The Daily Rundown

SMB News Daily Rundown: Update for October 5

Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.

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Small Business News Highlights for October 5: 

  • Majority of freelancers report that they’re in it for the long haul 
  • Could laws making it illegal to pay ransoms deter malicious actors?
  • Over 860,000 women dropped out of the workforce in September 

Majority of freelancers report that they’re in it for the long haul 

“So it goes without saying that businesses can trust freelancers for long-term tasks as well.”

Looking for some additional help but worried about taking on another full-time employee given the economic uncertainty? A new study indicates that 97% of freelancers report that they plan to do contract work for a long time, making them a more appealing choice to fill labor gaps for business owners. 

Additionally, over 85% of the freelancers surveyed report that they’ve been doing the work for more than 5 years, which means that they can bring considerable experience and knowledge to your organization.  

Could laws making it illegal to pay ransoms deter malicious actors?

“Criminal ransomware used recklessly by amoral criminals is one of the biggest but least discussed scourges of the modern internet.”

Cybersecurity experts often warn that the majority of small businesses are vastly unprepared when it comes to preventing a cyberattack. October is cybersecurity awareness month, and the timing couldn’t be better as a Nevada school district recently made headlines after private student data was released by hackers when the district refused to pay the ransom.  

As devastating as a data breach can be, some cybersecurity experts argue that organizations should never give into demands for money by malicious actors and even go so far as to argue that it should be illegal to pay a ransom. While paying might make things easier in the short term, they say, it actually causes bigger problems in the long run. 

Over 860,000 women dropped out of the workforce in September 

“This is the devastating impact of the ongoing breakdown of our nation’s caregiving infrastructure in the face of COVID-19.”

According to the National Women’s Law Center, of the 1.1 million workers who left the workforce between August and September of this year, over 865,000 of them were women

The number is 4 times as high as the number of men who have left the workforce, further cementing economists’ concerns that women are in the midst of a “female recession” with significant long-term consequences for the economy. 

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