How To Strengthen Cyber Security For Businesses

Posted on November 23, 2022 by Nora Sbalckiero

The world has become more connected, and thus, cybersecurity is a top priority for all organizations. This complex issue isn’t just about protecting networks from attacks but also about safeguarding the data of customers and employees. An organization can ensure compliance with regulations while managing cyber risks like repetitional damage due to data loss.

There are six ways businesses can strengthen their cybersecurity practices:

1. Back Up Essential Documents

It’s essential to back up important documents such as tax records, bank statements, and credit card statements. This way, you can keep everything if something happens, like a hacker stealing your data.

An online storage service is a great way to back up all these documents. You can click here for cyber security in Salt Lake City that can provide expert assistance in backing up your files. Similarly, consider adding software that automatically backs up your computer regularly and other devices on your network.

2. Encrypt Confidential Information

One of the most common ways companies get hacked is through email. Hackers use phishing scams to lure employees into giving up their login credentials or other confidential information. As a result, they can gain access to your company’s data and steal it for use on their servers.

You can protect against this by encrypting all email attachments, making it impossible for a hacker to read them without first decrypting them. This way, you can prevent unauthorized individuals from accessing the data using robust encryption algorithms. You can also prevent someone from forwarding an email if they need the correct password.

3. Patch And Update Software Regularly

Another common way hackers gain access to your network is by exploiting vulnerabilities in software programs such as web browsers or operating systems. To protect yourself from these vulnerabilities, ensure that all cybersecurity software programs are regularly updated with the latest security patches and bug fixes.

For instance, if you use Microsoft Windows as your operating system, you should install the latest Windows updates whenever a new one is available. You can do this by going to Control Panel > System > Windows Update. This will check for any new updates and automatically download them if available. It will also show you which updates have already been installed on your computer, so you know which ones still need installing.

4. Monitor Traffic And Logins

You must also ensure you know who is accessing your systems and why. This can help you identify suspicious activity or unauthorized access to your network.

You can track traffic and logins by installing a firewall, which will monitor incoming and outgoing traffic on your network and alert you if there are any abnormal patterns or attempts at unauthorized access. A firewall can also prevent certain types of traffic from entering or leaving a particular computer on the network, helping to prevent exploits such as denial-of-service attacks.

To strengthen their defenses against sophisticated cyber threats, many businesses and even federal agencies partner with cybersecurity solution providers to implement advanced monitoring and threat detection systems.

5. Enable Multi-Factor Authentication

Multi-factor authentication (MFA) is another effective way of securing your company against hackers and other threats. With MFA enabled on your system, anyone who tries to gain access through an unauthorized channel will be locked out automatically. After that, they won’t be able to enter their credentials again until they provide an additional factor, such as their fingerprint or voice print, to prove their identity beyond doubt.

You can implement MFA by installing software on your mobile devices and computers that generate a one-time code every time you log in. However, this method has some limitations, as it can be bypassed if someone steals your device or installs malware.

A better option is to use hardware tokens that generate these codes automatically after you enter your password or PIN. These tokens are small enough to carry around and provide additional security for your devices by developing new regulations every 30 seconds. This way, even if a hacker gets access to one device, they will not be able to access other devices or accounts easily.

6. Use Stronger Passwords

Passwords are often the first defense against hackers who want to break into your system or steal personal information. So, you must use strong passwords and change them frequently so that hackers cannot easily guess them. You should also avoid using passwords that are easy to figure out, like your name or birthday, as these are common ones used by many people across the world.

For instance, you can create a password that combines letters, numbers, and symbols. Ensure it is more than eight characters in length with no repetition of words from any dictionary. This way, even if someone guesses all the characters, they will have to try every possible combination of letters, numbers, and symbols before getting it right.

Key Takeaway

Cybersecurity is essential for your company to prevent hackers from stealing your data. Therefore, consider these six tips for strengthening your business’s cybersecurity. Once you implement these measures, your files won’t be as vulnerable to hacking threats affecting your brand reputation.

How To Avoid IT Downtime In The Workplace

Posted on November 23, 2022 by Nora Sbalckiero

Information technology (IT) manages and operates the hardware, software, and network that allows information to be collected, shared, stored, and accessed. It’s central to current workplace operations—regardless whether it’s a small business or a global enterprise. However, companies may struggle with IT downtime when there’s no efficient IT management plan.

What Is An IT Downtime?

IT downtime is any unplanned interruption in using IT systems. The causes of IT downtime include natural disasters, computer viruses, human error, and hardware failure.

The cost of IT downtime can be high. For example, if a business has to shut down for one day due to a virus or other malware infection, this could cost them thousands of dollars in lost revenue.

Importance Of Efficient IT Management Plan

The IT department is one of the most crucial departments in any organization. It is responsible for keeping all the systems running smoothly and efficiently, from servers and networks to desktops and laptops. In case of any issues or problems, it is the responsibility of the IT team to fix them.

With many companies offering IT-related services, you must distinguish IT staff augmentation vs managed IT services to select which one model best fits your business.

Hiring a credible managed IT services provider for round-the-clock support should be one of the first things enterprises should look into.

Ways To Avoid IT Downtime

Below are some courses of action that can be taken to avoid IT downtime in the workplace. Ideally, your IT team should be the one to perform these tasks.

1. Have A Backup Plan

Make sure you have an offsite backup of all your company’s data. You never know when disaster might strike, so having a backup will save you time and money if something goes wrong. External hard drives can be an excellent option for storing your data in an emergency, but if you want to ensure that your files are safe from natural disasters and cyber attacks, consider cloud storage solutions.

Your backup plan must include the following considerations:

A Secondary Site: If you have more than one facility, consider using a secondary site as your backup location. This way, if there’s an issue with your primary location, your employees can still do their jobs and access the necessary data from the secondary site.
A Remote Access Solution: This service enables your employees to securely access network resources from any location using a virtual private network connection or other secure communications channel.
A Clear Disaster Recovery Plan: Your plan should include detailed instructions on how employees will respond in an emergency and what steps the management and IT personnel need to follow to access the backup data and continue operations as quickly as possible after an outage occurs.

2. Test Your Backup System Regularly

Another essential step to avoid IT downtime in your workplace is testing your backup system regularly. Doing so lets you know exactly how long your networks will come back online after an outage and what works best when restoring data from backups after a crash or power outage.

Test the speed at which your employees can access their files if they’re stored on a cloud server or other remote location. You can do this by shutting down the server for a few minutes and letting employees re-access their files. This will give you an idea of how quickly they can get up and running in case of a power outage or other disruption affecting your business’s IT infrastructure. An important thing to note is that tests should be conducted outside active hours.

3. Always Update Your Software

One of the most common causes of downtime is outdated software, so you must update any software regularly. Failure to update your operating system or antivirus software regularly can lead to data loss and other issues that are very costly.

Updating software is not that complicated. You can set up automatic updates so that you are always working with the latest software versions. For software updates that take a lot of time, it’s best to schedule them on weekends.

4. Invest In Firewalls

If any device in your office has been infected with a virus or other malicious software, it could cause severe damage to your entire network and even result in a full-on cyber-attack on your company’s network.

To secure your office computers, it is crucial to invest in firewalls and antivirus software to protect all devices against these threats in real time. When choosing firewalls, you must ensure that they are compatible with all of the computers currently used by your employees. If you have outdated systems, there could be problems when trying to get them up and running again after an attack.

5. Invest in Power Management

Invest in a generator for back-up power: Ensure uninterrupted IT operations by investing in a generator, with the addition of continuous fuel delivery by Specialty Fuel Services to mitigate the risk of IT downtime, at least until you get your main source of power back up.

Key Takeaway

Since the advent of information age, IT has become an indispensable component in business operations. IT downtime can significantly affect your entire organization by making you vulnerable to data threats and reducing the productivity of your staff. You should not only have an IT team at your service but also an efficient IT management plan to avoid IT downtime. By taking the time to devise a plan for addressing downtime, you can save a substantial amount of money in the long run. Other advantages of avoiding IT downtime include maintaining workplace morale, brand image, and customer satisfaction.

Understanding the Level of Repair Analysis and How It Works

Posted on November 23, 2022 by Shaly Criston

Although different equipment and tools simplify manufacturing, you must keep the maintenance costs in mind. You have to repair or replace worn-out and inefficient parts at some point.

You should know the cost of repairing or replacing that part when it breaks so that you use these total costs to determine which maintenance activities are most effective for you.

To make more cost-effective judgments, you need to determine these expenses using a level of repair analysis (LORA). It is a decades-old asset management technique that looks at both the financial justification for maintaining an asset as well as its level of criticality. Consider it a decision-making process determining the required maintenance level for different assets.

What Is LORA, or Level of Repair Analysis?

Level of repair analysis is a technique for determining the appropriate level and amount of maintenance you should invest in an asset to have the lowest life cycle costs. It’s how you determine whether anything needs to be repaired or replaced and when and where you decide to make repairs.

The LORA method considers several variables, including:

The prices for various repairs, including diagnostic fees, parts, and labor
Failure of an asset’s potential effects on operations
Requisite expertise and tools for carrying out particular repairs

The objective is to allocate the least amount of maintenance spending to each asset to reduce costs while still achieving operational goals for availability and dependability.

Although some businesses may already have a system for examining overall repair-or-replace decisions when assets reach the end of life of IT equipment, LORA is a method for getting the most value out of the maintenance budget. You can use LORA for each assembly and subassembly part that makes up your assets and equipment.

With this process, you will typically have a choice of three levels of service.

Organizational level (O-level), which occurs on the asset in question at the site
I-level, or intermediate-level, work is done in back shops or designated maintenance areas.
Depot level (D-level), which takes place off-site, like at an OEM facility

What Are the LORA Calculations Based On?

You have a variety of upkeep alternatives when an asset breaks, and you must develop various cost models to determine which is best. Therefore you must know the required resources for each option, such as the necessary personnel, tools, and testing apparatus.

Depending on the part and the sort of maintenance, you could require someone with specialized abilities to operate a particular tool. After they finish, they need diagnostic tools to verify sure they performed the work correctly. Because it impacts prices for each model, you should also consider where your technicians work.

How Does a CMMS Assist With LORA?

You need accurate data for proper maintenance. Knowing the costs of everything is necessary before you can build out your cost models for various maintenance choices. Additionally, clean, trustworthy data is the foundation for controlling expenditures.

While checking a parts list for costs may be simple, you need equipment maintenance software to track data accurately and produce maintenance metrics and KPIs for failure rates. From there, you can determine accurately what each maintenance option will cost.

What Are the Advantages of the Level of Repair Analysis?

You can save money by consistently taking the action that provides the greatest financial support for your operational objectives. Additionally, you’re saving money more quickly because it’s far more probable that you already know the solution to any maintenance-related queries.

Cost, risk, and performance make up LORA’s three main components:

How much do the asset and personnel cost

How often is it likely to fail?
What is the ideal performance level?

Using LORA means you’ve already run a lot of the numbers, saving you from deciding what to do and how to do it each time.

Final Thoughts

LORA helps you calculate equipment cost, risk, and performance because efficiency and efficacy are necessary to increase productivity and return on investment.

10 Awesome Ways to Use Voice-Activated Technology in the Workplace

Posted on November 23, 2022 by Sarah Mejia

The use of voice-activated technology in the workplace is steadily growing. And that is because this kind of technology offers a plethora of resources and support that, previously, were not there. It helps workers manage customers without a problem not to mention playing a huge role in increasing productivity.

The following are ways to use voice-activated technology in the workplace:

1. To Improve Customer Service Phone Support

Voice-activated technology enables the telecom industry to tackle simple problems. He also states that this technology provides more natural customer service help through the telephone. As far as IVR (International Voice Recognition) is concerned, voice-activated technology is by far the best thing the telecom industry has ever come up with.

2. To Augment Internal Workplace Education

Voice-activated technology not only comes in handy in improving the relationship between the company and customers but also can be used to connect employees to on-demand internal resources. This allows developers to access comprehensive documentation. It also helps other people get their questions about workplace policies answered.

3. Can be Integrated with Business Apps

There are plenty of reasons businesses should consider using voice-activated technology like Amazon’s Alexa. One of these is that this technology helps employees work more efficiently. It helps them schedule meetings, set important reminders, and keep track of to-do lists, among others.

4. To Improve Search Engine Efficiency

Scientists can use voice messages to text to speak complex search terms into the product search engine. This software ensures faster results, plus makes searching more efficient. When dealing with complex product names, speaking the search terms becomes more accurate compared to typing them.

5. To Improve the Effectiveness of Meetings

Nationwide or global organizations are frustrated going through shared meeting spaces. Voice-activation software can provide a solution to this issue. Well, this is through massively enhancing scheduling as well as utilizing meeting rooms.

This technology can also free up employees, thereby, allowing them to focus on more pressing issues. Voice-activated assistants can be relied on to manage virtually everything. This ranges from conference call setups to room booking and availability.

6. To Boost Productivity

Voice-activated technology can be integrated with automation to keep productivity up. This technology achieves that by using voice commands to automate everyday tasks. It helps employees find information and enables them to come up with a resolution faster.

7. Easier Access to Big Data

Voice-activated technology can be used to access enterprise data. All you need to do is pose a question in basic spoken language and the software will get you the answer. You can ask a question like “What are German unit sales trends” and receive back the charts and data immediately.

8. Comes in Handy in Voice Coding Language

You can code anywhere without having to use a keyboard. Everyone knows that coding can be hard on the wrists and hands. It can even lead to carpal tunnel, especially when doing it on a standard keyboard. Well, this is where voice messages to text come into play.

9. To Reduce Costs in the Health Care Sector

Voice-activated technology boasts exciting potential. This technology simply shows how rapidly machine learning and AI (artificial intelligence) have been advancing. This technology, if used correctly, can help health care save on costs. But why health care? Well, this is a sector where documentation and admin costs have been rapidly increasing.

10. To Increase the Effectiveness of Financial Services

Voice-activated technology can handle the majority of purchasing and banking functions. This eventually minimizes the friction for the consumer. Insurers, payment networks, and banks act as conduits for employees and consumers who adopt voice-activated technology.

Voice-activated technology can also be used to make IT operations smarter and faster. In information technology, artificial intelligence and natural language processing are already being used to power virtual network assistants. This, in turn, allows employees to effortlessly ask such questions as “why Bob’s smartphone is having issues” without having to manually look into the data in many different locations. Combining voice-activation software with this technology is the next big thing. That is because it makes IT operations faster and smarter, thereby, ensuring the best possible UX.

Top Investments for the Office Worker

Posted on November 22, 2022 by Robert Fichter

Numerous CEOs, journalists, and bloggers have claimed that the office has never been more vital or is completely extinct following a significant work-from-home trial. These contradicting messages might perplex firms trying to resume pre-Covid commercial activities while keeping their personnel secure. Over the past several weeks, we have been talking to businesses, entrepreneurs, and investors from all points along the real estate value chain to establish how and how long the next phase of the contemporary office may take.

Many employees, particularly those with modest incomes, cannot work entirely from home. However, businesses like Twitter may permanently implement rules allowing employees to work from home. Others, like Apple, could demand that workers start showing up in person at their offices again. Additionally, some companies may use hybrid tactics, in which staff members alternate between working remotely and in-person with coworkers.

Badges for less Physical Contact

Even when lockdowns are over, we’ll be dealing with the effects of coronavirus for a very long time. Touchless offices and clever social distancing will become commonplace. This, in our opinion, will influence everything from touchless technology to workplace design. Additionally, applications and technology will be available to manage workers in faraway places or minimize office occupants. Intelligent badges will even warn us over the Internet if we approach coworkers too closely.

Office Headsets

The office headset has developed into more than just a requirement and also more than just a cool technological gadget. Headsets have become essential for those who use a radio, a cell phone, or even a standard phone at work. Worldwide, enterprises have realized the value of headsets in ensuring productivity and mobility in the workplace. Because of this, more companies are searching for wireless headsets of the highest caliber. As this is essential to invest in, we recommend carefully selecting your options; see this review for a Plantronics office Headphone

Cloud Computing

Without the direct and active administration of the user, on-demand access to digital resources is made available via cloud computing. Your data is not kept on a server on your property; instead, it is retained on a server someplace else. Internet connectivity, security, dependability, and network access advancements have increased this availability and appeal. Cloud technology guarantees that your data are always available and that access is constantly active, facilitating a shift to more mobile, flexible, and hybrid working styles. Many of Xerox’s top software solutions are entirely, or at least optionally, cloud-based, and our machines are cloud-ready right out of the box.

EnGenius Durafon

A long-range cordless phone from EnGenius Durafon increases mobility at work. Imagine broadcasting from phone to handset in a warehouse up to 250,000 square feet or on a school campus with the most extended range of capabilities. Consider the potential for higher earnings and productivity if store managers and employees accept calls while managing store inventories. Products made using EnGenius Durafon make these ideas a reality. The DuraFon is a dependable and reasonably priced option for your communication needs, thanks to its robustness, usability, and extended range capabilities.

BYOD

Our teams may be provided with more customized and targeted devices and services as we share fewer gadgets with our coworkers. An as a service approach can frequently make it easier to handle such personalized technologies. Cloud technologies and subscription-style contracts that simplify switching and modifying office equipment will have a big influence on lowering upfront hardware expenses. To encourage more BYOD working, some offices would even relocate. Businesses can increase efficiency by, for instance, allowing staff to use their own smartphones, but there are drawbacks as well. BYOD may cause shadow IT problems, or those that are not supported by IT departments, as well as privacy and security difficulties.

Conclusion

Cloud computing and artificial intelligence (AI) are expected to continue to grow, supporting mobile, hybrid, and flexible teamwork. While this is going on, the tools we use to accomplish it will advance, reducing the noise and fostering a revitalized feeling of health alongside the desire for effectiveness, security, and productivity. As we, hopefully, start to move through the worst of the lockdowns, we also anticipate that environmental concerns will rise back up the list of priorities.

MFA Fatigue – A New Favorite Tactic of Hackers to Conduct Big Corporate Breaches

Posted on November 21, 2022 by Hamza Razzaq

Hackers often tend to use psychological manipulation via social engineering attacks to trick users to give away sensitive information or make security mistakes. There are different types of social engineering attacks used by hackers, such as phishing, baiting, scareware, pretexting, etc. However, there is another emerging social engineering tactic that is becoming a favorite choice of many hackers, i.e., “MFA Fatigue”, which compromises the multi-factor authentication (MFA) process.

When hackers conduct corporate breaches, they target to access insider’s (employee) log in credentials. To do that, they use different tricks, such as phishing attacks, malware, buying data from the dark web, accessing the leaked credentials due to data breaches, etc. Corporations need a strong defense including advanced encryption and key management systems to ensure security. One common defense is in the form of multi-factor authentication (MFA).

As the name implies, multi-factor authentication is an extra verification step that is intended to make sure that only the right user is accessing the account. Mostly, a one-time password via a call/SMS or a prompt notification is sent to the user’s smartphone to confirm the login attempt. To bypass this security defense, hackers are seen actively using the MFA fatigue attack that even let them succeed in doing data breaches of high-profile companies, such as Cisco and Uber. In this article, we will discuss everything you need to know about MFA fatigue, including the best tips to protect from such attacks.

What is MFA Fatigue

If a company has set up a notification-based MFA, then employees will receive a pop-up or prompt message that asks them to either approve or reject the sign-in location. Some prompt message also provides the location from where the sign-in request is made. So, in an MFA fatigue attack, the hackers use the stolen ID credentials of employee(s) and keep sending them push notifications to eventually make them approve the request to stop the never-ending stream of approval notifications.

There are also chances that users might keep rejecting the push notification or become doubtful about the hacking attempt, so hackers sometimes also use fraudulent email or call tactics to convince users to accept the sign-in request. In this email/call tactic, they pretend to be from the IT team and ask the employee to approve the request.

MFA fatigue is not just confined to non-stop push notifications, any other MFA approach, such as SMS or voice MFAs can also be compromised. In short, any tactic from hackers that can make the user bypass the MFA check intentionally comes under the MFA fatigue attack.

MFA Fatigue Attacks Are on the Rise

MFA fatigue attacks are on an aggressive rise for the past few years. As per Microsoft, from December 2021 to August 2022, the number of MFA attacks has increased significantly. For example, there were 22,850 Azure AD Identity Protection sessions with multiple failed MFA attempts in December 2021, while the number rose to 40,942 in August 2022.

Hackers have managed to successfully use MFA fatigue attacks to breach the security defenses of high-profile corporate names. Cisco and Uber are two prime cases of MFA scams this year. Let’s quickly look at the attack approach behind both of these high-profile attacks:

Cisco: One of the Cisco employees was targeted by Yanluowang threat actors that hijacked the employee’s personal Google account synced with the browser and stole the login credentials. Once done, the hackers then started the MFA fatigue attack along with voice phishing attacks, which eventually made the employee accept the log-in approval request.
Uber: One of the Uber employees was tricked into a social engineering attack that gave hackers access to Uber’s intranet. Once done, they started the MFA fatigue attack by presenting themselves from Uber IT support, eventually convincing the employee to approve the log-in request.

It is evident from the above two attack approaches that MFA fatigue is a serious security concern for companies no matter what level of MFA authentication they have set up.

Constant Sign-in Requests are Turned into Habitual Approval Clicks

It is acceptable that when you do something continuously, it becomes a habit. So, if users continuously receive a sign-in approval request, then they become habitual in accepting those requests. So, there is a very high chance that they will unintentionally accept the sign-in request right away even if it’s not made by them. So, sometimes hackers just have to do is access the login credentials, send the sign-in request, and instantly get access to the account/system. Therefore, habitual approval clicks are giving more support to hackers to deploy MFA fatigue attacks.

Best Tips to Protect from MFA Fatigue Attacks

MFA fatigue attacks have the potential to even compromise a highly secure network. However, there are multiple ways to minimize the chances of becoming a victim of MFA fatigue attacks. Some of the main ones are as follows:

Don’t always click “Approve”: Employees have to stop the habit of immediately approving any sign-in request. First, ensure that it is either you or an authorized person that is requesting the login, only then approve the request.
Use Number Matching MFA: Other than the popular MFA techniques like push notification, voice, or SMS, the number matching MFA technique provides more protection. In this technique, the person who is intending to log in receives a combination of numbers that he/she puts in the authentication pop-up message on the smartphone. If the number matches, only then the request is approved. This way, hackers can no longer trick user to approve MFA request.
Contact IT Admin: If you keep receiving MFA request either via push notification, call, or SMS, then get in touch with the IT team to discuss the matter and verify if they are the ones requesting the access.
Change Password: Continuous MFA requests give indication that something is wrong and that most likely your login credentials are compromised. So, you should immediately change the password to take the hackers out of the cycle.
Awareness Training: It is likely that most employees are not well-aware of MFA fatigue attacks. Therefore, a company should conduct awareness training so that employees can instantly detect such malicious activities.

In addition to the above tips, your cybersecurity team can find more protective measures depending on your cybersecurity posture and minimize the chances of MFA breaches significantly.

Wrapping Up

Cybercriminals are working tirelessly to find new tricks to compromise the security of companies. MFA fatigue attacks are an emerging and serious threat, especially for big corporate names that involve thousands of employees. However, if we look closely at MFA fatigue, then the attack is only successful if the victim is unaware of such scams. Therefore, it is a preventable attack, and the above tips can help a lot with it. So, implement preventative measures and protect your company from this emerging and concerning cyberattack.

A Guide to Debt Consolidation

Posted on November 20, 2022 by Emma Grant

The number of households with large debts increased by a third in 2021. There are a number of factors behind this, including the Covid pandemic, as well as low wages, job insecurity, welfare cuts and the rising costs of living.

As such, many households are finding themselves in situations of cyclical debt, whether this be through loans or outstanding credit card bills. Further, with interest rates on the rise, many are struggling to pay off the growing interest on their outstanding repayments, especially if they have multiple.

In order to overcome the stress of this, many are turning to debt consolidation.

Debt consolidation refers to when an individual’s multiple debts, including credit cards, overdrafts and loans are merged into a single and more affordable loan. By doing so, this can help to simplify repayments and pay off a loan to become eventually debt-free against all your financial liabilities.

Who is Eligible for Debt Consolidation?

In order to be eligible for a debt consolidation loan, the borrower must meet the following criteria:

They must be a resident
They must be able to afford monthly repayments
They must be in receipt of a regular monthly income
For secured loans, they must have an asset of value such as a property or car
For unsecured loans, they must have a fair credit rating

How Does Debt Consolidation Work?

Debt consolidation loans allow an individual to compile all of their existing debts, such as credit cards, loans, student loans and overdrafts, into one single loan. This will then be taken as a single monthly payment and should have a lower interest rate.

By compiling the multiple outstanding debts into one, the individual no longer has to worry about making several separate payments or interest being added to existing loans or accruing any late fees.

When the debt consolidation loan is taken out, it immediately pays off all existing debts and then you have one loan to pay off with one provider, at ideally more favorable rates. This can help to clear off some of these debts sooner than expected as well as help to avoid any additional interest or late payment fees.

Debt consolidation loans are used by homeowners and tenants. There are two types of loans; unsecured and secured, so homeowners may lean towards a secured option against their property, but they could use an unsecured loan if they prefer.

Debt consolidation loans typically operate under the following terms:

You can borrow up to $25,000
Repayments take place over 1 to 30 years
One single repayment every month
Funds can be available within 48 hours of the initial loan application
Low cost and fixed rates are available
Those with poor credit scores are still considered

Types of Debt Consolidation Loans

There are two types of debt consolidation loans that you should be aware of.

Secured Debt Consolidation Loans

The main feature is that the loan will be secured against an asset of value, such as your car or home. If the loan repayments are not made on time or in full then there is the risk of losing this collateral.

The rates will often be much lower with secured loans as the collateral provides the lender with some form of expensive security.

Unsecured Debt Consolidation Loans

Debt Consolidation Unsecured loans are when the loan is not secured against any valuable assets. This means that there is no risk of losing anything if the loans are not repaid on time or in full.

In order to obtain an unsecured loan, the borrower will need to have a fair credit history as well as receive a regular income. If they do not meet the monthly repayments, then this will risk negatively impacting their credit rating making future loans more expensive due to higher rates.

How Much Can You Borrow?

Most unsecured loans allow you to borrow up to £25,000 depending on factors such as income, employment and credit score.

For secured loans, this could depend on the value of your property or asset, as well as your income and credit score. While most mainstream lenders allow you to access up to $50,000, it is not surprising to be able to access up to $100,000 or $200,000.

Those with bad credit or less than perfect credit score will often be able to access debt consolidation loans, especially if they are struggling to stay on top of their debts, but you will typically need to leverage some kind of collateral or assets to be eligible.

How Does Debt Consolidation Impact Credit Scores?

When you apply for a debt consolidation loan, the lender will carry out a hard credit check on your financial history. This hard credit check leaves a visible footprint on your credit report but has no lasting impact.

If you are approved for a debt consolidation loan and make the monthly repayment on time and in full, this will actually help to improve your credit score and can open you up for better rates for future financial products.

If you are approved for a debt consolidation loan and miss your monthly repayments, then this will negatively impact your credit score and could make future borrowing more difficult to get approved for, with more expensive rates.

What Next For Fintech?

Posted on November 20, 2022 by Emma Grant

In the last decade, fintech has grown at an astronomical rate. Fintech is changing not only the way payments are made and investing is done but also how businesses work.

Financial technology has really revolutionized the financial services industry at lightspeed and the Covid-19 pandemic only accelerated this trend, with entrepreneurs looking to find ways to maximize profits in a time of remote working. However, while social distancing is no longer required, these changes inspired by fintech are here to stay.

Global fintech companies saw a remarkable $22.8B raised from Venture Capital funding across 614 deals in Q1 of 2021; numbers that are only expected to rise. Here we explore three possible directions that could write the future for the world of fintech.

Sustainable Fintech

Sustainability in financial services has very much moved in from the margins to become a key priority for organizations.

According to a global corporate sustainability report by Nielsen, 66% of people are prepared to pay more for goods and services if they come from sustainable companies. This figure jumps to 73% among millennials.

Generation Z is being hailed as the generation of sustainability, with the vast majority willing to spend 10% more on a sustainable brand.

The first thing that fintech startups may look to do is to understand their carbon footprint. This can include energy use, their supply chains and workforce movement and transport, such as international flights and office commutes.

AI and value creation

A report by McKinsey estimated that artificial intelligence (AI) could generate up to $1 trillion additional value for the global banking industry annually.

Evidence of this was plain to see in the pandemic, which certainly helped with the advancement of AI, automation and cloud computing.

With more streamlined AI algorithms, businesses will be able to more match customers to the products and services that are right for them without hours of laborious paperwork on the part of either party.

B-to-C

Lastly, the evolving business-to-consumer market has historically been a bit of a roadblock for pretty much all goods and services worldwide. Previously, a person’s ability to buy and sell was limited by their physical access to commercial properties, transportation and more.

However, the pandemic did level the playing field between the companies boasting mammoth delivery service capacities and the small businesses that had far greater restrictions when it came to outreach.

An experienced fintech marketing agency is key to taking advantage of this trend.

The growth of fintech will undoubtedly increase the capacity of business-to-consumer services. The importance of an online presence for a small business and the accessibility of things such as interest-free installment pay options will almost certainly result in a growth in sales made directly by independent businesspeople to consumers.

Summary

Knowledge of how to work within the banking and finance systems, which was once largely denied to working-class families, was made accessible through distributed networks of trained financial educators as a result of the growing fintech industry, which can only be a good thing!

Small Business vs Startup: What is the Difference?

Posted on November 20, 2022 by Emma Grant

Startup seems to be the new buzzword in the world of entrepreneurship. Startups have brought all sorts of new technology to various industries and are being backed by Venture Capitalists and angel investors for millions of dollars. The disruption to markets such as fintech, biotech and countless others has been inspired by the growth of startups in recent years.

What is a Startup?

However, some of us are still trying to wrap our heads around the idea of what a startup actually is. Isn’t a startup just a new, fancy way of saying a small business with scalability? Is there really a difference between the two, or is it just the millennials in Silicon Valley trying to put a new spin on what is ultimately a tried and tested entrepreneurial concept?

Well, for those of us who really are befuddled at this relatively new concept of a startup, we have explored and identified the differences between a new startup and your traditional small business.

Growth

One of the main differences between a startup and a small business is the intent for growth. To put it simply, startups have the intent of growing to a point where they can achieve the goal of disrupting the market. On the other hand, small businesses are created purely with the purpose of serving a local market with a piece of entrepreneurship and therefore, typically won’t be aren’t concerned with growth on such a large scale that they’d disrupt the market they find themselves in.

The main point is that all types of business must have some kind of development strategy, whether it is a startup business plan or the expansion of services, products, goods, because without it, sooner or later you will run into a certain barrier, – says Slava Vaniukov, expert and CEO of Softermii.

“When we first set-up, we had the discussion about how we would set ourselves apart from the competition, and ultimately how we could scale up and grow to serve as many potential borrowers as possible”, commented Richard Allan, co-founder of fintech startup, Capital Bean. “We don’t just intend to serve a small community, we want to disrupt the market, and we feel that is what gives a startup its name”.

Scalability

As well as the growth intent and scalability of the startup versus the ‘old school’ small business, the founder of a startup is usually looking to disrupt the market with their scalable and impactful business model, grow as quickly as possible, beat out competitors, etc… This is often why startups don’t stay ‘startups’ for such a long period of time with some success. Founders are, more often than not, looking for investors to get on board to bring their product or service to international markets and become disruptors of said markets.

On the other hand, a founder of a small business is not necessarily looking to disrupt the market or break into a new market; instead, a small business owner simply needs to have the desire to start their own business and find a market that they can reach effectively. As long as he or she can do so while earning revenue, they will successfully be able to run a small business.

Conclusion

Finally, although there are other points of difference between a startup and a small business, the last main point of interest that you should be aware of is funding. Though this is not set-in-stone and can vary depending on the size and interests of the business or startup, typically speaking, where a small business owner may turn to a bank for a ‘small business loan’, or to a family or friend who believes in their idea, a startup founder will typically look for equity financing.

With equity financing, startups can look for VCs or angel investors who are willing to offer large amounts of capital in exchange for equity, or ownership, in the company. Typically, these investors offer minimum amounts of capital in “rounds” and then with each series of funding, the startup gives up equity.

How to Start a Fintech Company: a Step-by-Step Guide

Posted on November 20, 2022 by Emma Grant

The FinTech industry is one that has continued to grow from strength-to-strength, regardless of the world economic outlook or major events.

Many regard the birth of FinTech to have come in 2005, when online peer-to-peer lending was popularized with Zopa, but it has come on leaps and bounds since then. Almost any financial product or service can be accessed online and remotely, to the point where brick-and-mortar establishments could soon become a thing of the past.

By the end of 2021, Fintech investment reached $210 billion in the United States, and there’s no exclusivity when it comes to having a good business idea in the field of fintech. As mentioned above, due to pure accessibility to the internet, simply anyone can start a fintech business.

So, if you think you have a good business idea in the fintech industry, this step-by-step guide should help you to get it off the ground:

1. Understand your industry and its regulations

The first thing to note is that fintech and the general financial services industries are highly regulated, and for good reason.

“In our niche, predatory lenders are big exploiters of vulnerable Americans, and so it is our job to ensure that our lenders are fully compliant with both state and federal regulations”, commented Ben Sweiry, co-founder of online fintech startup Dime Alley.

In order to keep your fintech business on the right side of the law, you need to know the ins and outs of what is a highly complex sphere, including the regulatory authorities, laws – both state and federal, legal limitations and requirements.

2. Discover your USP or niche

Fintech may be a relatively new term in a lot of peoples’ vocabularies, but that’s not to say it’s a small field; quite the contrary. There are lots and lots of different fintech-based services that you could provide and so it is crucial that you find your USP – what will set you apart from the competition?

To be competitive and have a chance of being successful, you could start by researching the new products or services which can be developed or perhaps try to analyse the problems that consumers are facing, and how your service or product can alleviate them.

3. Make a business plan and identify how much capital you will need

As easy as it may seem to start an online fintech business, getting a startup off the ground isn’t cheap, especially if you want to be successful, and so it is essential that you make sure you are financially ready to start a company.

A good way to start is to write a business plan – it will help your fintech startup get organized. Do not hesitate to ask for help from experts to write a good business plan, as they often have been-there-and-done-it.

There are lots of different ways that you could raise capital for your fintech startup; from bank loans to crowdfunding to venture capital, etc… You could even look into borrowing money from your family or friends if they believe in you and your idea.

Regardless of your path, you should try and have something to show to your potential investors, hence why a business plan and perhaps even a visual prototype would come in handy.

How to get Free Money for your Business

Posted on November 20, 2022 by Emma Grant

The cost of starting a company puts off many new business owners. Others might want to upscale but feel limited by a lack of investments. Whatever your goals are, there are ways to raise money without taking out a loan.

Fintech DollarHand writes that 24% of business owners rely on loans and credit, not cash, to start their businesses. This is great for people who can swing lending and credit. But some people need more than that. So here are four great ideas:

Crowdfunding Sources

This is another excellent choice for those who already have a following, but it also benefits startup companies. Using websites like GoFundMe, you may obtain “free” money from clients worldwide while also gauging public interest in your product.

The procedure is quite simple. You post some text, images, and potential incentives for donors onto the platform. You must determine how much money you will require and outline the measures you will take once you obtain it.

The marketing aspect of crowdfunding is the only challenge. Businesses with a small customer base may find this stage challenging. Smaller companies may profit from employing a social media manager or developing these abilities independently.

Pre-Sell your Product

This choice is excellent for those who already have an audience. Give them a chance to place a pre-order if you know they are enthusiastic about your good or service.

This will not only help you gauge consumer interest in each product, but it will also reduce the likelihood of having unsold inventory on hand. It prevents companies from making uncertain investments that would not yield any money.

Enter Contests

A fantastic approach to get “free” money for your business is to enter business competitions. Prizes may include cash, opportunity, and possibly mentoring as well. Prize money is especially desirable because it has few or no requirements.

Although grants give you greater choice with your winnings, contests are considerably more difficult to win. They shouldn’t be a company’s first choice for financing because there is a great probability that your efforts will be in vain. It may be worthwhile to pursue rival businesses in your industry segment because of this.

Apply for Grants

Many businesses that apply for a grant will be successful. The process also can aid in strengthening your business strategy and verifying the accuracy of your financial records. If you are successful, the benefits frequently outweigh the costs.

Government grants can assist small firms in paying for rent, machinery, and IT equipment. Businesses that sell eco-friendly goods or use environmentally friendly processes might also qualify for grants and incentives.

The application process for grants can be rather rigorous. Before applying, make sure all of your documentation is in order. On state government websites, you can search for grants that might help your business.

Summary

Starting a business is not easy. Using these alternative sources of startup capital can get you enough to start with to launch your successful product or service.

Tech Advancements & Modern Businesses: 6 Ways They Correlate

Posted on November 18, 2022 by Charlene Brown

Businesses have had to adapt and change with the times since the beginning of commerce. With new technologies come different ways of doing things, which business owners must account for. In this blog post, we will explore 6 ways that advancements in technology have coincided with modern businesses. Keep reading to learn more!

6 Ways Tech Advancements and Modern Businesses Correlate

In the world of business, technological advancements have been fundamental to the success of organizations in achieving their goals. On the other hand, modern businesses must also be in tune with the latest technologies to remain competitive and relevant. Experts from Grapevine MSP say that businesses must be prepared to invest in the latest technologies, implement new processes and train their staff in order to keep up with the ever-changing landscape. In other words, the only way to stay ahead is to embrace technology and use it to its full potential. Hence, here are the six ways technology advancements and modern businesses correlate:

1. Automation

Automation is one of the most significant tech advancements adopted by modern businesses. The people over at amazingbusinessresults.com can tell you how it increases efficiency, accuracy, and speed while reducing manual labor costs associated with completing repetitive tasks.

Automation also helps to reduce errors, thereby improving customer satisfaction levels. Business automation can vary from automating mundane, repetitive tasks to utilizing robotics for more complex functions. Furthermore, automation helps reduce the time and effort involved in completing tasks, making it easier for businesses to focus their efforts on more strategic initiatives.

2. Cloud Computing

Cloud computing is the on-demand delivery of computing resources over the internet, replacing physical hardware and reducing operational costs. This technology has enabled businesses to access data from anywhere in the world anytime with just an internet connection. Businesses can also use cloud computing to store data securely and access it quickly. When it comes to scalability, cloud computing is an invaluable tool for modern businesses looking to grow and expand quickly. Furthermore, cloud computing solutions are highly reliable, meaning businesses can depend on them to remain functional and secure.

3. Big Data Analytics

Big data analytics uses technologies such as machine learning, artificial intelligence (AI), and predictive analytics to analyze large amounts of structured and unstructured data. This technology enables businesses to make better decisions based on the insights gained from analyzing customer behavior, market trends, and more. Big data analytics helps businesses stay ahead of their competition by predicting customer needs and providing personalized services. In addition to this, businesses can use big data analytics to identify opportunities for growth and improvement.

4. Internet of Things (IoT)

The internet of things (IoT) refers to the network of physical devices that are connected to the internet and can collect, exchange, and analyze data. Essentially, IoT technology is being used by businesses to monitor and control their operations in real time. For example, a business can use IoT sensors to monitor the performance of their machines or track shipments in transit. On the other hand, businesses can use IoT to automate processes and provide better customer experiences.

5. Cybersecurity

Cybersecurity is one of the most important aspects of technology that modern businesses must consider. It involves implementing measures such as encryption, firewalls, and antivirus software to protect their data from malicious actors. Businesses must also ensure that their staff is aware of the latest cybersecurity threats and can identify potential risks. Cybersecurity is essential for businesses to maintain the trust of both customers and partners alike.

6. Artificial Intelligence (AI)

Artificial intelligence (AI) has become increasingly important in today’s business world. AI can help with data analysis, customer service, marketing automation, product development, and much more. Businesses are utilizing AI to improve their operations and gain insight into customer behavior. AI can also be used to automate mundane tasks and enable businesses to focus on more complicated problems. One of the biggest advantages of AI is its ability to predict customer needs and provide personalized services. This can later help business increase customer loyalty and improve customer satisfaction.

In conclusion, technological advancements and modern businesses have a strong correlation as these advances are being utilized to help businesses stay ahead of the competition, reduce operational costs, and gain insights into their customers. Technologies such as automation, cloud computing, big data analytics, the Internet of things (IoT), cybersecurity, and AI are all invaluable tools for modern businesses looking to stay competitive. These technologies give businesses the capability to monitor their operations in real-time, automate processes, improve customer experiences, and predict customer needs. By utilizing these advances, businesses can increase efficiency, reduce costs, and gain a better understanding of their customers. Ultimately, technology has given businesses the tools and insights they need to succeed in the modern business world.