Cyber Threats on Small Businesses Come from All Angles
The Federal Bureau of Investigation (FBI) recently issued several “cyber alerts” that may impact small businesses in Monmouth County and throughout New Jersey. As with all potential threats to data security and privacy, it is essential that businesses stay up to date on emerging risks and regularly update their policies and procedures to reflect them.
Sophisticated Ransomware Attacks
The FBI recently issued an alert for ransomware, a specific type of malware that encrypts or locks valuable digital files and demands a ransom to release them. According to the agency, malware attacks skyrocketed in 2015 and are poised to “grow even more in 2016, if individuals and organizations don’t prepare for these attacks in advance.”
Most ransomware attacks are launched via an email attachment that appears legitimate, like an invoice or an electronic fax, but in reality, it contains the malicious ransomware code. Once the victim opens it, the malware begins encrypting files and folders on local drives, any attached drives, backup drives, and potentially other computers on the same network. The attackers then demand ransom payment in exchange for a decryption key.
Who is being targeted?
As highlighted by the FBI, hackers waging ransomware attacks frequently target entities that rely on computers for critical functions, such as hospitals and law enforcement agencies, because they know how critical computers are to the entities’ day-to-day activities. The cyber attackers use this vulnerability to increase the chances that their victims will pay a ransom to restore access to their data.
The FBI recommends that small businesses implement prevention efforts, including both employee awareness training and technical prevention controls. The agency also emphasizes the importance of creating a solid business continuity plan that can help decrease the damage in the event of a ransomware attack.
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
If you purchase real property from a foreign person or entity, you may be required to withhold taxes from your payment to the seller under the Foreign Investment in Real Property Tax Act (FIRPTA). The federal tax law is designed to ensure that foreign sellers pay any applicable capital gains tax on profits realized from […]
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
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