October/November 2020 - Bay of Plenty Business News

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8 BAY OF PLENTY BUSINESS NEWS October/November 2020 Bay of Plenty Business News readers can register for FREE tickets and come along to the Stratus Blue Cyber Security event on 14 or 15 October. Protect your digital assets Over the past few articles, I have written about the importance of protecting your business’ digital assets. However, when it comes to actually implementing security systems and processes, many struggle to know where to begin. It doesn’t matter how big or small your business is – if the data that is held within it is of interest to unsavoury characters, then your business could be at risk. Here we offer five simple tips (in no particular order) and explain how they can help your business stay one step ahead of the cyber beasties. 1. Manage and install software updates. Patches add new features to software, but also they often fix security vulnerabilities. 2. Ensure that you have a process and system to backup key data. Have a backup of key data including email, so that if any malicious attacks occur, a backup can be restored. Having files and data on the cloud is NOT a backup. It is a place to store them, but does not necessarily offer a backup service. Meaning if your data gets compromised – you still may not be able to return to operation or get it back. 3. Implement multi-factor authentication (MFA or 2FA) across your systems. With privacy and customer information access and security becoming a legal requirement, anyone who logs in to your system will need to provide something else on top of their username and password, to verify that they are who they say they are. 4. Implement security awareness training for users and team. Train your staff to know what to look out for. Make sure they understand what to do in certain circumstances. Have a plan and disaster recovery options, which should include a privacy statement. And make sure that your organisation has a privacy officer as part of the new legislation. 5. Secure your network. Consider and think about the connections both going in and going out of your business network when you start thinking about how to secure it. Install antivirus and key technology tools on all devices. Don’t let mobile phones or non-work related devices connect to the company Wifi – have separate access for these devices that are separate from the company network. This would include those where they have been working from home in a less secure environment. If you have staff working remotely, check how they are connecting – implement the TECH TALK > BY TONY SNOW Tony Snow is chief executive and co-founder of Stratus Blue. He can be contacted at Tony@stratusblue.co.nz. above – and when patching is done, ensure the kids games are removed. It’s important to remain diligent when it comes to cyber security. Don’t just make policy, make sure your policies are consistently followed by your team. Even if you instruct employees not to store password lists, financial data, and other sensitive information on email storage, you should still periodically check that your policy is being acted upon. By educating your staff to spot potential threats and not letting your guard down you can build a company culture that is security-minded. You can also adopt a training policy that gives your employees the tools they need to deal with online threats effectively, thus benefiting your company and your clients. To find out more, Bay of Plenty Business News readers can register for FREE tickets and come along to the Stratus Blue Cyber Security event on 14 or 15 October, which is held in partnership with industry partners in Cyber Security. Daily flights to Auckland in just 45 minutes PROUDLY SERVING REGIONAL NEW ZEALAND. Join our Green Miles Frequent Flyer Programme to earn free flights or try a prepaid Multi-Pass. Visit our website for the latest flight schedules and travel information. www.airchathams.co.nz 35 YEARS + - EST 1984 - Get in touch today, we’ll be happy to help you. 0800 580 127
October/November 2020 BAY OF PLENTY BUSINESS NEWS 9 How to avoid or get out of debt One of the things that have really helped me in my role as a debt advisor, debt prevention advisor and especially a repossession company director, is that I genuinely understand debtors, debt collector avoidance and general debtor behaviour in a way that few in my industry do. CREDIT CONTROL > BY NICK KERR Nick Kerr is Area Manager BOP for EC Credit Control NZ Ltd. He is also a director of International Private Investigations Ltd. Nick can be reached at nick.kerr@eccreditcontrol.co.nz The reason comes not from in-depth analysis or my 15 years’ experience on the frontline of collections. Why I understand debtors – and particularly habitual debtors – is because for years before my foray into credit management I was one. When I say I was one I don’t mean that I had the odd bill that went a bit overdue. I was a proper phone call screening, constantly moving, habitual credit vampire with a -192 Equifax credit score and every major credit control company in New Zealand chasing me. I calculate that before my personal credit revelation I was around $200,000 in debt and weeks if not days away from bankruptcy. Using the methods that I outline below, I was able to not only reduce my indebtedness to zero and restore my credit score to an optimal one, I was able to implement rules and strategies that will ensure I never fall into the debt trap ever again. Domino Strategy This strategy was taught to me years ago by a property developer who was able to trade his way out of $1million debt amassed through a development that went horrendously pear-shaped. How it works is: let’s say you have 10 creditors that you owe $1000 to and you have $1200 per month available to pay. You contact each one and after outlining your situation (honesty is vital) you commit to paying $100 to each per month for 10 months, which they accept in writing (making it binding on both parties and preventing collection action). With the remaining $200 you pay an additional $200 per month on the oldest debt allowing you to pay this off three times faster. Once this debt is cleared in full, you then add the $300 available to the $100 you are paying on the second oldest debt, allowing this to be paid four times faster, and so on until all debts are cleared. This strategy has three outcomes, it clears your debt, avoids credit defaults on your credit file and also helps restore your credit reputation as the creditors expect it to take 10 months to be paid and are If Covid-19 has taught us nothing else, it has driven home the importance of budgeting. There are many free services that can assist with this if isn’t your forte.” all pleasantly surprised. Without fail, all of my current 9000 clients would accept a payment plan with certainty, rather than a hope of eventual payment. As with everything in life, honest and early communication is key. Avoid Debt Consolidation loans Many finance providers market “Debt Consolidation Loans” to “ Clear” your debts. This can sometimes this can be a good idea, providing that the debts that you have allow for early repayment without penalty. But often you can end up paying not only the interest on the new loan, but a good portion of the original debt interest and “Break” or “early repayment” fees. These consolidation loans are marketed for their ease of use, not their reduction of costs. This is especially true if you use a broker who may have a not insignificant broker fee that is also incorporated. Do not hide In my experience as an investigator, there has only been one person that we could not find out of more than 600 cases. That person has never had a credit score or bank account, lives in a tent in the bush that he moved weekly, avoided town centres and any business with CCTV, and had no digital footprint. My point is that, unless you live like this person, you will be found. Hiding just makes your debt larger (tracing and investigation fees can often legally be added to your account). If you cannot pay a debt make early contact and ask about options. Many finance companies have insurance that is built in to your loan that can cover unexpected job losses or sickness. Early honest contact will make the creditor much more likely to earnestly explore these options and fight on your behalf. Insurance is vital We have dealt with numerous people that we have had to chase for debts because of unexpected costs that would have been covered by insurance. If your income changes talk to a good, well-recommended insurance advisor who can put in place affordable insurance to avoid these unexpected and unwelcome additions of debt. Quit expensive habits I would say that around 80 percent of the debtors that our company repossess cars from are cigarette smokers. What is the correlation? The average weekly payment on these finance loans are $85-100 per week – a one pack per day smoker buying the cheapest smokes available is spending around $25 per day. I’m no math’s genius, but those numbers do seem to be rather similar. When I was on my road to credit redemption I had to choose either my habits or my future. Stopping one paid for the other. Keep your budgeting tight Most of the people I have worked with who have navigated their way out of debt and stayed out of it, have a strict budget. Remember that people with umbrellas aren’t overly affected by the rain and people that properly prepare for a budgetary deficit can also remain relatively unaffected. If Covid-19 has taught us nothing else, it has driven home the importance of budgeting. There are many free services that can assist with this if isn’t your forte. The above is not intended to be prescriptive, just techniques that worked for me and many others. Just a thought. Racing to the top – meet our newest Associate Congratulations to Rebecca Steens, who works in our litigation team, on her promotion to Associate. Rebecca returned to Tauranga earlier this year and joined our litigation team after four years working at a global offshore firm based in Jersey, in the Channel Islands. She has a range of experience and expertise in general civil litigation matters with a particular focus on trusts and estates, as well as commercial disputes, directors’ claims and insolvency. Rebecca enjoys working with clients and developing pragmatic solutions. In her spare time, Rebecca is a competitive road cyclist, and is a member of a women’s cycling team sponsored by the firm. Rebecca is looking to continue her success whether in a race or in a Courtroom, and we are proud to welcome her as our newest Associate. Rebecca Steens Associate DDI 07 570 0687 rebecca.steens@hobec.co.nz Tauranga / Rotorua / Whakatane / Opotiki hobec.co.nz HOB25875 BOP_BN
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