “cloud” may refer to different technologies that are only connected in a general sense. And despite the fact that cloud computing has quickly become the IT norm, the question remains: Is the cloud secure enough to support a wealth management firm’s critical company information and workflow? The truth is, not all clouds are equal, in infrastructure and in management.
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Due diligence often focuses heavily on financial and operational issues. Often the new or combined organization’s cybersecurity does not receive the attention it deserves. As a result it places the company at risk from a cyber incident, which can detrimentally impact the organization’s reputation and financial security. The risk is higher if you are collecting, storing, or transmitting personal, financial or health information.
Most people prefer to age in place. If you have a beautiful and gracious home that you love, why leave it? Yet common features in many homes—steeps stairs, “classic” plumbing fixtures, even hardwood floors—can actually make life less comfortable, or sometimes even dangerous, as you get older. Fortunately, there are many attractive home décor options that are also age-friendly.
Recognize that a cyber attack will occur at some point during a business lifecycle. Whether it is through web attacks, email phishing, exploit kits, point of sale, keystroke logging, or ransomware, the bad actors have figured out how to defeat your latest defense against a cyber attack. They know what will make you click on the link that will give them the beachhead into your computer system.
Investment in collectible assets is growing worldwide as wealthy individuals in emerging markets such as China, India, and Latin America join the ranks of collectors. While most collectors invest primarily for their own pleasure, collectibles can be a good investment, too. If you collect items that you’re passionate about—whether they are cars or wine or jewelry or even autographed baseballs—it’s important to consider the financial side of your avocation and how to maximize the investment value of your collection.
Your first home, establishing your career, marriage, a new baby, a teen’s first car, a student going to college, retirement—many of life’s major events can affect not only your life insurance and estate plans but also your property and liability insurance. While insurance may not be top of mind during these memorable moments and key life-stage milestones, failure to make necessary changes to your policies can lead to uncovered losses.
Cloud-based applications, also known as Software as a Service (SaaS), offer significant benefits. They are highly affordable, require minimal IT involvement, have no hardware requirements, and offer great flexibility. Yet there can be significant risks to a firm if it does not review vendors carefully. Unfortunately, security controls vary significantly from one SaaS provider to the next. Knowing what to look for when selecting SaaS vendors and implementing sound security measures will help protect your firm against a data breach and the significant repercussions that come with it.
Commercial agreements come in a variety of types, but most have certain common provisions that should be carefully reviewed in the context of the underlying transaction covered by the agreement. When entering or reviewing one of these agreements, it is important to address the five key provisions that sometimes go unnoticed or are not given proper attention in the review process: (1) Confidentiality Provisions; (2) Indemnity Provisions; (3) Consequential and Special Damages; (4) Product Warranties; and (5) Audit Rights.
A significant step in the acquisition process is determining the structure of the deal. The two most common deal structures are: (1) the purchase of the ownership interests of the target (such as a stock deal), and (2) the purchase of substantially all of the target’s assets (or an asset deal). In an asset deal, the implication is that the target’s liabilities that are not expressly assumed by the acquirer remain liabilities of the target, and the acquirer will not have exposure to them. As a general rule, this is correct.
News reports show large-scale data breaches are on the rise and affecting large retailers and even consumer credit organizations. There are numerous categories of cyber crime, but the ones that affect the most victims include identity theft, credit card fraud, and social networking scams. However, there are actions you can take to better protect yourself, your family, and your lifestyle from cyber crime and its long-lasting effects.