THIS ISSUE'S HEADLINES

How Business Can Balance Algorithms with Human Authenticity to Succeed in the AI Paradigm

Cyber Strategies for Small Businesses

PLDO Trust and Estate Attorneys Featured on “Find the Money” Podcast


HOW BUSINESS CAN BALANCE ALGORITHMS WITH HUMAN AUTHENTICITY TO SUCCEED IN THE AI PARADIGM

Artificial Intelligence (AI) is revolutionizing the way businesses in virtually every industry operate by delivering unparalleled efficiency, data analysis, automation, and innovation. From AI tools that can handle a myriad of human resource functions to data-driven machines that companies can use to automate customer service, the benefits are undeniable.

As businesses race to embrace the benefits of AI, it is crucial that they also understand and address its risks and limitations. For example, AI can improve the customer experience by delivering fast and consistent service, but it can also leave customers feeling disconnected and frustrated, particularly when it involves customer issues/complaints. Building lasting customer relationships requires a level of emotional connection that AI struggles to achieve, potentially leading to customer dissatisfaction and abandonment.

PLDO Partner Brian J. Lamoureux recently issued a Client Advisory that examines the key concerns and offers practical advice on how can businesses strike a balance between algorithms with human authenticity, to not only safeguard against potential pitfalls but also contribute to the long-term success of their company in the AI-driven future. To read the Advisory, click here.

Attorney Lamoureux is a member of the firm’s litigation, employment, corporate, and cybersecurity teams. He is a prominent business litigator and employment attorney who is a leading voice on social and digital media law. He is also a Practitioner Faculty member at Providence College, where he created and teaches an MBA-level course called “Digital and Social Media in the Business Environment.” He can be reached at 401-824-5155 or by emailing bjl@pldolaw.com.

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CYBER STRATEGIES FOR SMALL BUSINESSES

Cyber security is not exclusively a large corporation issue. Small businesses are increasingly the target of cyber-attacks that are disruptive and can cause monetary loss, legal issues, and reputational damage. It is becoming increasingly important that small business owners develop a comprehensive strategy to defend themselves against a cyber-attack.

Cyber criminals are constantly making attempts to steal sensitive data from businesses, including customer information, financial records and/or intellectual property. Their methods of attack include phishing, ransomware, and malware. Small businesses are a common target for these attacks due to the fact that owners are primarily focused on sales and underestimate the potential for a cyber-attack.

Small business owners need to be proactive and take steps to prevent cyber fraud, including conducting routine software updates and making certain that operating systems and antivirus programs are up to date. Implementing policies to require strong passwords for each application should be required. In addition, businesses should conduct ongoing training for employees to make them more aware and sensitive to how a cyber-attack may occur, and alert them to recognizing suspicious emails or links.

There are advanced security measures that are available, such as the ones used in all banking relationships. These include adding a second level of security by requiring additional verification beyond a simple password, which could be in the form of security codes, text messages or facial recognition. The business owners’ operating system should include routine backup of data that is securely stored, which is essential in the event of a cyber-attack so that data can be recovered. All operating systems should include firewalls, as well as antivirus software that protect the individual devices from a ransomware attack. An often-overlooked measure of protection is making certain that the businesses’ wi-fi network is secure and encrypted.

When developing a cyber security plan, it is recommended the business owner(s) engage the services of a cyber security professional to conduct a risk assessment that identifies the most vulnerable areas of the company’s operating system. Not only can they help prevent an attack but if one does occur, they will outline the exact steps to be taken in the aftermath, including how to limit damage and notify affected parties, which is a legal requirement.

Conducting routine audits to identify vulnerabilities is also an important strategy. The business owner needs to remain informed about the latest types of cyber threats, which are increasingly sophisticated and evolving every day. Keeping up with industry specific regulations regarding data security and privacy is essential to protect the small business owners’ valuable assets.

In summary, businesses of all sizes need to realize they can be they can be the victim of a cyber-attack. Developing a cyber security program is an ongoing task and the first step in the process is understanding the types of risks that exist. Continuously assessing and improving the protections available has become a core requirement to maintaining a healthy business platform. Suffice it to say that although taking any of the above steps may be expensive, it is an essential investment and a strategic step to keeping the cyber criminals outside the walls of the operating system.

If you would like to reach Gary Pannone, please call 401-824-5100 or email gpannone@pldolaw.com. If you have questions about your businesses’ cyber security strategy or would like additional information, please contact PLDO’s Cyber Law Team.

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PLDO’s prominent estate and trust attorneys, Gene M. Carlino and Leah A. Foertsch, were recently featured on Find the Money podcast, where they provided valuable insights into the complex dynamics of Trust and Estates within the realm of Family Law.

Among the topics discussed were how a divorce can effect one’s estate plan, ways to avoid unexpected income tax consequences following a divorce, protecting children who are beneficiaries of an estate, and protecting one’s assets by leveraging Irrevocable Trusts, including Grantor Retained Annuity Trust (GRAT) and Spousal Lifetime Access Trust (SLAT). In addition, Attorneys Carlino and Foertsch shared their vast experience in helping their New England clients establish domiciles in Florida. To listen to the episode, click here.

Attorney Carlino and Foertsch, who are members of PLDO’s Estate and Trust Planning, Administration and Litigation Team, have significant experience advising individuals and families in all areas of trust and estate planning, probate administration asset protection, wealth management and tax strategies.

To contact Attorney Carlino, call 561-362-2030 or email gcarlino@pldolaw.com. To contact Attorney Foertsch, call 561-362-2030 or email lfoertsch@pldolaw.com.

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