Hub Blogs

Hub Blogs contains fresh contributions written by Financial Independence Hub staff or contributors that have not appeared elsewhere first, or have been modified or customized for the Hub by the original blogger. In contrast, Top Blogs shows links to the best external financial blogs around the world.

Trust no one: Zero Trust Architecture and the next generation of Data Protection

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Zero Trust Architecture (ZTA) is fast becoming the security model of choice as businesses worldwide recognize the need to better protect their networks and assets in light of today’s growing remote workforce.

By Anthony DeCristofaro

Special to the Financial Independence Hub

For many organizations, remote work began as a pandemic-induced novelty. More than a year later, however, it has become the new normal. Even when the world officially reopens, a large number of employees who have experienced the perks of working from home will no doubt be requesting the flexibility to continue doing so – that is, if their employers actually plan on transitioning back to a physical workplace.

Remote work presents new data security challenges: even for top-notch VPN

Granted, a reliable VPN will substantially lower your chances of being hacked. However, as the past year has shown us, even the most highly rated VPNs are far from foolproof. While they’ve always had their fair share of vulnerabilities (thus the need for constant updating), VPNs have been under constant assault since the pandemic began.

For example, one extremely sophisticated attack compromised more than 900 Pulse Secure enterprise VPN servers enabling the attackers to gain access, steal account credentials, and exfiltrate other sensitive data belonging to victim organizations.

The more employees using your VPN, the greater your network’s vulnerability

Pre-COVID, you had maybe 10% of employees using your VPN one or two days a week. Now, you likely have 90% of employees or more using your VPN five days a week. Each one of these employees creates a new point of vulnerability.

Your VPN can’t protect remote workers from malicious cyber activity. If just one compromised employee uses your VPN, you could soon have yourself an intruder. It’s a company’s worst nightmare and an attacker’s dream come true.

Zero Trust Architecture (ZTA) is the way forward

According to Gartner IT Research, “by 2022, 80% of new digital business applications opened up to ecosystem partners will be accessed through zero trust network access,” and 60% of enterprises will transition most of their remote access VPN solutions to ZTNA by 2023.

Unlike VPNs, platforms that operate with Zero Trust Architecture (ZTA) assume that security breaches happen – and rightly so. Take the recent Colonial Pipeline incident.

In May 2021, the fuel operator responsible for carrying 2.5 million barrels of fuel per day was temporarily shut down after being held for ransom by cybercriminals. This, combined with similar cyberattacks on SolarWinds, Microsoft Exchange, and others, prompted The White House to issue an Executive Order in support of a zero trust approach to security. Continue Reading…

Going Global for Growth Opportunities

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Franklin Templeton/Getty Images

By Kathleen Anderson, Director, Client Portfolio Manager, ClearBridge Investments 

(Sponsor Content)

Considering how much COVID-19 has dominated our thoughts over the past 18 months, it is important to remember the significant challenges the world was facing prior to the pandemic. Aging demographics, growing inequality, and of course, the massive threat of climate change remain major concerns for global leaders, and that holds true in the investment industry too.

Sustainable investing and a focus on the environmental, social and governance (ESG) ratings of companies has become an important consideration for investors in recent years. Our firm, now part of Franklin Templeton following its acquisition of Legg Mason last year, was a signatory to the UN’s Principles for Responsible Investment in 2008, and first introduced ESG-integrated portfolios in 1987. Back then, responsible investing was a niche part of the industry, but attitudes have shifted considerably in the years since. At ClearBridge Investments, ESG factors are fully integrated into all our investment strategies after we formally introduced ESG ratings in 2014.

That includes the new strategy available to Canadian investors, Franklin ClearBridge International Growth Fund and Franklin Clearbridge Sustainable International Growth Active ETF (FCSI).1

With this actively managed solution, the portfolio managers target international stocks they believe are mispriced by markets, and use a fundamental, bottom-up approach to invest in quality businesses across the growth spectrum (Structural, Secular, Emerging) (see chart below). Quality in this case means companies with strong balance sheets and good management, offering unique products or services, or having strong niche positions locally or globally. Portfolio construction is also governed by a strict buy and sell discipline, with all capitalization, sectors and regions represented among the fund’s 40–70 names.

The case for looking outside of North America is also strong right now as the vaccine rollout gathers pace internationally. As always, history offers us some guidance.

International equities outpaced U.S. stocks the decade before the financial crisis

The U.S. has been the undisputed global leader on equity performance since the Global Financial Crisis of 2008. Prior to that, international equities outperformed the U.S. for close to a decade, showing that geographic leadership tends to persist over a long period.

Continue Reading…

11 books Small Business owners should read this summer

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What one book would you recommend for small business owners to put on their summer reading list?

Being a business owner requires hard work and dedication. But other skills entrepreneurs need are more subtle and can be the difference between a thriving or struggling company. So if you have felt like your bank of knowledge is missing a key element to reach your next business goal, this curated booklist might hold an answer.

To help your small business succeed, we asked business professionals and CEOs for their best book recommendations. From books that will propel your leadership to the next level to tomes that offer advice on conflicts of all kinds, there are several innovative ideas presented in these volumes that may help you grow your business and win at life in the long run.

Here are 11 books for small business owners to add to their summer reading list:

  • The 24-Hour Family
  • Mindset: The New Psychology of Success
  • Citizen: An American Lyric
  • They Can’t Kill Us Until They Kill Us
  • Think Big, Act Small
  • Deep Work
  • The Elements of Style
  • Primal Leadership
  • The Seven Habits of Highly Effective People
  • Measure What Matters
  • The Hard Thing About Hard Things

The 24-Hour Family

For those small business owners who are also parents, I would highly recommend The 24-Hour Family by Polly Ghazi! This is perhaps one of the best guides to work-life balance for parents. It does a great job at breaking down how you can balance the ever-growing demands of your work and your family. — Jeanne Kolpek, Cadence Education

Mindset: The New Psychology of Success

One book to put on your summer reading list is Mindset: The New Psychology of Success by Dr. Carol S. Dweck.  Dweck’s work breaks down the way we view our abilities and skill sets as based on the way we carry ourselves. Some people are content with where they’re at, or think that after a certain point they can’t improve on a skill. This is known as a fixed mindset. Others continue that hunger for knowledge and want to improve. This is known as a growth mindset. This book emphasizes the importance of a growth mindset and how it can help anyone in all facets of life, from school to business, and even personal relationships. I highly recommend putting this on your summer reading list if you want a kick to get in gear. — Chris Abrams, Marcan Insurance

Citizen: An American Lyric

While this book is not strictly business-related, it definitely does something I think people in the business world need to become apt at: understanding a variety of experiences outside of their own. Claudia Rankine’s Citizen: An American Lyric subverts narrative structures to put the reader into the driver’s seat of each page as she tells us about the varied experiences of Black people in America. Rankine doesn’t tell us, readers, how to feel. She is simply asking us to feel, to open ourselves to a world beyond our own. — Hunter Blackwell, Markitors

They Can’t Kill Us Until They Kill Us

Small business owners should add They Can’t Kill Us Until They Kill Us by Hanif Abdurragqib to their summer reading list. This book is a collection of personal essays illustrating the theme of empathy. These essays make the reader stop to consider what makes the world meaningful. Apply this principle when deciding how your business will fit into customers’ lives, and your small business can become a force for change. — Alex Czarnecki, Cottage

Think Big, Act Small

Think Big, Act Small: How America’s Best Performing Companies Keep the Start-up Spirit Alive by Jason Jennings is a best-selling book that every small business owner needs on their summer reading list. Jennings dives in deep to explore the unique concept of operating on the level of a big organization yet incorporating the spirit and drive of a start-up into the core values of the business. The book provides insider interviews, extensive research, and in-depth analysis on the topic. It is a must-read for any business owner looking for long-term, steady, and consistent growth. — Kelli Lane, Genexa

Deep Work

If you read anything this summer, read Deep Work: Rules for Focused Success in a Distracted World by Carl Newport. This book will probably strike many people as counterintuitive because it flies in the face of a lot of the conventional wisdom surrounding maximizing productivity and what it means to be productive, but by learning to harness short bursts of productivity, interspersed with downtime, you actually get far more out of a workday. If you want to learn how to do more work in less time, this book provides the template. — Markus Albert, EatFirst

The Elements of Style

It might seem ancillary to running a small business, but The Elements of Style by William Strunk Jr. helped me dramatically improve my written communication, and I am certain that it has meant better relationships with my vendors, clients, and employees. Continue Reading…

RBC Vantage: Unlocking value for things consumers do every day

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RBC/Getty Images

By Erica Nielsen, Senior Vice President, RBC

(Sponsor content)

When it comes to everyday banking, our clients have made it clear they want more value for their business. Specifically, they want more value from the things they do every day and to be rewarded for their banking relationship, particularly as it grows with us. They want our help building confidence in making critical financial decisions. And most importantly, they want us to earn their trust by looking out for their best interests and having their backs.

This was the important feedback that we heard from Canadians, and which led to the launch of RBC Vantage.

RBC Vantage is our new way to describe all of the powerful benefits that our clients can enjoy every day, just by having a bank account with us. Through RBC Vantage, we’re transforming the way we approach the client relationship, moving beyond simply selling a chequing account to ensuring that we meet our clients’ needs and expectations holistically.

We’ve taken the best of what we do and have innovated our offering to deliver more value than ever before as well as insights and tools to help our clients make critical financial decisions and confidently manage their money.

So, how can RBC Vantage give Canadians more value every day?

Unlock more value

Our new Value Program, one of the innovations that we’ve launched as part of RBC Vantage, is designed to recognize and reward our clients for banking with us. By simply enrolling their eligible bank accounts, they will be able to enjoy more savings on monthly account fees, and now can earn RBC Rewards points on debit purchases in-store or online. And the deeper the relationship that a client has with us, the more fees they will save and points they will earn.

Earnings points on debit is a great option for clients who spend less on credit but still want an opportunity to earn rewards, or for those who want to up their earning potential by collecting rewards on both debit and credit purchases.

Whether it’s building up points for a big-ticket item or using them to pay for everyday purchases like groceries or to pay bills, having more opportunities to earn points can really make a difference. Continue Reading…

My review of The Boomers Retire

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My latest MoneySense Retired Money column reviews the new fifth edition of The Boomers Retire by certified financial planners Alexandra Macqueen and David Field. Click on the highlighted headline here to retrieve full article: Fresh takes on the challenges facing baby boomers as they approach retirement.

As I note in the column, the original edition of The Boomers Retire (which I read at the time) was by Lynn Biscott and was published back in 2008.

Macqueen and Field are both CFPs and the book is aimed at both financial advisors as well as their clients, as indicated in the book’s subtitle.

Clearly, retiring boomers constitute a massive potential readership. I myself co-authored The Wealthy Boomer, way back in 1998. At that time, baby boomers may have started to worry about Retirement but most, including myself, would have been squarely in the Wealth accumulation camp.

Wealthy Boomers now well on way to transition to Decumulation

Here in 2021, Decumulation is the emerging financial focus of Baby Boomers, many of whom will already be retired or semi-retired, and considering new decumulation solutions like the Purpose Longevity Fund, which this site has looked at more than once. (here via Dale Roberts and here via another MoneySense Retired Money column.) Continue Reading…