Cybercrimes happen every 14 seconds… is your business next?

Cybercrime is a big business, in fact 58% of cyber-attack victims were small businesses in 2018. If your business is attacked, the damage could cause financial strain or cause you to close the business. The lost revenue due to system downtime, the money spent attempting to remediate a breach and the reputational damage can really add up. While spending time and resources on making sure your network is secure and up to date is extremely important, it’s equally important to provide training for your employees. The top cybersecurity threat to small businesses is internal, because employees mistakenly let the cyber criminals in. While cyber threats change daily, the two most common we’ve seen recently are:

Ransomware– A virus downloaded via employees clicking on phishing links that is intended to bring business to a standstill, by locking up data with a demand for extortion money or else… the complete destruction of all data.

Funds Transfer Fraud– Hackers manipulate businesses or their clients to wire money into the hacker’s bank account. Simply put, money is accidentally wired to the wrong place.

 

Can it happen to you?

If you don’t think it can happen to you, we encourage you to think again. In the last week, two Florida cities have been hacked and over $1 million dollars were paid in ransom to gain access to their system. The details for these are below:

Lake City, Florida

“The mayor of Lake City told CBS 47 Action News Jax on Tuesday that the small city in northern Florida would give the hackers $460,000 to hand back control of email and other servers seized two weeks ago. I would’ve never dreamed this could’ve happened, especially in a small town like this, Lake City Mayor Stephen Witt told Action News Jax.”

Riviera Beach, Florida

“The leaders of Riviera Beach, Fla., looking weary, met quietly this week for an extraordinary vote to pay nearly $600,000 in ransom to hackers who paralyzed the city’s computer systems.”

 

It’s projected that by 2021, cybercrimes will cost $6 trillion worldwide. This activity will not slow down as we increase technology use, it will only become more complicated. Please call your account advisor today to discuss cyber protection for your business.

Calling All Moms!

One of the most important insurance policies a Mom in today’s society needs is life insurance…. so why do most Moms not have enough of it or any at all?

Historically, many Moms stayed home to care for the children while Dad worked. Currently, more and more Moms are working and with that, may not be covering themselves like they should.

According to Transamerica, 44% of women do not have life insurance. But yet, 40% of working mothers in US families are the bread winner. And it’s expected that 66% of the nation’s wealth will be controlled by women by the year 2030. It is extremely important for these working Moms to have the right protection!

Life insurance would be a great start to getting Mom covered. We all know most families would suffer tremendously in many ways if they were to unfortunately lose the matriarch, but life insurance could help sustain the family by paying for a nanny, a family member to move to help, a childcare facility, schooling, etc if Dad became the sole care giver. And Moms are busy, right? Now, there are even some companies that will issue life insurance with no medical exam! Less time spent and very little effort so Mom can stick to her juggling act of everything else.

Whether or not a family is fully dependent on Mom’s salary, disability insurance or “income protection” is also something that many Moms overlook. This too is a pretty simple process that would help pay the bills or get extra help if Mom is injured or ill.

Mothers are so valued and appreciated for intangible things so let’s not leave them underinsured! We’re always happy to help: nick@mcgriffwilliams.com or (352)371-7977.

What if I’m eligible for Medicare but still working?

How does Medicare work if I’m eligible but still working? What if I’m also drawing social security? How does my spouse fit into all of this?

Medicare can seem like an overwhelming and intimidating time but it doesn’t have to be. A big part of the confusion and nervousness is regarding when you’re eligible but still working and how social security and your spouse can be affected. Here are a few of the most common questions surrounding this:

  • What if I’m turning 65 but still working? If you’re still working full time for a company with twenty or more employees, you are not required to enroll in Medicare Part B upon turning 65. You can wait until you retire. However, if the company you work for has less than twenty employees, you may be required to go ahead and enroll in Part B. Keep in mind, Part A is automatic and has no premium, but Part B almost always does have a premium associated with the coverage, depending on your income. You can still remain on the employer-provided group plan if you prefer.
  • What do I need to do if I’m still working and also drawing social security? If you turn 65, are working, and already drawing from your social security, you will be automatically enrolled in both Parts A and B, and the premium for Part B will be deducted from your social security. If you decide to come off of your employer’s group plan to go on a Medicare supplement, you can elect whether or not you’d like the Part D prescription coverage to be deducted from your social security as well.
  • What if I’m retiring but my spouse isn’t 65 yet? Your employer may offer a group retirement plan that your spouse can remain on but most times, they will need to get an individual health plan in place for themselves when you go on Medicare.

A lot of this is very situational and handled case by case. We are always happy to discuss those specific circumstances with you or you’re welcome to join one of our quarterly Medicare seminars as well. Please contact us at info@mcgriffwilliams.com or (352)371-7977 if we can be of assistance.

Would your bills be covered if you were unable to work?

Often times, people underestimate the issues they may face if they’re out of work and their paycheck stops. Income Protection coverage could be a huge help… if you have it.

You probably have an insurance policy in place to cover your home, your car, your liability, even your life… but what about your income? Disability Insurance can help replace a portion of your paycheck if you are faced with an injury or illness that makes you unable to work. And unlike most insurance policies that pay the benefit directly to a provider or company, Disability Insurance is paid to YOU.

According to the Social Security Administration, one in four 20-year-olds will become disabled before age 67. One in five Americans (that’s over 60 million people!) live with a disability of some kind and one in ten of those disabilities is severe.

Speaking of Social Security, there are benefits there but tend to be rather modest. The average Social Security Disability Insurance payment is only about $1,165/month. Rest assured… You have options. Many employers that provide employee benefits offer short term and long term Disability coverage and typically at pretty competitive rates. However, there could be stricter guidelines or limitations when provided by an employer. You can also elect to purchase individual Income Protection coverage and protect a greater amount than you think.

You may not be able to predict the future but having a plan in place will make it much more pleasant for you and your family. As always, please reach out to us with any questions at (352)371-7977 or you can email Nick Deas at nick@mcgriffwilliams.com. We are happy to help and want you to feel as comfortable and protected as possible.

Hurricane season is coming… Are you and your home ready?

The inevitable hurricane season is approaching quickly so we’ve composed some information to help better prepare you for potential damage to your home and belongings. While we hope and believe that this year will have a rather uneventful storm season, we want you to feel ready and as comfortable as possible, should we encounter a hurricane.

Here are a few ways you can prepare your home:

  • Trim any trees or branches, especially those that hang over your roof or fence.
  • Tidy up any loose debris in the yard or equipment parked around the house.
  • Secure windows with shutters or boards.
  • Have your roof inspected to ensure no missing shingles, nails, or clips.
  • Stock up on water, non-perishable food, batteries, flashlights, generator, cooler of ice, etc.
  • Be sure any required medication is purchased or prescriptions filled.

In addition, here are some tips to think about regarding your homeowners insurance policy:

  • Read through your declarations page to be sure you understand what coverage you have and what each limit is.
  • Pay attention to your All Peril deductible and Hurricane deductible, which are almost always very different. Any named storm or spinoff damage will have the Hurricane deductible applied.
  • Remember that flood insurance cannot be purchased and used immediately. Unless it is a requirement for loan closing, there is a 30 day wait for the coverage to be effective.
  • Other Structures coverage can add up quick. Typically, that limit is 2% of the dwelling amount. Evaluate this amount if you have fencing, a shed or workshop, screen enclosure, etc. There are usually endorsements available to increase that coverage if need be.

We would be happy to review your policy with you anytime. Please feel free to contact us at (352)371-7977 or info@mcgriffwilliams.com. Thank you.