Welcome to our October newsletter, featuring essential IT solutions to safeguard and boost your business. Learn how to train your team to spot cyber threats, defend against AI-powered financial fraud, and take advantage of Section 179 tax savings. Gain valuable insights from our eBook on email-based cyberattacks and a checklist to secure your business if credentials are compromised. Plus, check out past and upcoming cybersecurity events.
We understand that not everyone loves technology as much as we do. As a Managed IT Services Provider, we are committed to providing practical and useful tips to help make your business more efficient and profitable through the intelligent use of technical solutions!
October is Cybersecurity Awareness Month, and it’s the perfect time to make sure your business is protected. Ransomware attacks are on the rise, especially in the payment industry, with 59% of them occurring in the U.S. alone. In 2023, these attacks saw a massive 92% increase compared to the same period the previous year. Another growing threat is Purchase Return Authorization (PRA) fraud, which costs banks an average of $115,000 per attack. PRA fraud involves criminals faking purchase returns to credit cards they own, making it a costly and dangerous scam.
Old ways of teaching security don’t work anymore. ITS Security Awareness Training makes learning about cybersecurity easy and fun by using stories and real-life examples. It’s like watching a TV show where your team learns how to protect themselves from cyberattacks. Whether it’s spotting fake emails or keeping computers secure, Our Security Awareness Training teaches these skills in a way that sticks.
Cybersecurity awareness training isn’t a one-time event; it’s an ongoing process that needs to be reinforced regularly. With phishing attacks increasing over 1000% since the release of ChatGPT, it’s critical to keep employees vigilant.
And the best part? You can get started in just a few minutes. We can manage the lessons for you, or you can handle it yourself without a lot of work.
Phishing is like getting a fake letter in the mail that looks like it’s from your bank, but it’s really from a scammer. Did you know that 95% of cyber attacks can be traced back to human error?? Security Awareness Training helps your team practice spotting these fake emails with simulated phishing tests. It’s like a drill—if someone falls for it, they get coaching to learn how to avoid making the same mistake in the future.
Companies that train their employees in cybersecurity awareness reduce the risk of a breach from 60% to less than 10%, and ITS makes sure your team is prepared for the real thing.
Want to see how well your team is doing? ITS provides simple reports that show how employees are progressing. You’ll know who’s improving and what areas might need more focus.
In the past year alone, 75% of organizations have experienced a successful cyberattack, but companies that take proactive measures — like training employees — Keeping track of progress helps you stay one step ahead.
The sheer volume of cyber attacks has even got the US Government involved in an effort to regulate AI when it comes to protecting citizens.
This Cybersecurity Awareness Month, why not try it out? Start a free trial today and see how ITS can make your business safer by turning your team into cybersecurity experts.
Don't wait for a cyber attack to happen. Start your free trial or book a demo with Intelligent Technical Solutions today, and make sure your team is ready to protect your business.
Artificial intelligence (AI) is a powerful tool, but it's not just aiding businesses; it's also being exploited by criminals to perpetrate financial fraud. AI-powered fraud is increasingly prevalent and more difficult to detect. In fact, a 2023 survey by the Association of Certified Fraud Examiners revealed that 42% of organizations have already encountered financial fraud involving AI or machine learning. As AI becomes more widespread, businesses must remain vigilant.
AI is making fraud more sophisticated. It can create fake identities, manipulate stock prices, and even mimic people’s voices or faces using deepfakes. The US Federal Bureau of Investigation (FBI) reports a growing number of financial scams involving AI tools like deepfakes and synthetic identities. Criminals are using AI to trick people into giving away sensitive information or approving fraudulent transactions.
By 2025, AI-powered financial fraud could cost businesses over $40 billion annually, according to Deloitte. These scams are not only targeting big companies—small and mid-sized businesses are at risk, too.
According to the European Union Agency for Cybersecurity (ENISA), fraudsters are using AI to create more sophisticated scams that often slip past traditional security systems.
The International Monetary Fund (IMF) has even warned that AI-driven financial fraud could pose a major threat to global financial stability. That’s why businesses need to be proactive in preventing these threats.
So, how can you protect your business from AI-powered fraud? One important step is to use AI to your advantage. While criminals are using AI for bad purposes, businesses can use AI-powered fraud detection systems to stay one step ahead. But be careful—, some AI fraud detection systems can be tricked by criminals to approve fraudulent transactions.
At Intelligent Technical Solutions, we help businesses defend against AI-driven fraud by offering the latest cybersecurity tools and expert advice. We can help you set up systems to detect suspicious activity and protect your sensitive financial data.
The use of AI to commit financial fraud is growing quickly, and it’s not going away. According to the World Economic Forum, the US is even drafting new laws to try and protect people from the coming deepfakes.
It’s important to be proactive. The American Bankers Association (ABA) has called for increased collaboration between businesses, law enforcement, and regulators to combat AI fraud. At ITS, we can help you strengthen your defenses and stay prepared for the challenges ahead.
Don’t let your business fall victim to AI-powered financial fraud. Reach out to Intelligent Technical Solutions today to learn how we can help protect your business with advanced cybersecurity tools and expert support.
To quote Benjamin Franklin, there are two constants in life: taxes and death. But since we can’t accurately predict when or how we die, we’re left to muddle through our taxes (though, sometimes, taxes are their own guessing game!).
Luckily, since taxes are a human invention, the tax code has multiple sections that can ensure you get benefits for your company.
One of these beneficial regulations is Section 179.
As a Managed Security Services Provider (MSSP) with multiple business expenses and managing equipment procurement for our clients, we’re intimately familiar with Section 179. In this article, we’ll answer common questions such as:
By the end of this article, you’ll have a solid grasp of Section 179 and understand how to use it to your advantage.
Section 179 is a tax code section that allows businesses to deduct the total cost of equipment they bought during the year from their taxable income.
In short, it’s tax relief.
Instead of deducting a small portion of the asset’s depreciated value throughout the years, you can get the entire tax write-off in one go.
Small businesses benefit the most from Section 179, but larger companies can also use it for tax relief.
Its main goal is to encourage companies to invest in their improvement, and if you’ve spent less than $4,270,000 on equipment, you’ll benefit from this write-off.
Here are the quick facts and limitations you should know about Section 179:
If you spend less than $4,270,000 for equipment, you can qualify for the Section 179 Deduction, provided the equipment is used primarily for business purposes. This applies to a wide range of assets, including machinery, software, and vehicles, even if they are second-hand.
Oddly enough, Section 179 was known as the “Hummer Loophole”. Some CEOs claimed these Hummers were heavy equipment for the business and took advantage of Section 179 to deduct the cost from their taxes.
That’s why businesses must now use all equipment purchases strictly for company tasks.
But let’s say you’ve bought a sports vehicle for your business and use it more than 50% of the time. Then, you can deduct up to $30,500 for it.
It doesn’t matter if the equipment is second-hand. If it came into your business as new equipment, it’s considered for the Section 179 deduction.
Whatever equipment you buy and use within the fiscal year, you can directly deduct up to $1,220,000 from your gross income, equivalent to the value of your purchases in your tax rate.
For example, you bought $1,020,000 worth of equipment for your business and are in the 35% tax bracket. You’ll get $357,000 off your taxes, and if the $357,000 saved in paying taxes were applied 100% to this equipment, the net cost for your $1,020,000 purchase would be $663,000.
The amount deductible also varies yearly, as the US government adjusts it based on factors such as the cost of living. For example, in 2023, the deductible amount was $1,120,000.
Let’s say you’ve spent $3,050,000 on new equipment, supplies, and software for your business. You’re exactly at the right threshold for deducting the full $1,220,000 from your taxes.
But, if you spend more than $3,050,000, you’ll get less and less tax relief per dollar spent. So, if you spend $3,060,000 instead of $1,220,000 off your taxes, you’re capped at $1,210,000.
If you spend over $4,270,000, you no longer qualify for the Section 179 write-off.
This limitation aligns with Section 179’s primary goal of helping small to medium-sized businesses (SMBs) invest in their growth.
Larger enterprises need to take advantage of bonus depreciation instead.
Luckily for SMBs, the government still allows small businesses to use bonus depreciation to their advantage.
Bonus depreciation is a separate benefit from what’s laid out in Section 179. It’s another kind of tax write-off declared at the government’s discretion. It works in tandem with Section 179 and is another benefit you should know about.
Businesses can rely on 60% bonus depreciation in 2024, but the allowable percentage will steadily go down until 2026.
For example, you spent $2,000,000 in 2024 on equipment. You can deduct $1,220,000 from your gross income and declare the remaining $468,000 as a bonus depreciation expense.
Your total deduction is $1,688,000.
Every business wants to save on taxes, and Section 179 is one of the critical sections in the IRS tax code that helps you do that.
Section 179 is a tax deduction meant to help businesses invest in themselves. Instead of paying the taxes back to the state, you can give your business relief and focus on growing your business.
The top things business should know about the Section 179 deduction are:
Tax deductions are one of many ways to save money on your equipment. You can also save money in your business through other means, such as proactive IT.
Ready to maximize your tax savings with Section 179? Contact our team for a free consultation, and let us help you identify the best strategies to lower your equipment costs through smart tax planning.
Or, if you want to continue your research about cutting company costs, read:
October 15, 2024, Tuesday, 5:00 PM to 8:00 PM PT
Join industry experts and business leaders at Cybersecurity by the Waterfront, an exclusive evening dedicated to exploring the latest trends in digital security. Hosted by Intelligent Technical Solutions with Field Effect, this event offers valuable insights, practical strategies, and an opportunity to strengthen your organization’s defenses—all while enjoying gourmet dining and stunning waterfront views.
