When an insurer purchases a life insurance policy, the purpose is to provide for their loved ones upon their death. However, these life insurance benefits often go unclaimed. Here are some reasons why as well as how a life monitoring platform can prevent benefits from going unclaimed.
Legacy Planning (5)
Technology is evolving every day. Today’s latest technology would thus become obsolete some days later. It better explains the evolution of human civilization right from the ice age to its current avatar. There has been a paradigm shift in the ways and means of doing things. For instance, earlier people used to store documents in prints. But, with the growing demand for economic utilization of space, environment friendliness, and making services user-friendly, companies engaged in the business of finance and others (where usually a large volume of transactions takes place day in and day out) have gone for digitization.
We are living in the cosmos of the web. The Internet has amplified its pace, abstracts, and mechanization since its origin. Most of us absolutely rely on it for attaining information and statistics of any form. It has given the collar and backbone to many industries in terms of building contacts, transferring knowledge and material, communication etc. Due to all these valuable supplements, it has formed an imperative tract in our daily life.
Even a minute data security failure could eventually lead to huge organizational damage. In fact, statistics show that many companies that suffer a data breach go out of business because of the loss of consumer trust. Adding to that, the Federal Trade Commission has established that a failure to implement adequate security is an unfair trade practice that can result in fines and criminal charges. So it is highly essential to protect your Corporate legacy by using state of the art encryption practices.
Believe it or not, every marketing decision today is driven by data. Having said that, we mean, businesses today cannot run without their database as they have shifted from offline to the online model of business. It applies to industries on a holistic basis. As a matter of fact, hackers have become more aggressive and active than ever before aiming the financial assets as well as the personal data of people of all age groups. The latest ransomware attacks worldwide are the glaring examples of this new phenomenon. Therefore, you need a stronger push towards encryption such as the encrypted vaults.
Much water has flowed under the bridge since the launch of cryptocurrency. It is palpably the New Age currency with an improved security feature. But, the crux is that cryptocurrency has now been the hot target of hackers and robbers worldwide. Even in the US, many people have suffered due to the explicit crypto wealth that they disclosed knowingly or unknowingly. Having said that, we mean, the disclosure of your crypto assets can potentially put you in trouble. Cases like abduction for ransom and cryptocurrency robbery at gunpoint have been reported. Therefore, the real challenge now is to safeguard the cryptocurrency wallet.
Cybersecurity is a matter of grave concern in the present era. It has gained a substantial attention and investments both from the private and government sectors, especially in view of the languishing pains they have been subjected to in the recent times. Ransomware attacks, for instance, took away the happiness of the cybersecurity experts all over the world including some of the most advanced countries in the world such as the US and the UK. Having said that, we mean cyber protection is a matter of common concern to all. Therefore, the challenge ahead is twofold to all businesses that have an online presence namely protecting legacy and minimizing the loss in the event of a security breach.
Cybersecurity breaches have become one of the most predictable parts of every business. Almost every year, many companies are losing hundreds of billions which is more than the amount spends on recovering from hurricanes. In addition to that when the information like social security numbers and other sensitive data are stolen and it breaks into digital systems.
Though cryptocurrency is an encrypted digital currency and it is distributed on the blockchain, the concern for a security breach cannot be ruled out here. Having said that, we mean, there are two critical components in the use of cryptocurrency that you must not overlook namely the security of your access credentials and the devices that you use to access the cryptocurrency wallet. In other words, security of your wallet is a shared responsibility involving you and your security service provider. However, companies like LegacyArmour have developed encrypted e-vaults that protect your currency wallet with a hundred percent infallibility.
For the past few years, cybersecurity industry has been experiencing a rapid increase in cyber crimes and this not only has affected the business but your daily life as well. If we analyze the figures and facts of cybercrime and cybersecurity, we will see that cyber crime possess the ability to cripple your legacy by damaging your business overnight. So before you start securing your personal details and business transactions as digital assets with Legacyarmour to avoid unclaimed benefits and to plan your succession strategically, take a look at how cybercrime can create havoc influence the economy in the next 5 years.