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Small size Businesses: Here is What You Need to Know About Cyber Security.

Small size Businesses: Here is What You Need to Know About Cyber Security. Expert Support is Worth It, Know as Little as Possible

Published

3 years ago

February 3, 2021

TwinzTech

Small Size Businesses Here is What You Need to Know About Cyber Security

News reports of hacking attempts, cyber-attacks, and security breaches are hitting the headlines more and more often. We often hear about attacks on larger, household-name brands, but the truth is that businesses of any industry and all sizes have fallen victim to cybercrime.

And, cyberattacks don’t just happen to big companies. Smaller businesses are often the most prominent targets because hackers do not expect them to become identical stringent security measures in place compared to the larger brands. If you own a small business, here are some key things to know about cybersecurity.

Table of Contents

1. Expert Support is Worth It | Small Business Cyber Security

Cybersecurity and IT experts cost a lot to hire in-house. But the right story is that you can access expert support and resources in a much more affordable way by outsourcing to a managed IT services provider.

Many of these companies are designed to work closely with small businesses and take on the bulk of the work for you. They’re dedicated to acting proactively and ensuring that your business is well-protected while you can get on with running things.

2. Know as Little as Possible

Most hackers are after one thing: data. The more data a business collects and stores, the more attractive a target it will be to cybercriminals. But hackers can’t steal something that you don’t have.

Protect yourself by only collecting information that you need, and only storing it for as long as you have a legitimate business need.

Small Size Businesses Cyber Security

3. Ensure Strong Data Protection

Of course, taking steps to reduce the amount of data you collect and hold is just one part of your strategy to protect your business against cybercrime. There is always going to be data that your business will need to store on a network. In this case, data protection should be taken too seriously.

Along with increasing the risk of a cyberattack, being careless with data could also get your business into trouble with the Federal Trade Commission.

Ensure that only authorized individuals can access the data that you store and use strong authentication methods, including unique passwords and two-step authentication for extra protection.

Bear in mind that hackers use software to guess passwords with ordinary words quickly, so using complex passwords is the best way to defend against breaches.

4. Provide Employee Education | Small Business Cyber Security

Finally, while you might be taking as many steps as possible to reduce the risk of cybercrime in your small business, understand that many attacks occur due to simple human error.

Phishing attacks, for example, can easily be made to look like emails sent from a trusted source, so it’s essential to ensure that all employees are given access to regular training on cybersecurity, how to recognize a potential attack, and what to do if they suspect cybercrime in any situation.

Today, cyberattacks are happening on a more frequent basis, and it’s often small businesses that are targeted due to their lack of strong security measures. If you run a small business, never assume that a cyberattack won’t happen to you because your brand is local and not as well-known as others.

Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

Published

1 week ago

May 9, 2024

TwinzTech

Navigating the Process of Selling Deceased Estate Shares

Table of Contents

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

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7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.