From the CEO
As Artificial Intelligence (AI) continues to be integrated into everything we do in society today, it becomes much more critical, particularly in business, to ensure that we utilize this fast-paced technological growth to our advantage. Like the internet and the cloud before it, those who can maximize the benefits of this technology will be the winners in the next technological evolution. Already, it has revolutionized virtually every industry sector, creating production efficiencies in manufacturing, tailor-made messaging in sales & marketing, advancements in healthcare, and other specialties that promise to impact our lives and business in profound positive ways well into the future.
Like with all other technological advancements in business, there will always be the bad that comes with all the good. Cybersecurity is becoming even more critical as bad actors worldwide have already utilized AI for nefarious purposes. An estimated $8 trillion in damages occurred in 2023 worldwide. While AI does not expand the breadth of vulnerability, it takes the existing area of technology and makes it much more vulnerable. For example, by utilizing bots, ransomware, and a variety of phishing attacks, AI is already learning the individual habits of workers or companies and utilizing the data to send self-learning bots to breach firewalls. Companies and institutions have now created vast IT/ Cybersecurity departments to combat this as it impacts operations, financing, insurance costs, and the ability to function sometimes. Do you remember the gas pipeline shut down several years ago, crippling the southeast? The threats are much more sophisticated today.
In this addition of In The Know, we explore the issues, threats, and strategies to help maximize the growing AI opportunities while implementing best practices to protect our business and institutions. Our investor businesses have provided their expertise to help colleagues address this issue, and we thank them all for their participation.
We could not continue to produce this publication and explore topics that impact your business without the support of member-investors like you. Thank you so much for allowing us to continue this award-winning publication. As always, please let us know if you have an area of focus you would like us to highlight. This publication is only as good as the information it provides to help your businesses.
Once again, thank you for your investment and participation in The Partnership for Economic Development in Sullivan County. You have made this organization the premier association it has grown to become in the past 30 years.
With great appreciation,
Marc Baez CEO
AI & CYBERSECURITY:
Balancing Innovation and Protecting What’s Yours
Monique Duci
Business Development
Meeting Tree Computer
As businesses face more sophisticated cyber threats than ever, AI has emerged as both a dangerous weapon and a powerful ally in cybersecurity. On the dark side, AI technologies are making cyber-attacks more sophisticated and harder to detect. On the positive side, AI-powered tools have made it easier for businesses to monitor their networks, detect unusual activity, and respond to threats more quickly. Unfortunately, it’s an arms race, and our businesses are feeling the impact.
UNDERSTANDING THE NEW THREAT LANDSCAPE: FROM ADAPTIVE RANSOMWARE TO DEEPFAKES, CYBERCRIMINALS ARE GETTING CREATIVE.
In the hands of cybercriminals, AI has become a tool for creating remarkably convincing scams and evolving malware. Hackers now use AI to meticulously analyze a target’s online presence and craft phishing messages indistinguishable from those of a known contact. Due to their authenticity, these personalized messages are increasingly difficult to identify as scams.
AI-driven ransomware, a new and concerning development, is not static like its traditional counterpart. It is adaptive, learning, and evolving to bypass security tools. These programs can modify their structure to evade detection, making it increasingly
challenging for traditional defenses to recognize and block them.
Another big concern is deepfake technology. Deepfakes are realistic audio or video clips generated by AI, and attackers use them to impersonate executives, employees, or clients in ways realistic enough to fool almost anyone. Since they’re audio or video, people tend to trust them. Deepfakes are relatively new in cybercrime, but as they get more realistic, they’ll be a huge threat to our businesses.
THE ROLE OF HUMAN OVERSIGHT: SMART TECHNOLOGY NEEDS
SMART PEOPLE
The same AI-driven tools hackers use to improve their success rate can help us stay ahead by automating many aspects of cybersecurity. For example, behavioral analysis
tools can detect unusual patterns, such as a user logging in from a different location or accessing data at odd hours. This kind of AI-driven monitoring lets us respond faster when something doesn’t look right.
Threat intelligence platforms also use AI to predict where attacks might occur based on historical data and patterns. This is powerful technology that can save businesses many headaches.
However, AI isn’t perfect. It can sometimes overreact, generating “false positives”—alerts for harmless activity. This is why human oversight is still essential. You need experienced cybersecurity professionals to interpret AI alerts, filter out the noise, and ensure that real threats are addressed quickly.
SIMPLE STEPS TO BOOST YOUR DEFENSES: While AI is a powerful tool, it can’t replace comprehensive cybersecurity. We highly recommend partnering with Managed Security Service Providers. MSSPs offer specialized
expertise, continuous monitoring, and access to cutting-edge security technologies, including AI-driven solutions.
However, if working with an MSSP is separate from your overall business plan, there are a few easy and practical steps that every SMB should implement to protect what’s theirs. These few basic things go a long way.
Employee training is crucial. Cybercriminals often exploit human error, so training employees to spot phishing attempts, suspicious links, and other red flags is essential. Regular cybersecurity awareness programs keep everyone up to date on the latest threats and best practices, which is critical given how quickly new threats emerge.
Second, require unique, strong passwords —do not share logins between people or across accounts. Two-factor authentication (2FA) for sensitive accounts adds an extra layer of security.
Third, implement access controls following the “principle of least privilege”—giving employees access only to the information and systems they need to do their jobs and nothing more. If an employee doesn’t need to access financial records or customer data, don’t make it available to them. These straightforward measures are excellent steps towards deterring attackers and minimizing damage in case of a breach.
THE ROAD AHEAD: HOW AI AND CYBERSECURITY WILL EVOLVE TOGETHER
AI is destined to get more sophisticated on both sides of the equation. On the defensive
side, AI tools will become more autonomous, able to isolate and mitigate attacks in real time without human input. But cybercriminals are constantly adapting, too. They’ll likely develop new ways to trick AI defenses or use AI to find vulnerabilities faster.
As business owners, we can’t ignore this arms race. Yes, we need to invest in AI as a tool for innovation, but we also need it to protect what’s ours. Invest in training and partner with experts. The landscape is changing and it’s tough, but with the right strategies, we can defend our businesses against these modern threats.
As a Relationship Builder, Educator, and Marketing/Business Development Manager at Meeting Tree Computer, Monique bridges the gap between local businesses’ needs for tailor-made IT strategies and innovative technology solutions.
ESSENTIAL STRATEGIES to Avoid Fraud
By Walden Savings
Avoiding fraud is essential for protecting your financial well-being. Walden Savings Bank is committed to educating consumers on how best to defend themselves against cyber threats and financial fraud. Here, we explore some essential strategies to reduce the risk of financial fraud and to help secure your personal and financial information
SPOOFING AND PHISHING ATTACKS
These types of cyber attacks occur when fraudsters impersonate trusted entities, like banks or government agencies, to trick individuals into providing sensitive information, such as passwords, credit card numbers, or social security details. Often, phishing attempts appear as convincing emails, texts, or website links. To avoid phishing, always verify the sender’s email address, avoid clicking on unfamiliar links, and never share personal details through email or text. Enable two-factor authentication on accounts for added security, and use unique passwords for different accounts to limit exposure. Should you receive an inquiry from any entity requesting personal information it is best to contact them directly with their known contact information.
TURN ON ONLINE AND MOBILE BANKING ALERTS FOR ENHANCED AWARENESS
A critical element of fraud prevention is maintaining awareness of all your banking activity. Online and mobile banking alerts keep customers informed about
key events in their accounts, including balance changes, direct deposits, withdrawals, and transfers. These alerts act as an early-warning system, helping customers detect unauthorized or unusual transactions promptly. This feature encourages customers to monitor their accounts actively, a vital step in fraud prevention.
For many, the convenience of having immediate notifications on transactions reduces both the likelihood and impact of fraud. Staying informed and aware is one of the most practical and straightforward ways to enhance financial security.
UTILIZE E-STATEMENTS AS A SECURE AND CONVENIENT OPTION
Fraud isn’t limited to online activity; physical theft and tampering are risks as well. For those who still receive traditional paper statements, there’s always the possibility of mail interception or theft.
To counteract this risk, we encourage customers to opt for e-statements. Electronic statements offer a secure and efficient way to access financial records without the vulnerabilities associated with physical mail. Not only are e-statements environmentally friendly, but they also offer quicker, more secure access to account information, which helps individuals stay vigilant against potential issues sooner.
CHECK WRITING AND MAIL FRAUD
Paying bills through traditional mail can be convenient, but it also poses a risk. Checks sent by mail can be intercepted, and account information on checks can be exploited by fraudsters. When writing checks, here are some helpful tips to help you avoid becoming a victim of fraud.
To write checks safely, ensure you use secure ink that’s difficult to alter and only order checks from trusted vendors. Always fill out checks completely, without leaving blank spaces that could be exploited. Write clear and concise amounts and avoid giving checks to unknown parties. Storing checks securely and monitoring bank statements regularly can also help detect any unauthorized transactions promptly.
Generally, electronic payments are considered safer than checks as they often come with additional security measures like encryption and multi-factor authentication. Utilizing your bank’s online bill pay service is a great way to safely and conveniently send payments.
EDUCATION IS KEY
Each year the Walden Savings Bank team conducts educational sessions to help keep our community safe from the latest scams and fraud tactics. If your business, school or organization would like to partner with us, our team is happy to offer our services to provide customized content related to fraud awareness, financial wellness and a host of other topics.
About Walden Savings Bank
Walden Savings Bank, established in 1872, is the tenth oldest federally chartered mutual savings bank and is headquartered in Montgomery, N.Y. With a total of 11 full-service branches serving Orange and Ulster Counties and a lending office in Beacon, the Bank’s progressive style of community banking provides products that cater to both individuals and businesses. To learn more about the Bank and its products and services, visit their website at www.waldensavings.bank.
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CYBER LIABILITY: A Business Coverage Necessity
By J. Hoffman Insurance
Over the past decade, cyber-attacks have become increasingly frequent. So frequent, in fact, that it seems we can hardly take a breath between news of notable cyber-attacks, which have American consumers rushing to change their passwords or take some other precaution to guard their data, which might have already been compromised.
From large corporations and financial institutions to small local businesses, data breaches, hacks, ransomware, and phishing have become common. Worse, they have also become more aggressive and insidious despite an increasing number of businesses using cybersecurity services.
Although the cyber-attacks we hear about most are those that occur within large corporations, small and mid-sized businesses now account for 62% of all cyber-attacks, which is about 4,000 per day, according to IBM1. As a result, a Cyber Liability policy has become a necessity for businesses of all sizes.
WHAT DOES A CYBER LIABILITY POLICY COVER?
A Cyber Liability policy is designed to cover First and Third-party liability and property losses that result from a business’s online activities, such as storing customer information (e.g., credit card numbers and Social Security numbers) and selling products online.
First-party Cyber Liability covers a company’s damages that result from a cyberattack, while Third-party Cyber Liability covers the costs associated with claims made by clients, vendors, employees, regulatory bodies, and others affiliated with the affected business who suffer losses due to a cyberattack.
Having a Cyber Liability policy that addresses your business’ specific needs is imperative, as the expenses associated with data breaches or hacks can be significant. According to the National Cyber Security Alliance, 60% of small businesses that experience a cyber-attack go out of business within six months2
SPECIFIC EXPENSES COVERED BY A CYBER LIABILITY POLICY OFTEN INCLUDE THE FOLLOWING:
• Property exposures from data loss or destruction
• Data & system recovery Business interruption
• Business interruption from suppliers
• Computer fraud
• Cyber deception
• Cryptojacking
• Payment card penalties
• Funds transfer loss
• Cyber extortion
• Loss resulting from identity theft
• Media liability
• Loss of company assets Damage to reputation
• Litigation
• Protection costs related to staff, firewalls, encryption, and software
• Notification to affected customers Potential loss of customers
• State and federal fines (if security plan and other required processes were not followed)
• Decline in share value and business income
• Post-breach implementations of firewall, encryption, security plans, etc.
IS A CYBER POLICY RIGHT FOR YOUR BUSINESS?
Every business has different needs and exposures, and no two Cyber policies are exactly alike. Because terms and conditions vary from one insurance company to the next, it’s important for business owners to work with their agents to evaluate risk and determine what is most suitable for their needs.
If you would like more information on how a Cyber Liability policy can protect your business in the event of a cyber-attack, don’t hesitate to contact our team at J. Hoffman Insurance at (845) 239-4787 or Jason@Jhoffmaninsurance.com.
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The Ethical Considerations of Artificial Intelligence in the Law:
WHAT YOU NEED TO KNOW
Seth M. Pavsner, Esq. Cuddy and Feder LLP
The legal industry, like many others, has recognized the potential of artificial intelligence (AI) technologies, like ChatGPT and other Generative AI models, to revolutionize legal research, contract review, and client communication. But the incorporation of AI into the practice of law brings a set of ethical challenges that attorneys must consider and carefully weigh.
While these AI tools offer remarkable capabilities, they are no substitute for human judgment, opinions, and emotional intelligence — all of which remain vital for achieving the best results for clients. AI’s efficiency in automation comes with a set of potential risks and ethical concerns that must not be ignored.
COMPETENT REPRESENTATION AND THE RISKS OF INACCURACY
First and foremost, attorneys have a duty to provide competent representation to their clients. That requires not just legal knowledge and skill, but also thoroughness and reasonable preparation necessary for the representation. Anyone, whether a lawyer or not, can plug a few directives into an AI tool like ChatGPT and use the results in place of their own work. But lawyers owe a greater duty to their clients than that: we must evaluate the AI response for accuracy, check to ensure any cited authority is good law, and tailor the response to fit not just the facts of the case at issue, but also the audience that will read it. Anything less would fall short of New York’s professional conduct rules for lawyers.
Nor is AI as reliable as it seems at first blush. Attorneys using ChatGPT must always make certain to double-check the AI response’s accuracy, lest they find themselves in hot water with the court— and shortly thereafter, their clients. Indeed, overreliance on ChatGPT’s accuracy has already led to sanctions for two New York attorneys, where the AI tool simply made-up cases to support a legal argument, and the attorneys then attempted to advance in a case before the United States District Court for the Southern District of New York. The Court awarded monetary sanctions against those two lawyers, calling their actions “an abuse of the adversary system.” You can look the case up—it’s Mata v. Avianca, 678 F. Supp. 3d 443 (S.D.N.Y. 2023), and it’s been all over the news for over a year now. Crucially, while Mata may well have been the first case of its kind about thoughtless reliance on AI tools in the legal field, it surely will not be the last. In the wake of such a highly publicized case as Mata, it is safe to assume that courts will not be lenient going forward.
CLIENT CONFIDENTIALITY SUDDENLY NOT SO CONFIDENTIAL
Even setting aside such blind faith in artificial intelligence as the attorneys in Mata displayed, perhaps the most significant ethical pitfall inherent in the use of AI tools such as ChatGPT is the risk to client confidentiality. A primary ethical obligation of an attorney is to maintain client confidentiality, including protecting client information from unauthorized disclosure. And using ChatGPT can pose a significant risk that such information may be exposed. ChatGPT chat history is accessible and reviewable by ChatGPT employees, which may effectively waive attorney-client privilege—a critical component of the attorney-client relationship.
Similarly, OpenAI—the company behind ChatGPT— may provide personal information (including client-identifying information) to third-party vendors and affiliates, heightening already-serious ethical concerns over data security and privacy. And of course, data breaches create a whole separate concern. A recent
About Seth M. Pavsner
data breach made public nearly 1.2% of all chat history of ChatGPT Plus subscribers. Any confidential information that may have been disclosed in that data breach is not “confidential” anymore.
ETHICAL PRACTICE DOESN’T REQUIRE BEING A LUDDITE
There is no question that ChatGPT and other similar AI tools and Generative AI models have the potential to revolutionize the legal field. But it is not a one-for-one substitute for human attorney collaboration and should not be treated as such. While ChatGPT has enormous potential to increase efficiency across a broad spectrum of jobs, there remain serious ethical quandaries with the use of artificial intelligence, and those hazards manifest most insidiously in legal work. Attorneys, like anyone else using AI, must be mindful of these potential pitfalls while using AI software and should only use it as the helpful tool it is meant to be, not as a replacement for thoughtful work product.
Seth M. Pavsner is an associate in the firm’s Litigation practice. His practice is principally concentrated on civil litigation in both state and federal courts, with substantial experience in complex matters such as class actions, antitrust, consumer fraud and employment law. Seth has represented clients across multiple forms of civil litigation, from nationwide antitrust class actions to employment, partnership and real estate disputes.
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STAYING AUTHENTIC in
an AI-Driven World
Johnnie Jordan Social Media Content Manager Horsefly Group
In today’s digital era, artificial intelligence (AI) isn’t just a tech buzzword—it’s a powerful tool that, when used correctly, can streamline daily tasks, boost productivity, and keep your brand’s messaging authentic and human.
Using AI to boost efficiency doesn’t mean sacrificing authenticity. Think of AI as an enhancement rather than a replacement. Always inject your brand’s voice, personal insights, and values into the final output. AI can handle the heavy lifting, but it’s your human touch that will resonate with audiences and keep your messaging genuine.
AI allows you to stay organized, produce high-quality content faster, and reach the right audience effectively, giving you more time to focus on building meaningful relationships. Embracing these AI-driven efficiencies will help you stay competitive while ensuring that your brand’s messaging remains warm, relatable, and true to who you are.
Here are some practical ways that leveraging AI can make your workday smoother, more efficient, and in tune with your brand values:
1. AUTOMATE ROUTINE TASKS WITH SMART SCHEDULING
AI can take the hassle out of scheduling by learning your preferences, analyzing availability, and suggesting optimal meeting times. Tools like Clockwise or x.ai make it easy to set up meetings without the back-and-forth emails, freeing up time and reducing mental clutter.
2. STRUCTURE YOUR WORKFLOW WITH TASK MANAGEMENT AI
Tools like Notion AI or Trello AI integrations help you organize tasks, prioritize deadlines, and even suggest workflows. By automating task organization, you’re less likely to miss key details, ensuring nothing falls through the cracks while still keeping your personal touch intact.
3. BOOST CONTENT CREATION EFFICIENCY WITH GENERATIVE AI
Whether it’s social media captions, blog outlines, or email drafts, generative AI tools like ChatGPT or Jasper can provide initial drafts. These AI tools are great for kick-starting the creative process, helping you save time while still allowing room for personal edits to maintain authenticity.
4. STREAMLINE SOCIAL MEDIA MANAGEMENT & AUDIENCE INSIGHTS
Platforms like Hey Orca, Sprout Social and Hootsuite use AI to analyze the best times to post, track audience engagement, and suggest hashtags based on trending topics. AI-driven social media caption creation and insights help you tailor your messaging and post scheduling for maximum engagement and reach, all while staying true to your brand voice.
5. IMPROVE EMAIL MARKETING WITH AI-POWERED SEGMENTATION
AI can analyze customer data to create segmented audiences based on behavior, preferences, and demographics. Tools like Mailchimp and HubSpot leverage machine learning to send personalized, targeted emails, increasing engagement without sacrificing the personal connection with your subscribers.
6. CONTENT PERSONALIZATION AT SCALE
Personalizing content doesn’t have to mean hours of custom crafting. With AI-powered personalization tools like Dynamic Yield or Adobe Target, you can tailor web content, product recommendations, or even landing page experiences to individual visitors. This delivers a unique experience to each user while reducing manual work.
7. ENHANCED DATA ANALYTICS FOR INFORMED DECISION-MAKING
AI tools like Google Analytics 4 (GA4) with machine learning capabilities help you dive deeper into customer behavior patterns, identifying what resonates with your audience. Understanding data insights empowers you to make smarter marketing decisions and refine your messaging, helping you stay agile in a fast-paced market.
8. EFFICIENT CUSTOMER SUPPORT VIA AI CHATBOTS
Deploying AI chatbots like Zendesk AI or Drift helps you manage real-time customer queries, handling basic questions 24/7. This allows you to focus on more complex cases, showing customers you’re responsive and caring without being overwhelmed by repetitive inquiries.
9. ELEVATE CONTENT PROMOTION WITH AI-POWERED AD TARGETING
Platforms like Facebook Ads Manager and Google Ads leverage AI to refine targeting, allowing you to reach the right audience with minimal trial and error. AI-powered ad optimization means your marketing budget goes further, driving relevant traffic to your brand while ensuring authenticity in how your brand is represented.
10. MAINTAIN CYBERSECURITY WITH AI-POWERED THREAT DETECTION
While AI enhances productivity, it’s also critical in safeguarding your digital assets. Tools like Darktrace or CrowdStrike use AI to detect and respond to suspicious activity in real time, preventing cybersecurity threats before they escalate. This is especially valuable for businesses relying on digital platforms for content and customer engagement.
ANOTHER SOLD OUT SUCCESS!
The Partnership’s 30th Anniversary Celebration and Awards Dinner was a huge success! Once again, the October weather was perfect as our 300 guests enjoyed live music and cocktails out on the Resorts World Casino patio. The Pearl Anniversary theme was highlighted by a beautiful pearl ice carving generously donated by Cono Cimino from Apple Ice.
AWARDS WERE PRESENTED TO:
STEVE DUBROVSKY
Founder, The Chapin Estate President, Chapin Construction Walter A. Rhulen Award
GEORGE KINNE
President and CEO, Jeff Bank Distinguished Service Award
GARY SCHMIDT
Schmidt’s Plumbing and Wholesale Lifetime Achievement Award
Sullivan County Partnership Grows
INVESTORS
Catskill Provisions/Catskill
Cocktails and Cannolis
“A speakeasy on wheels” —a mobile bar bringing life to parties with delicious drinks and desserts from Defilippis Bakery and Café. Owners Carmela Foglia and Darla Schields offer professional bartending services, private hire for weddings, birthdays, corporate events, bachelorette and bachelor parties, and any type of celebration. In collaboration with Claire Marin, owner of Catskill Provisions Distillery, makers of Pollinator Spirits; Cocktails and Cannolis has brought Pollinator Spirits to local festivals, events, and private affairs, offering guests a truly special experience. Catskillcocktails@gmail.com
Jacktown Pest Management LLC
Owner Tim Nichols has been a Sullivan County resident his entire life and has resided in Livingston Manor for the past 20 years. With 25 years in the pest control industry, he learned pest control as an employee of both large and small companies, holding various positions from technician to trainer, operations management as well as running a large office of approximately 50 people. His number one priority is customer experience; believing that taking care of his customers is the key to success. He offers a variety of services from stinging insects to rodents as well as nuisance wildlife trapping.
Kevin’s Restaurant
Kevin May is the Chef and owner of Kevin’s restaurant, serving traditional American cuisine, located at 249 Rock Hill Dr. Rock Hill NY. Kevin started his career in Sullivan County, graduating from SCCC’s Culinary program then later worked at El Monaco’s in White Lake. Kevin established and was Chef and owner of two successful restaurants in Orange County NY and is looking forward to bringing his talents to Sullivan! Open Tues. – Fri. 11am to 9 and Sat. 12 to 9, closed Sun. and Mon. until Spring. Reservations are strongly suggested. Kevin and his wife Denise are excited to be part of this community and look forward to serving you!
Livingston Legacy Holdings LLC
Mr. Bon Yagi moved to New York in the 1970s, searching for the opportunity to bring Japanese cuisine beyond the conversation of “sushi and noodles” to NYC. Since opening its first restaurant in 1984, T.I.C. Restaurant group has introduced culinary destinations for everyone to enjoy Japan without airfare. The T.I.C. journey of Japanese cuisine is now expanding beyond New York City into Livingston Manor, NY. Mr. Bon Yagi is currently developing his most ambitious and exquisite Japanese cultural experience thus far, with a multi-site, multipurpose project in Sullivan County.
Majek Furniture
After briefly selling used furniture and antiques, Bill Cuttita saw the need in Sullivan County for a new furniture store selling the same brands of furniture and mattresses as the box stores and started Majek Furniture in 2006. A few short years later, he was able to purchase the Trading Post building in Monticello on East Broadway. He expanded last year with a new onsite warehouse, allowing for more inventory, storage and quicker deliveries. Majek Furniture is now run by Bill and his son Joe serving Sullivan, Ulster, Orange and Delaware Counties. Open 7 days a week- Stop in for friendly service and great prices.
SD Land & Cattle Co. Inc
A family-owned horse and cattle ranch in White Lake, NY, on a 200+ acre NYS agriculture district. Founded by Steve Dubrovsky, a former professional rodeo cowboy and four-time circuit champion, SD Land & Cattle provides the setting for Driftwood Ranch, an intimate western guest ranch where guests can enjoy on-property horseback riding, hiking, and fishing and watch daily life on the ranch unfold as cowboys care for livestock and train the horses. The luxurious, spacious suites offer modern conveniences suitable for remote work.
Whitbeck Building & Design, Inc. was founded by Phil Whitbeck & Lori Ferretti in 2015 with the vision to craft unique projects and provide superior service to their customers. After working in the industry for many years, that vision has become a reality, because of the strong foundation they built through effective communication with their customers and their team. Over the past few years, their common passion transferred into the company culture: embodying their strong family-first values, integrity, loyalty and respect throughout the company.
WM Security Services specializes in providing tailored security solutions for businesses of all sizes. Their team of experienced professionals can provide a wide range of high-quality services to ensure that your business is safe and secure, whether you need physical security, private investigation, background checks, or other security measures. Their team is highly trained and experienced in providing security services and work closely with each business to ensure that all your security needs are met.
TD Bank, America’s Most Convenient Bank, is one of the 10 largest banks in the U.S. by assets, providing over 10 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. Learn more at: www.td.com/us.
Building projects that build community
At LeChase, our reputation for integrity, safety and quality has earned us the privilege of building projects – large and small – that continue to shape the future of Sullivan County. Whether a project is in healthcare, K-12, higher education, commercial, manufacturing, hospitality or housing, we are proud to support efforts that make the community an even better place to live, work and learn.
Federally Insured by NCUA
MHV is proud to support the Sullivan County Partnership for Economic Development
PROTECTING YOURSELF FROM SCAMS AND FRAUD
A Helpful Message from Wayne Bank’s Fraud Officer
By Jillian Guenther, CFE, Vice President and Fraud Officer — Wayne Bank
At Wayne Bank, our customers’ protection and security are our top priority. In conjunction with November’s International Fraud Awareness Week, we wanted to share firsthand tips from our very own Vice President and Fraud Officer, Jillian Guenther, CFE.
1. If it sounds too good to be true, it probably is. This is the golden rule in scam prevention and detection. If you are wondering if an offer or opportunity is legitimate, it is always a good idea to run it by someone you know personally and trust. Get a second opinion before jumping right into a risky situation.
2. Talk to your bankers. We are here to help, and if we don’t know the answer to your question or the right solution to address your concerns, we will be sure to find out for you. Anytime you think a transaction is possibly suspicious, bring it to the attention of the teller. They can escalate your situation and have the transaction reviewed for you to avoid unnecessary risk.
3. Mail theft is increasing year by year. Scammers are stealing checks and washing them or counterfeiting them in order to fly under the radar. All it takes is one check for a fraud ring to not only have your account information, but current check details such as check number range and typical dollar amounts to avoid detection. If you must mail checks, you should follow-up with intended recipients within 1 week to ensure it was received, rather than finding out via a late fee or late payment notification months later.
4. Cryptocurrency is very popular amongst scammers. They are convincing well-meaning targets to receive funds and transfer them to cryptocurrency vendors under the guise of investments, but in reality, the scam victim is receiving stolen funds and depositing them directly into the scammer’s crypto wallet.
5. Everyone should check their accounts daily. The technology to do so is available to all whether you review it via an online banking platform, or by phone. Check and transaction reconciliation and review should include verification of payees in addition to check number and amount— if a check is altered, you may not detect it unless you view the check image. Report fraud to your financial institution as soon as you find it, windows to recover funds are smaller than ever with how quickly funds can be moved or withdrawn today.
Scammers are constantly trying to find new ways to steal your money. With these helpful tips, you can defend yourself by knowing what to look out for. Additionally, Wayne Bank offers free online and mobile banking, along with CardHub. This allows you to set parameters on your debit card, get notified with every charge, and shut it off if it’s lost or stolen. Business customers are also protected with Positive Pay, which safeguards the business against forged, altered, and counterfeit checks.
The busy holiday shopping season is upon us. A time where scams and fraud run rampant more than ever. Rest assured Wayne Bank offers security and peace of mind with every transaction you make.
Located in Honesdale, PA, Wayne Bank is a subsidiary of Norwood Financial Corp., Member FDIC. The Bank has 29 community offices serving counties in Pennsylvania and NY.
BOARD OF DIRECTORS
Michael Zalkin, Chair
James Bates, Vice Chair
John Brust, Treasurer
Steven Vegliante, Secretary
Jerry Dunlavey
Karen Fisher
Amanda Gesztesi
Anthony Griffith
Kelsey Hornicek
Brittany Johnson
George Kinne
Kevin McLaren
Bobbi Scroggin
Gary Silver
Gerald Skoda
Fred Stabbert
Charlotte Van Horn
Did You Miss Advertising in this Issue or Would Like to Submit
Editorial Content?
Our next issue is scheduled for publication in April, and there is a considerable discount if you purchase an ad now for the following four issues. Contact Jen Cassaro at cassaro.jen@scpartnership.com today to find out how to reserve your spot in our Spring issue.
GOING BEYOND MARKETING WITH AI
By Deborah Garry Founder & CEO BBG&G Integrated Marketing
AI has been receiving vast media coverage and heightened interest – and for good reason. Although Artificial Intelligence has been around with us since the 1950’s, AI has seen an explosion in growth and utilization driven by highly accelerated computational power, speed, and ability to harness the vast amounts of information and data now available. And it shows no signs of slowing down.
HOW WE USE AI
At BBG&G, AI has been integrated into our marketing, design, and video tools for quite some time – well over twenty years. Think of Photoshop’s ability to enlarge a photo by “figuring out” what pixels of color to add in – within limitations, of course.
But now AI has exploded into the business space and we have been quick to adopt it for the efficiencies and resources it provides within our framework of marketing services and business processes. To best leverage AI, it’s important to understand its power and its limitations.
A QUICK LOOK AT GENERATIVE AI PRODUCTS
Many of the most familiar Gen AI products are LLM’s (Large Language models). An LLM is a type of AI program that can recognize and generate text, among other tasks. LLMs are trained on huge sets of data — hence the name “large.”
Commonly used LLM’s include ChatGPT, Gemini, Claude, Jasper, Perplexity, GitHub Copilot. Orca, Notebook, Synthesia, and many others.
Generative AI can perform a variety of tasks, including:
• Answering questions
• Summarizing text
• Generating content in different formats
• Translating text
• Performing other natural language processing (NLP) tasks
OUR TEAM PICKS
CHATGPT, JASPER, AND GEMINI
It empowers our content writers, designers, and web developers by the vast resources it curates at our fingertips, and the speed with which it gathers, organizes, and provides those resources to fuel our planning and creative process.
• Versatility: ChatGPT excels in generating conversational content and detailed explanations.
• Creativity: Perfect for brainstorming and generating creative ideas and outlines.
• Jasper’s ability to optimize content for search engines has significantly boosted our online visibility.
ADOBE FIREFLY:
Firefly uses simple prompts to create Images, transform text, play with color, and more. It pulls from Adobe’s vast inventory of licensed images and graphics, which can then be enhanced and tailored to your needs.
Example: Our client wanted complex photographic imagery to represent the topic of alcohol and drug use among teens. We used Firefly to build seamless images from multiple components. Our Creative Director’s proficiency with Photoshop, design skills, and knowledge of lighting and perspective allowed her to build realistic photographic images without the expense of a photoshoot.
Our client also needed to update old ads to match the current brand look and feel, so we used generative AI to match the style of illustration that we were producing for newer campaigns.
We also used Firefly to introduce some whimsy into our social media graphics for another client.
For businesses in every sector, AI provides the ability to utilize machine learning, incredibly swift processing speeds, and decades of data to streamline common business processes such as: BEFORE AFTER
USING AI IN COMMON BUSINESS FUNCTIONS
• Data and cost analysis
• Recruiting, hiring, training
• Customer service scripting, podcasts, chatbots
• Email and text communications
• Sales & marketing tactics, competitive analysis, industry research
• Processes, policies, and checklists
• Task automation
• Topic ideas for video, blogs, and other content
• Accounting & legal tasks
HOW TO USE PROMPTS
Your best outcomes will result from the quality of the direction and input you provide the AI tool. Break down large tasks into smaller asks; be specific about what you are looking for; and don’t hesitate to input multiple prompts to fine tune your results. Remember, it’s not a human!
Prompt Type Use
“Act as” Causes AI to put on a certain persona that you can then converse with, and ask questions of.
“Advice” Asks AI for direction on a specific problem or opportunity.
“Insights” Pulls out specific information from an inputted block of text
“Content Creation” “Write” article, blog, description, etc.
“Content Editing” “Rewrite, reformat, fix . . .”
“Summarize” “Summarize the following” article, description, report, review, etc., from inputted text/copy
“Inception”
Asking the AI how to better use it!
WHAT YOU GIVE IS WHAT YOU GET
Guideline
Benefit
1. Know your tool’s prompt guidelines and best practices Leverage each tool for its strengths for best results
2. Use multiple types of input data when possible A combination of text, images, and audio enhance richness and relevance of output
3. Prime the AI with accurate, essential background information Gain more accurate and tailored output
4. Include reference information (examples of similar content)
Better achieve the style, tone and format you are looking for
5. Break a complex ‘ask’ into smaller chunks. Be direct. Enhanced clarity, accuracy, and flexibility. Less editing.
6. Set Goals and Parameters
• Purpose of content (inform, educate, persuade?)
• Topic
• Tone and Style
• Length, format, structure
• Main points, specific content
More accurate content aligned with your goals and needs. Less editing and higher quality!
ASSESS AI’S POTENTIAL FOR YOUR BUSINESS
Like every other new technology tool, AI must be assessed and utilized properly for best ROI. How will it help you work smarter or faster? Will it create revenue? Ask yourself how it will best integrate with your business strategy and processes, by identifying specific tasks it can help you with.
Best Practices for Best Results
• Don’t input any personally identifiable information
• Don’t input any sensitive information
• Don’t input any company IP
• Do turn off history if using external tools (like ChatGPT) that allow that choice
• Do closely monitor content output Content can be subject to subtle but meaningful fabrications, factual errors and/or may be biased or contain inappropriate statements.
EQUIPPING YOUR TEAM – RECOGNIZE AI’S LIMITATIONS
Lack of Transparency:
1. AI is not able to replicate ethics and morality.
2. Human expertise and insight are needed to build on raw AI content – which can and will absolutely be influenced and flavored by existing data and content.
Accuracy & Bias:
1. The data or content provided is not always 100% factual or up-to-date, and may be inaccurate, fabricated, or even biased.
2. Know your industry, review content, and validate information before publishing!
Mediocrity vs Authenticity:
1. Avoid artificial and generic sounding and looking content and imagery
2. Recognize that human talent, experience, and proficiency are still needed for quality results!
Intellectual Property & Copyright
1. Assume that any data or queries you enter will become public information
Cybersecurity & Fraud:
1. Prepare for malicious use of generative AI, and ensure mitigating controls are put in place
2. Build a Company AI Policy
There is no question we are entering a period of great change and potential. To stay at the forefront, business owners must remain nimble, ready to learn, and adept at leveraging their expertise and experience to best utilize new AI technology. It’s a helpful tool – and evolving rapidly. Test, learn, and train your team to use it wisely.
Deborah Garry is the Founder and CEO of BBG&G, a full-service integrated marketing agency based in New York’s Hudson Valley. Debbe has more than 30 years of marketing and branding experience and is a Certified Account Planner and Marketing Automation Specialist. To find out more about how to grow and scale your business, connect with her at deborahgarry@bbggadv.com.
OLD-FASHIONED service. CUTTING-EDGE technology.
Proud supporter of the Sullivan County Partnership for 10 years. Guiding Your Business. Growing Your Wealth.
Kathy Cole VP | Private Banking Officer
Anthony Pili SVP | Chief Innovation Officer
KELSEY HORNICEK
Program Manager — Brightspeed Telecommunications
Hometown: Callicoon, NY
Education: BS in Biology and Environmental Science from State University of New York College at Cortland and Master of Public Administration, Ethical Leadership from Marist College School of Management
Hobbies: Golf, shopping, wine, girls who brunch, concerts & music
Fun Fact: I have green eyes (2% of the world’s population) and I am left-handed (10%)
Describe your background and how you arrived at your current job.
Although this wasn’t my dream career, I am much happier how everything worked out as I would not be living in Sullivan County, as a single homeowner, or probably at all, if it wasn’t for remote work and modern technology.
I graduated my BS in 2011, and engineering firms weren’t looking for entry level environmental scientists at that time, so I ended up at a large local employer for a little over 3 years, applying to every entry level Environmental Scientist job I could find on the eastern seaboard. It had to be hundreds, but it wasn’t working. I decided Sullivan County was the problem, and there weren’t good paying jobs for me here, I needed to leave.
Just after my 25th birthday, I packed my car, along with the $5,000 I was able to save after school loans and other bills, and headed to Raleigh, N.C., a quickly growing economy with a ton of entry level jobs available. I had family and friends close by making it a little less lonely and I found a nice girl who was looking for a roommate. I was tenacious, and determined to make it work.
Weeks later, I got a job as a temp at a nonprofit right off the Duke campus, but still applying to any job I could for 5 months. I saw a posting for an engineering firm in Orange County, NY who had contracts on the new Tappan Zee Bridge, where my father was working as a crane operator for IUOE LOCAL 825. I called him and within 10 minutes he called me back with 4 contacts from different firms throughout the region, they all said they’d refer me to any posting I could find.
How did you get started? What are your responsibilities? Pros and cons of remote work.
Once hired, I thought I would be working on EIS’s and ERR’s and everything I thought I ever wanted. Instead, I was sent to Manhattan for 3 months to work in the Governor’s Office of Storm Recovery as a grant writer in the small business program, accepting applications for federal disaster recovery grant money. I arrived early, stayed late, and worked twice as hard as everyone else on my team.
Ultimately, all I did was work myself into more responsibilities and multiple contract extensions, living on my cousin’s couch in an 800 square foot apartment in the Financial District for 8 months. I asked to be pulled, and
thankfully, due to modern technology and the work ethic my team had seen, they counter offered to let me work remotely from upstate. In 12 months, I had moved to Raleigh, moved back, gone to NYC and then ended up right back in Sullivan County. I have worked from my home, ever since Covid hit, changing companies and work streams three times since then.
Currently, I am working remotely for a corporate telecommunications team in Charlotte, NC, as a Program Manager and remote operations start up expert.
My first three months on the job were planning their remote operational work stream & grant project pipeline and how we will use technology to make our daily tasks easier: making 70% of your tasks mundane, so you can handle the 30% that are inevitably challenging. When I build a work stream, I can automate a pipeline of tasks for each project, when one task is done, it is assigned to the next. My team has been concerned this will take over the human aspect out of work, but when merging massive pipelines that couldn’t be further from the truth.
In the past five years I have built, grant management platforms for applicant intake, grant management platforms for grantees, PowerBi dashboards for program management (link) and public outreach, robust project management pipelines in Monday. com and Smartsheet, integrated Microsoft Teams Operations for business group coordination, GUI platforms to compile compliance reports, all from the comfort of my home office in Callicoon, NY. I recently attended an in-person meeting in Charlotte, and it proved paramount to our work. The face time we had over 3 days, was irreplaceable. To me it’s a balance. You can use remote work and technology to broaden your recruiting base, but you must be honest about the limitations too.
How long have you been on the Partnership Board? What made you initially want to get involved with the Partnership and ultimately run for the board? What are you most proud of?
I have been on the board for 5 years, I initially ran to network for the company that was supporting me at the time, never thinking I would score a seat. But it has been so foundational for me as I have learned so much in those 5 years.
I’m proud of the women in business event even though we only held it for 3 years. I am proud that since I have joined, four more women have run and won seats on the board. I am proud of the relationships I have built with many different people. Most importantly though, the rapport I have with other board members that allows me to speak light into our economic challenges and be respected in my contributions to discussions. I know that is not something that just happens; it takes time to get to that place for anyone, let alone a young woman. Sometimes I feel I represent many demographics; millennial, remote worker, woman, educated, rural girl turned corporate, and I hope I represent them all well.
If you were to sit down with a new member of the Partnership, what advice would you give them to make the best use of their membership?
Be clear about your outcomes, what do you need, what service can we provide you? We are there to be supportive in whatever ways you need us to be, but we can’t read your mind. Do you need to network with a specific subset of companies? Do you need public support for a project? Are you looking for an introduction? Let us know and we will make it happen. We are your partner for success, whatever that looks like for you.
HAPPY
Anniversary!
Thank you to these members who are celebrating milestone years with the Partnership!
We appreciate your continued support.
5 YEARS – 2019
Creighton Manning Engineering
Hudson Valley Kitchen Design
John Leigh, AAMS Financial Advisor
/Edward Jones
MDL Excavating & Landscaping LLC
Paychex
Schumacher Systems, Inc.
Seven X Motors Inc.
Solaia Restaurant
The Pike Company
Ulster Savings Bank
Van Etten Oil Company
10 YEARS – 2014
Delaware Engineering, D.P.C.
Lanc & Tully Engineering and Surveying PC
LeChase Construction Services, LLC
Orange Bank & Trust Company
Sullivan Regency
15 YEARS – 2009
Millennium Pipeline
20 YEARS – 2004
New Southern Tier Title Agency, LLC
Perreca Electric Co., Inc.
25 YEARS – 1999 Town of Liberty
30 YEARS – 1994
SC Chamber of Commerce
ANNIVERSARY SPOTLIGHT BUSINESS
FAMILY-RUN KITCHEN, BATH, OFFICE, PANTRY, CLOSET, AND INTERIOR DESIGN SERVICES
Hudson Valley Kitchen Design Center has been around for over twenty years. In August 2017, James Bruyn went from being an associate to purchasing the business from Angelo Ferrante (who was undergoing great growth with Advanced DRI). In 2020, James rebranded Hudson Valley Kitchen Designs to Hudson Valley Kitchen Design Center to expand upon its expertise in interior design services.
MISSION AND VISION
We went from providing cabinetry to a full-service design organization, catering to clients of all tastes and budgets.
ADAPTION AND RESILIENCE
Thus far, the most challenging period for our business has been dealing with supply chain issues at the start of the pandemic. Getting appliances in a timely fashion became incredibly difficult, as many factories could not be fully staffed; getting items across borders was constantly a struggle, etc.
When box stores were leaving clients high and dry, we could still deliver our excellent customer service and help clients through this challenging time (showing that, once again, small businesses are truly the backbone of America). Luckily, we have seen the supply chain issues slowly return to full speed.
TECHNOLOGY
We utilize cloud storage, which allows our staff to access files from anywhere in mere moments. As a business that had utilized working remotely before the pandemic, being able to pivot into working remotely full-time was an easier transition for us. Additionally, we have incorporated digital measuring and record keeping of job sites, allowing us to expedite all our processes. While technology continues to change constantly, it has helped us to be more creative in many ways. While our designers still often like to hand draft, using innovative programs allows us to share with our clients how their newly renovated spaces can look so that we can more easily decide on design features. With such programs, we can use CAD to allow clients to view their spaces in 3D virtually.
CULTURE
Our company culture is all-inclusive and has helped us reach more clients. Our clients are just as diverse as the community we live and operate in, and better understanding our client’s needs helps us to become a more well-rounded business. While we don’t exclusively focus on aging in place, James is a CLIPP (Certified Living in Place Professional) designer. With more community members living longer lives, we need to consider the needs of our clients not just for today but for the future. At any time, any one of us could become disabled (temporarily or permanently), affecting how we use the spaces in which we live. Since we treat every kitchen as a unique space, our staff must truly understand the needs of all our clientele.
We are very lucky to have a great and dedicated staff. We aim to have a flexible schedule for our employees, encouraging them to have time for their personal life and to recharge. We encourage our staff to continue their education and work on personal passion projects, and our employees know that we encourage them to have family come first and work second.
CUSTOMER/CLIENT FOCUS
The nature of our work often means that we are in our clients’ spaces for long periods, so we tend to get to know them rather well. Many clients have become friends, and we genuinely enjoy getting to know them and their families. Because our staff lives and works in the community, we know we can run into our clients anytime (and often do!)
James provides everyone with his personal information and encourages them to reach out if they are dissatisfied or have other questions, regardless of how much they’ve invested in their project. If something is not done satisfactorily, we have no problem making things right.
COMPETITION
Our best advantage is being incredibly knowledgeable and hands-on. We are THE kitchen experts and continue to grow our knowledge year after year. Our team is constantly working together and learning from one another.
We stay ahead of trends through education and networking with other designers across the nation and the world. Our designs also aim for a more timeless than trendy look. We are constantly keeping an eye out for innovations before they trickle down to the mass markets.
COMMUNITY AND SOCIAL RESPONSIBILITY
We love giving back to our community by sponsoring community events and committees (we are so excited to have sponsored Project My Day’s Christmas in July event this past year). As people who love being in this community, we want to do our fair share to help create a wonderful community where people can thrive. Whether designing and helping to build a community fridge or serving on a Business and Inclusion Committee, we want to make our community the best it can be for all.
PREVENTING CYBER FRAUD STARTS WITH BUSINESS OWNERS
By Christopher Chazin, SVP Head of Treasury and Trade Products and Services
Commercial Bank
Owners of small and medium size businesses often wear many hats or manage others who do. Sales and marketing, operations, finance, compliance, the list goes on. But, too often, one important responsibility may get scant attention: fraud prevention and cybersecurity.
In today’s world, a security breach is not a matter of if, but when. According to a recent study, 41% of small businesses suffered cyber attacks in 2023, up from 38% in the 2022 and nearly double the number of 2021 attacks1. Not only are cyber threats and fraud increasing in frequency, but they are also becoming more sophisticated with artificial intelligence and automation behind them.
The consequences can be dire in terms of business disruptions, substantial costs, and reputations. Consider these two examples from many thousands of cyber attacks reported each year:
1. A local retail store experienced a data breach where customer payment information was stolen. The store lost customer trust and sales. It had to compensate customers with identity theft protection and invest heavily in cybersecurity measures.
2. A small accounting firm fell victim to a ransomware attack that encrypted all their client data. The attackers demanded a hefty ransom, which the firm was forced to pay due to the absence of data backup and recovery plans. The incident caused significant financial strain and damaged their reputation¹.
BUSINESS OWNERS MUST TAKE THE LEAD AGAINST CYBER THREATS AND FRAUD
Just as business owners set the tone and culture of their companies, they must do the same for cybersecurity, making vigilance part of their organization’s ethos. Of course, that does not suggest they should handle cybersecurity themselves. They certainly can and should hand off the technical details to a knowledgeable IT person, so they can focus on more strategic concerns.
No matter the approach, it is important for business owners to make cybersecurity a strategic priority. They must establish sound security practices to help employees identify fraud attempts and protect vital data.
To help educate your employees, a TD Bank representative can come to your business and present a cybersecurity and fraud prevention curriculum we call TD SAFE — Security Awareness For Everyone. We designed the program to emphasize both the risks of cybersecurity and fraud as well as how to safeguard you and your business against them.
1Gia Snape. Insurance Business. January 26, 2024.
Update your technology safeguards. These include firewalls, anti-virus software, security patches, and other safe-computing measures. These protections should be audited and assessed at least once a year for vulnerability gaps, which should then be closed.
Establish rigorous financial and banking controls. Consider performing online banking from a dedicated, standalone PC with limited access. Segregate duties so that no single employee is responsible for both recording and processing transactions. Limit who can authorize purchases and the size of their purchase authority. Ensure that
different people oversee bookkeeping and bank reconciliations. TD Bank can establish dual control payment methods that require two or more users to release an ACH batch or wire transfer. This way, a compromised user cannot initiate a fraudulent transaction without another authorized user.
Conduct periodic audits. Engage a trusted, third-party accounting professional to review the company’s financial records at least once a year. Between audits, run random audits of these records, especially accounts payable for cash disbursements and payments to unknown vendors.
TD BANK — A RESOURCE FOR CYBER SAFETY AND FRAUD PREVENTION
Between TD Bank’s industry practices to safeguard your financial information and your business’s efforts in preventing cyber-attacks and fraud, we can make it hard for cyber criminals to compromise your business.
Note that TD Bank will never contact you to obtain personal information or user credentials via e-mail, text or voice call and will never ask you for remote access to your device.
If you are concerned about a fraudulent e-mail, text or call that may have resulted in disclosing confidential information, immediately report the incident by calling TD’s Fraud Resolution Group at 1-800-893-8554. For more information, stop by any TD Bank location or call 1-888-388-0408.
THE VALUE OF CYBER INSURANCE
By Marshall & Sterling
As cyberattacks become more frequent and costly, it’s crucial for organizations to maximize their financial protection against related losses by purchasing sufficient insurance. Cyber coverage, also known as cyber liability insurance, can help organizations pay for a range of expenses that may result from cyber incidents—including (but not limited to) data breaches, ransomware attacks and phishing scams.
Specific cyber insurance offerings differ between carriers. Furthermore, organizations’ coverage needs may vary based on their particular exposures. In any case, cyber insurance agreements typically fall into two categories: first-party coverage and third-party coverage. It’s best for policyholders to have a clear understanding of both categories of coverage in order to comprehend the key protections offered by their cyber insurance. This article highlights the value of cyber insurance by outlining common first- and third-party coverage offerings.
FIRST-PARTY COVERAGE
First-party cyber insurance can offer financial protection for losses that an organization directly sustains from a cyber incident. Covered losses generally include the following:
Incident response costs —This coverage can help pay the costs associated with responding to a cyber incident. These costs may include utilizing IT forensics to investigate the breach, restoring damaged systems, notifying affected customers and setting up call center services.
Legal costs —Such coverage can help pay for legal counsel to assist with any notification or regulatory obligations resulting from a cyber incident.
Data recovery costs —This coverage can help recover expenses related to reconstituting data that may have been deleted or corrupted during a cyber incident.
Business interruption losses —Such coverage can help reimburse lost profits or additional costs incurred due to the unavailability of IT systems or critical data amid a cyber incident.
Cyber extortion losses —This coverage can help pay costs associated with hiring extortion response specialists to evaluate recovery options and negotiate ransom payment demands (if applicable) during a cyber incident.
Reputational damage —Such coverage can help pay for crisis management and public relations services related to a cyber incident.
THIRD-PARTY COVERAGE
Third-party cyber insurance can provide financial protection for claims made, fines incurred or legal action taken against an organization due to a cyber incident. Types of third-party coverage usually include the following:
Data privacy liability —This coverage can help recover the costs of dealing with third parties who had their information compromised during a cyber incident. These costs may include handling third-party lawsuits or legal disputes, offering credit-watch services and providing additional compensation.
Regulatory defense —Such coverage can help pay fines, penalties and other defense costs related to regulatory action or privacy law violations stemming from a cyber incident.
Media liability —This coverage can help reimburse defense costs and civil damages resulting from defamation, libel, slander and negligence allegations associated with the publication of content in electronic or print media. Multimedia liability coverage can also offer protection amid copyright, trademark or intellectual property infringement incidents.
CONCLUSION
As a whole, it’s evident that cyber insurance can make all the difference in helping organizations avoid large-scale financial losses amid cyber incidents. It’s best for organizations to consult trusted insurance professionals to discuss their particular coverage needs. Contact us today for more risk management guidance and coverage solutions. www.marshallsterling.com/contact-us
DEFINING AI and its Role in Business
By Jamie Lazarus, Chief Digital Strategist Bold Gold Media Group and Bold Gold Digital
Many prominent business leaders have shared thoughts on how the use of technology drives success and gives companies a competitive edge. According to Bill Gates, “The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life.” From email to the internet, social media, and e-commerce, we have lived through the experience of how fast-moving technologies have changed the nature of how business gets done.
Companies have been forced to invest, innovate, and pivot to stay competitive in the ever-changing landscape of emerging technologies. We now find ourselves on the precipice of the new unknown in the form of Artificial Intelligence. Across industries, the pending impact is enormous,
both exciting and concerning to many business leaders and investors. Now, I can’t predict the future, and odds are neither can you, so the best thing we can do is educate ourselves on this new tool and learn how it can be used with minimal risk and fear.
We have all heard about AI, but let’s first understand what AI is, what solutions and strategies exist, and identify any negative impacts or disadvantages of the new disruptor.
Artificial Intelligence is a catch-all term that has a lot of different meanings and applications. The most popularized form of AI that you’ve likely heard about is ChatGPT from the organization OpenAI. The “GPT” part of the name literally stands for “Generative Pre-trained Transformer.” Generative means simply that it generates or makes something for the user, such as a piece of text or an image. The pre-trained aspect means that the software has been fed heaps of information, data, and content as reference material or ingredients to work with. If we ask the image generator to make us a photo of a teddy bear
astronaut on the moon in the style of a Rembrandt painting, the software will have to have already been trained as to what those things are to accurately complete the task. The software is not limited to just making pictures; it is designed for the user to ‘chat’ with the software by asking questions and receive responses in a conversational style. It will answer complex questions and follow-ups in a natural language style. Additionally, the transformer aspect can take what the user gives it and transform it into something new. For example, if you cut and paste in your text and you want it rearranged, proofread, collated, analyzed, etc., the software will perform the task in a flash, saving hours of time and increasing productivity. It can generate text that you may need, from computer code to correspondence.
BUT WHY DO SOME VIEW THIS NEGATIVELY AND FIND IT CONTROVERSIAL?
Some unethical users are generating images that are designed to trick people into thinking they are real. The ability for us to recognize these so-called “deep fakes” is still being developed but will likely help in the future. There are other types of AI that businesses can use that are customized, such as visual recognition; for example, AI that watches thousands of pieces of fruit going down a conveyor belt for packaging and can detect any pieces that are not up to quality standards. There is a predictive AI technology that allows users to input large amounts of data to research and determine hypothetical outcomes or process results. One consideration is the idea that AI software is dependent on first creating the model, framework, or parameters, providing it with references for the
tasks that we want it to do. The AI can’t notice a bad pear going down the belt unless we first tell it what to look for before it is smart enough to make the decision to flag a mushy pear as inadequate. We, humans, must always first train the AI models. Remember, all computer programming is based on simple if/then logic. We train to recognize IF you see the flawed pear THEN these are the steps you are authorized to take; that is the intelligence. The more we train it, the better it will perform and the more our businesses’ bottom line can grow. Is implementing AI the right move for your business or organization? That depends on your individual needs and the desire to embrace the new technologies on the horizon.
Jamie Lazarus, Chief Digital Strategist at Bold Gold Media Group and Bold Gold Digital. An accomplished branding and content creator, he has worked in marketing at Disney/ABC, was a Creative Genius at Apple, Inc. and taught Web Design, Graphic Design, Film and Photography at The Art Institute of New York City. He can be heard weekly during the ‘Digital Download’ Thursday mornings on the radio stations, Catskills New Talk 92.5 & 94.9, 95.9 VOS-FM and Thunder 102, and can be reached at digital@boldgoldmedia.com.
FROM AI TO IoT:
Top 6 Tech Trends Shaping 2025
By Monique Duci, Business Development Meeting Tree Computer
Many SMBs feel they aren’t ready to operate at the forefront of developing technology. And maybe they’re right. However, regardless of business size, new technology still plays a vital role in growth and efficiency. We agree that the pace of change can be overwhelming, but having the right tools can make a big difference. As 2025 approaches, several key tech trends are on the horizon that will change how our businesses work and thrive.
EMBRACING AI: A GAME-CHANGER
While AI isn’t new, it’s rapidly evolving and becoming increasingly more accessible, allowing businesses of all sizes to use the technology for various applications.
A recent survey by the U.S. Chamber of Commerce and Teneo shows that 98% of small businesses leverage AI tools, with approximately 40% using generative AI like chatbots and image creation—a significant increase from last year.
Although AI has not been universally embraced, it is reshaping how businesses automate routine tasks and analyze data for smarter decision-making. The future of AI in business is promising, with trends for
2025 indicating more AI in cybersecurity, customer service, CRM systems, market research, and the recruitment process.
THE POWER OF 5G AND THE INTERNET OF THINGS (IoT): SMART DECISIONS, REAL-TIME DATA
The Internet of Things (IoT) will continue to present exciting opportunities in 2025, offering real-time insights to drive efficiency and innovation. For instance, IoT can monitor equipment performance in real time, predict maintenance needs, and optimize energy consumption, leading to cost savings and improved productivity.
5G is propelling the adoption of IoT devices, enabling them to communicate and process data even faster. The projected growth of 5G-IoT connections is a testament to the exciting future of these technologies. IoT Analytics predicts a CAGR of 59 percent from 2024 to 2030, reaching over 800 million connections. That’s a huge jump up.
However, it’s crucial to remember that with every connected device, there’s a potential entry point for cybercriminals. As the adoption of IoT increases, so does the need for robust cybersecurity. More devices connected to the internet means cybercriminals have a larger attack surface, heightening the risk of data breaches and other cyber threats.
CYBERSECURITY AND DATA PRIVACY PROTECTION: A PRIORITY
Like us good folks, cybercriminals are increasingly taking advantage of the evolving technology landscape. They often use AI to create more convincing scams and automate attacks. If there was ever a time to invest in tools like encryption, 2FA, VPNs, and threat detection software, it is right now.
Cybercrime numbers show it, as does the increasing number of data privacy regulations being enforced. And these regulations are only going to get stricter. While great for protecting consumers, they can be a challenge for businesses that need to adapt quickly. Official websites like the U.S. Federal Trade Commission, tech news outlets, and your IT support partner can help you stay current, implement proper security measures, and comply with legal requirements.
CLOUD COMPUTING WILL CONTINUE TO GROW
Cloud computing continues to gain momentum. It offers flexibility and scalability while providing access to powerful tools without the burden of
hefty infrastructure costs. For SMBs, adopting cloud solutions means being able to access files, applications, and collaboration tools from anywhere—a critical feature as hybrid work remains popular.
GREEN TECHNOLOGY: SMART AND SUSTAINABLE
As we look to the future, adopting sustainable practices through technology is becoming increasingly important. Sustainability can be a win-win, allowing businesses to do their part for the planet while saving money. Implementing energy-efficient solutions—like Power over Ethernet (PoE) for powering devices, utilizing low-power network equipment, and integrating AI and IoT in environmental monitoring—will not only help mitigate the effects of climate change but also reduce operational costs and allow businesses to align with consumer demand for environmentally responsible practices. It’s something worth considering.
EMPLOYEE TRAINING: YOUR KEY TO SUCCESS
Investing in employee training will be crucial regardless of the technology trends you embrace in 2025. A comprehensive approach to training not only covers the use of new tech tools but also teaches employees to recognize cyber threats and enforces best practices regarding data protection compliance. Technology is only as effective as the people using it, and a well-trained team can make all the difference in getting the most out of your tech investments.
2025 WILL BE A YEAR OF GROWTH AND OPPORTUNITY.
Our recommendation is to be proactive, but don’t deploy technology just for the sake of it. Embrace the tools that align with your business goals and make cyber security and compliance part of your strategy. We can help.
Ever Wonder Where Our Investors are Located?
From Binghamton, NY to Kingston, NY — they’re not just from Sullivan County! Each issue, we’ll be calling out members from all over the map.
1 Aden Aggregates
845-990-7625
P.O. Box 217
Montgomery, NY 12549
2 Clean Path NY cleanpathny.com
917-822-4937
30 Hudson Yards, 73 floor New York, NY 10001
3 Drapkin Strategies
845-527-3101
173 Bowers Road Rock Hill, NY 12775
4 Griffiths Engineering & Architecture, PLLC griffithsengineering.com
607-237-8131
33 South Washington Street Binghamton, NY 13903
5 Here’s Help Staffing hereshelp.com
845-344-3434
371 East Main Street
Middletown, NY 10940
6 J. Hoffman Insurance jhoffmaninsurance.com
845-239-4787
301 Main St., Suite 2F Goshen, NY 10924
7 Marshall & Sterling marshallsterling.com
914-552-1810
110 Main St., 1st Floor Poughkeepsie, NY 12601
8 Mid Hudson Valley Federal Credit Union mhvfcu.com
845-336-4444 x3286
1099 Morton Blvd. Kingston, NY 12401
9 Monticello Central School District monticelloschools.net
845-794-7700
60 Jefferson Street, Suite 3 Monticello, NY 12701
10 Newburg Egg newburgegg.com
845-434-8115
17 Novogrodsky Road Woodridge, NY 12789
11 NYSEG nyseg.com
585-484-5350
26 Wierk Avenue Liberty, NY 12754
12 P.W. Grosser Consulting pwgrosser.com
631-589-6353
630 Johnson Ave # 7, Bohemia, NY 11716
631-609-1870
548 Broadway Monticello, NY 12701
13 Riggs Plumbing & Heating LLC
845-513-6400
7 Erie Avenue, PMB 1033 Narrowsburg, NY 12764
14 Roscoe Mountain Club roscoemountainclub.com
917-328-4708
100 Fairview Drive Roscoe, NY 12776
15 Schmidt’s Wholesale Inc. schmidtswholesale.com
845-794-5900
150 Jefferson Street Monticello, NY 12701
