Two potential threats were the topics of the day at the Northern New Jersey Mastermind Group – the Coronavirus and Cyber Security breaches.

The specter of a possible pandemic led the group to discuss ways to be prepared. With companies considering a work-from-home option, computer bandwidth will likely need to be increased, a factor that Dresdner Robin is exploring. Everyone was on board with more handwashing and fist bumping to reduce the spread of germs.

The biggest threats involve changing what we normally do, such as not traveling, canceling meetings, trade shows and other large gatherings, or buying up certain products, all of which could ultimately affect the economy.

Ralph Rosenberg of NK Architects reported that his firm has already had projects for healthcare and education clients put on hold while the crisis is evaluated.

Unfortunately, the work-from-home solution brings another set of problems. It may open the door to more cyber security breaches, as hackers penetrate home systems with fewer safeguards. So, companies must consider the type of fire walls and other security measures in employee home systems and employ ways to shore them up. Member Mike Smith of Axis Insurance Services outlined the increased proliferation of cyber security breaches and ransomware schemes today and ways to counteract them.