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THE VALLEY BUSINESS JOURNAL 26 www.TheValleyBusinessJournal.com May 2016 Think Twice CONTINUED FROM PAGE 1 The human element is something that cannot be automated or controlled, it must be taught In that case, the scam passed through and a six figure wire transfer was initiated. Seriously. Phishing attempts, such as these, bypass sophisticated enterprise grade anti-spam and anti-virus software. The human element is something that cannot be automated or controlled, it must be taught. According to Lou Modano, Chief Information Security Officer at Nasdaq, “The frequency and severity of cyber penetrations, as well as sophistication of hackers, has increased dramatically. What has not kept pace with that is the education level, the understanding of the impact of cyber security across all industries.” In its 2015 Data Breach Report, Verizon reported that 23 percent of recipients of phishing emails open them and 11 percent open the emails and click on the malicious attachments. All it takes is one wrong click to launch an attack on your computer, or worse, your network… and just talking to your employees about it is not enough. The average retention of listening or reading is at or below 10 percent according to National Training Laboratories (Bethal, Maine). As silly as it may sound, companies have begun to run security drills much like the earthquake drills our children do in schools. According to another study by the Ponemon Institute, simulated phishing attack training yields up to a 37 percent return on investment. The cost of doing business is always evolving and technology security must be treated just as, or even more importantly, as the locks on your doors and your alarm system. This industry, created by criminals, started with special hardware and software and now includes specialized consulting, new lines of insurance and personnel training. You must choose an IT strategy that covers it all, not as a “just in case” but as a “when it happens.” Just take a moment to picture yourself reporting a data breach to your clients. That alone should convince you that a higher level of security is a cost of doing business today. Mythos Technology is an IT consulting and management firm that provides technology security solutions. For more information, please visit www.mythostech. com or call (951) 813-2672. TECHNOLOGY Minimum Wage CONTINUED FROM PAGE 1 Businesses most affected by the raise are retailers (16% of low wage workers) and food services (15%), followed by health services (8%) and administrative and waste management (7%). The analysis concludes: “Higher wages will be absorbed by employers through reduced worker turnover, improved productivity, and small price increase (less than 1% on average spread over multiple years)…” It might be instructive to see the effect of previous increases. • Between 1964 and 1966, Congress lifted the federal wage from $1.25 to $1.60 (28%). Unemployment reached an ultra-low 3.6 percent that year. The rate of poverty, which was 12.8 percent in 1968, fell to a low of 11.1 percent in 1973, even as inflation eroded wages 12%. Since then the poverty rate has steadily increased, attributed to a reduction in real wages and increased foreign competition. Real wages for low income workers have declined since 1979. Source: UC Berkeley Labor Center • On April 1, 1992 New Jersey’s minimum wage increased from $4.25 to $5.05 per hour (19%). To evaluate the law’s impact, Princeton professor Alan Krueger and Berkeley economist David Card, surveyed 410 fast food restaurants in New Jersey and Pennsylvania before and after. The result (after a revision): they found no indication that the rise in the minimum wage reduced employment. • Seattle passed an ordinance in early 2015 requiring a $15 minimum wage. According to a Seattle Times report in December, “Employment in food service and drinking places…, was 110,000 in October, the most recent month available. This is slightly higher than in April, when the new law was passed. It is well above the 96,700 peak before the Great Recession. Retail trade employment hit a record 171,500 in October, compared with the pre-recession high of 148,700. This good news comes with a big caveat. The data are for the Seattle-Bellevue-Everett metropolitan division. They aren’t broken out for the city.” And as Governor Brown said in his signing statement, “… it is not just an economic equation….Morally and socially and politically, they make every sense because it binds the community together and makes sure that parents can take care of their kids in a much more satisfactory way.” by by Stefani Steve Fillingim Laszko connect: www.mythostech.com “ Alan Krueger and Berkeley economist David Card, surveyed 410 fast food restaurants in New Jersey and Pennsylvania before and after. The result (after a revision): they found no indication that the rise in the minimum wage reduced employment. Business Education and Training Opportunities Murrieta ‘School of Business’ www.murrietachamber.org/ Murrieta Innovation Center www.innovatemurrieta.org/ Temecula Valley Entrepreneurs Exchange http://tve2.org/news-and-events/calendar/
May 2016 THE VALLEY BUSINESS JOURNAL www.TheValleyBusinessJournal.com 27 Summer is Approaching and it’s Time to Review Your Recreational Insurance… INSURANCE by Craig Davis My motor home is used occasionally durng the summer months and football season, otherwise it sits at a storage unit in Temecula the majority of the year. It’s easy to forget about keeping proper coverage on our recreational vehicles and toys, but it’s important not to neglect them and review the coverages with your insurance professional on an annual basis. Boats and Personal Watercraft Your Boat (less than 50ft), Wave Runner, Jet Ski, and Sea Doo are certainly a source of much fun, yet they all carry risks that need to be properly insured. Physical Damage, Personal Liability (includes pollution liability and wreck removal), Medical Payments, Uninsured Watercraft, Personal Property, Towing and Assistance, & Trailer Coverage are just a few of the standard coverages on most policies. Off-Road Vehicles A great adventure can be cut short if your dirt bike, dune buggy, snowmobile, golf cart, or ATV is not properly insured. Coverage geared toward an off-road vehicle that may not be available in a conventional Auto or Home policy. Collision Coverage, Other than Collision Coverage, Liability Coverage, Medical Payments Coverage, and Safety Apparel Coverage provides up to $1,500 in coverage for damage to any clothing designed to minimize damage from an accident, including helmets and goggles. Motor Homes and RV’s Your RV is more than just an automobile and it needs more than standard car insurance. Coverage Included With Your Policy: Comprehensive Coverage for protection from just about any direct, sudden, and accidental loss including collision, fire, smoke, flood, landslide, hail, windstorm, animals, vandalism, low branches or overhangs, theft and lightning. Coverage for attached accessories including awnings, satellite dishes and TV antennas. There are several additional optional coverages available as well. Contact your local insurance professional to learn more about the available coverages and discounts in your area. Craig Davis is an agent for Farmers Insurance and the owner of Craig Davis Family Insurance located at 27645 Jefferson, Suite 113, in Temecula. He may be reached at (951) 699-1776. cdavis@ farmersagent.com connect: cdavis@farmersagent.com
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May 2016

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