The 2022 tax season is almost here. Many businesses get nervous during this time, often wondering if they are taking advantage of tax deductions that can reduce their overall expenses. Luckily, technology tax deductions can help companies save big, including Section 179.
With the Section 179 tax deduction, businesses can deduct the full purchase price of qualifying equipment or software purchased or leased during the tax year. The only restrictions? Businesses must have purchased or leased the equipment between January 1st and December 31st of the tax year and have used the items more than 50% of the time for business purposes.
Let’s delve into the full benefits provided by Section 179.
1. Save Big Immediately
It’s a common theme — businesses purchase technological devices and wait for them to quit working before moving on to a new purchase. Doing so provides a plethora of issues, including slowed operations, decreased productivity and high costs to troubleshoot problems.
With the Section 179 tax code of technology tax deductions, businesses can instead invest in new technology at any time and write off the entire cost while filling out their taxes. There’s no need to wait for holiday sales at the end of the year to make an investment.
The following products qualify:
- Purchased, financed or leased equipment
- Workstations, laptops, tablets or smartphones
- Servers, printers, routers and network security appliances
- Off-the-shelf software
2. Remain Competitive
Technology is quick to evolve in today’s age. New hardware and software are released constantly, with cutting-edge features meant to help automate administrative processes and streamline operations.
By continuing to use outdated technology, you risk falling behind your competitors. They’ll be able to work more efficiently, productively and faster. On a broader scale, you risk losing customers to competitors, affecting your bottom line. You must keep up with technology to remain successful in a digital-first world.
3. Make Saving Easy
Another aspect of the tax season that stresses out businesses is how complicated they fear it will be. Fortunately, that’s not the case with Section 179. To take advantage of technology tax deductions like Section 179, all businesses have to do is fill out a form — in this case, Form 4562.
The only limit businesses must know about is the deduction amount which sits at $1,080,000 for the 2022 tax year. Moreover, the total amount of equipment you can purchase to qualify for this deduction Is $2,700,000. After this, the amount phases out dollar by dollar, or the deductible amount begins to decrease.
Stay Modern with Your Tech
Writing off technology purchases has never been easier for businesses. With technology tax deductions like Section 179, companies can improve their technology while enjoying better spending at any time of the year.
If you’d like to learn more about what technology best fits your company’s unique needs, consult our IT experts.
To learn more about other IT resources and strategies, check out additional blogs in our resources section.
The information provided in this blog is for educational purposes only. Consult your tax professional for information on how Section 179 may relate to your business.
Were you aware that most data breaches start with an email—specifically a phishing email? Just in 2022 alone, 62% of businesses faced a data breach of some kind. With cybercrimes increasing in frequency and criminals growing increasingly sophisticated with their techniques, training your team is no longer an option—it’s a necessity. Luckily, October is Cybersecurity Awareness Month, and it’s the ideal time for businesses to strengthen their cybersecurity awareness and training for their staff.
To improve your cybersecurity, we’ve put together some helpful tips on how you and your staff can better prepare yourselves for the unexpected.
Cybersecurity Awareness: What You Need to Know
Cybercrimes are on the rise, and these attacks can threaten confidential information and lure unsuspecting employees to click suspicious links. Human error is the easiest way for cyberthreats to occur. By adding that extra layer of protection—cybersecurity training prepares your staff to make smarter decisions when it comes to malicious threats lurking in the shadows.
95% of breaches are caused by human error. That’s an outstanding number that could have been prevented if your employees were properly trained to identify malicious threats. Knowledge is key when it comes to cybersecurity, and teaching your team what to look for can save your business time and money. Cybercriminals are going to rely heavily on your team’s lack of awareness because it’s easier to trick someone into giving their information if they aren’t aware of the malicious intent.
How can you ensure that your employees and your business are safe online?
- Teach your employees how to identify a scam: Teaching your employees to spot scams will help them to determine what’s real and what’s fake. You can teach them to exercise caution when reading emails.
- Teach and enforce password best practices: Strong passwords are critical to online security. A good password is at least 12 characters long and has a mix of upper and lowercase letters, numbers and symbols. 50% of people use the same password for work and personal accounts. Make it long, unique and complex to avoid issues.
- Teach your employees about protocols if a breach has occurred: Having a disaster recovery plan and putting it to use is essential in helping your staff understand what to expect in case a breach has occurred.
We Have You Covered
Neither you nor your employees want any harm to come to your business. By giving them the tools they need to fight off cyberthreats you can outmaneuver the hackers by using your greatest asset as a frontline defense—your team.
With NetAssurity, employees are trained to understand how to combat a cyberattack. They can recognize danger and learn how to better protect themselves with our educational programs. Don’t wait to give us a call. Bring cybersecurity awareness and training to your staff now. Let us help you prepare for the unexpected. Contact us today.
If you want to learn more about cybersecurity awareness and training, check out additional blogs in our resources section.
Every day, cybercriminals are getting more sophisticated with the cyberattacks they perform. As a result, many companies strive to improve their cyber readiness to prepare themselves for cyberthreats. In doing so, they can mitigate any financial, repetitional or service damage should a cyberattack occur.
The best way to become cyber ready is to understand the most common cyberattacks today. Once you know attack concepts and processes, you can develop a proper response plan to deal with incidents that you suspect are cybercrimes.
Here are several prominent cyberattacks to be aware of:
Phishing is a very well-known cybersecurity threat, yet many individuals worldwide continue to fall for these fraudulent email scams. In fact, 83% of businesses reported experiencing a successful phishing attack in 2021. Nowadays, there are different types of phishing emails, including whaling. Here, hackers disguise themselves as senior executives and attack unsuspecting employees.
Still, regardless of the type, all phishing scams follow the same process: the cybercriminal attempts to get the receiver to share sensitive information or click on a link that installs malicious software on a computer. To avoid falling for this cyberattack, look for telltale signs, including a generic greeting that doesn’t use your name or a web URL that doesn’t start with “https.” If you feel an email is suspicious, it probably is.
Another attack to be aware of as part of your cyber readiness is a password attack. A cybercriminal will attempt to hack a user’s password using different schemes, such as a dictionary attack. This is when hackers enter many common words and their variations to try and guess a password.
To increase your cyber awareness of password attacks, you can use multi-factor authentication (MFA). For instance, you can require a user to submit a password and provide a code received by email or text to log in to a system. Layering the password-entering process will tighten your cybersecurity and make your business less vulnerable.
Lastly, there is ransomware. Here, cybercriminals will use malware to prevent users from accessing their system until they pay a ransom. Usually, there’s a tight deadline the user must meet, or they will lose complete control of their data.
As should be included in your entire cyber readiness journey, you can prevent ransomware by ensuring your systems are up-to-date and performing backups of all important data. The National Institute of Standards and Technology (NIST) has a framework to follow when performing these system updates and backups. Following the NIST checklist is a great place to start.
While there are plenty of cyberattacks to be aware of, the ones listed above are attacks that businesses suffer from repeatedly. Optimizing your cyber readiness and following the NIST protocol are two important first steps to take in protecting your business.
To be extra prepared, you can receive a cyber risk assessment with NetAssurity. We’ll help you further understand what you need to do to be cyber ready in today’s world.
If you want to learn more about cyber readiness, check out additional blogs in our resources section.
Most modern businesses rely on technology in order to meet their clients’ needs and operate at their best. But participating in the digital landscape can put businesses at risk from cyberattacks; no one business is immune, and it can happen when you least expect it. How do you protect your business from suffering from financial risks related to these cyberattacks? There are two ways: a strong security posture and coverage when you need it the most. That’s where cybersecurity insurance comes into play.
An emerging industry, cybersecurity insurance is a form of insurance that can help mitigate the financial risks of a cyberattack. Like your everyday car insurance, you can pay a monthly fee and the policy purchased can help relieve some of that risk to the insurer.
You’ve realized that cybersecurity insurance sounds like a potential fit for your business needs, but you aren’t too sure where to start. Have no fear – let’s take a deeper look into what is covered and the various insuring agreements that cybersecurity insurance has to offer.
Five Insuring Agreements and What They Mean to You
- Network Security: For those companies who are subject to information and privacy risks, network security coverage is a beneficial agreement to look into. This aspect of cybersecurity insurance coverage will help protect your business if your network security fails. This can include data breaches, malware infection, ransomware, and other related cyberthreats.
- Privacy Liability: Like network security, privacy liability coverage is beneficial for companies who store a lot of private information and are subject to privacy risk. Employee and customer information can be sensitive to violations and breaches, which could potentially expose and threaten your business’s reputation. This aspect of cybersecurity insurance coverage can help protect your company from any breach involving the leak of sensitive information like financial or medical records.
- Network Business Interruption: Would you say that your business is dependent on technology? Network business interruption offers companies protection against operational cyber risk, whether from failed software patches or security failures like third-party hacks.
- Media Liability: Not many companies think of media liability as a needed coverage. However, this form of cybersecurity insurance coverage allows for the protection of intellectual property infringement.
- Errors & Omissions: One of the most popular forms of cybersecurity insurance coverage, E&O addresses the event of a cyberattack that could keep you from fulfilling your contractual obligation to your customer. In the result of a claim of negligence, you can rest assured that E&O can include legal defense costs or provide compensation to a disgruntled customer.
You Know the Basics of Cybersecurity Insurance…What Now?
Cybersecurity insurance can help provide your business with a little extra protection, but are your cybersecurity solutions in a good place to qualify for coverage? Here at NetAssurity, our team is ready to help you make sure your cybersecurity processes, standards, and plans are in top shape. If a cyberattack does occur, you can rest assured that you are protected. Talk to a specialist today to learn more about how our services can help bolster your cybersecurity solutions. Let’s get you on track to a better tomorrow.
Looking to learn more about cybersecurity insurance and other cyber tips? Check out more of our blogs in our resources section.
When it comes to the livelihood of your business, you probably have some measures in place to make sure your business can withstand a disaster. That’s where business continuity and disaster recovery plans come into play. These plans are critical to the survival of your business, which is why they’re so important to have.
However, there are still businesses who don’t have any precautions in place. According to a survey by Mercer, 51% of businesses don’t have any kind of business continuity plan in place. The same can be said for disaster recovery. As a business owner, you need both a business continuity and disaster recovery plan, but what’s the difference between the two? In this blog, we will explain each type of plan and how they differ.
The Differences Between Them
#1 – When the Plan Takes Place
The first key difference between business continuity and disaster recovery is when each of them can be enacted. When it comes to business continuity, the plan is focused on both preventive and recovery steps and can take place before or during a disaster. Disaster recovery is more specific. This plan takes place after a disaster occurs. Business continuity is the bigger picture of making sure your business continues to run, and disaster recovery is one of the pieces of that big picture.
#2 – What Each Plan Involves
Different from business continuity plans, disaster recovery plans involve a variety of strategies from safety procedures to data backup procedures. For disaster recovery, there are a few elements that go into the plan. Some of the elements include:
- Creating a disaster recovery team
- Assessing all the risks
- Determining your critical business procedures
- Creating your backup and offsite procedures
A business continuity plan is a bit broader, since it covers everything about your business. Some common elements of a business continuity plan include:
- An analysis of all your critical business functions
- Identifying potential threats
- Developing strategies to avoid risks
- Contact information for key and emergency personnel
#3 – They Have Different Goals
The goals between the two plans are a bit different. For business continuity, the primary goal is to make sure that your business can run during a disaster. Some other objectives are to reduce the financial loss and make sure critical services are uninterrupted. As for disaster recovery, the primary goal of the plan is to minimize the amount of downtime and data loss you experience. Establishing alternate ways to operate your business and complying with regulations are other objectives of a disaster recovery plan.
How Do Business Continuity and Disaster Recovery Work Together?
They both help businesses prepare for the worst. Together, their purpose is to make sure your business can bounce back from disruptions and continue to be successful. When you don’t have a business continuity and disaster recovery plan, you leave your business vulnerable to disasters – and several other issues that eat into your organization’s productivity. Consider this: the Federal Emergency Management Agency found that 40% of businesses never reopen after a disaster. So it’s important that you account for how you will recover when an issue does arise.
We know everything from disaster recovery to business continuity can be overwhelming. Instead of stressing over these plans, leave it to the IT experts. Here at NetAssurity, our experts are ready to tackle your IT concerns so you can focus on what matters – your business.
Check out our past blogs and contact a member of our team to learn more about disaster recovery and other great cyber tips.