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On January 3, 2020, Iranian General Qasem Soleimani died in a Reaper drone attack carried out by American military forces. The American government cited a growing threat against US national security and the interests of the US as predication for the strike. There have been reports that Iranian cyberattacks against American businesses and government agencies are sure to intensify in retaliation.

While this may seem like an issue for the United States government to handle, American companies should recognize the fact that Iranian cyberterrorists and their allies are likely to target US civilian companies in an effort to destabilize as much of the country as possible.

The Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) has issued several warnings to American companies to explain the breadth and depth of the looming threat of cyberterrorism. It is essential for all US companies across all industries to take appropriate measures to defend their interests and digital assets, especially those pertaining to sensitive private data of US citizens.

Defending Your Business Interests and Data from Iranian Cyberterrorism

Ultimately, it’s important for all American business leaders to know that it is virtually impossible for the average company to protect itself from an all-out cyberattack staged by Iranian agents and Iranian allies.

The best a potentially vulnerable company can do is to make the company as hard of a target as possible in the hopes that any attacks against it will appear to be more trouble than they’re worth. It’s also essential to have protections in place in the event your company needs to recover after a cyberattack from Iranian operatives or any other cyberattack.

The CISA recommends American companies take the following steps to minimize their chances of becoming targets and to streamline recovery processes after successful attacks:

• Enable port monitoring and disable all nonessential ports. Companies should know which ports are necessary for business-critical operations and which are vulnerable. For the ports that must remain open, enable port monitoring to track all traffic through those ports.
• Configure advanced email and communications monitoring. Companies should carefully track phishing trends and consider implementing phishing protection measures to prevent employees from inadvertently granted access to cyberterrorists.
• Patch all externally facing equipment immediately. “Day zero” vulnerabilities exist on all types of equipment, so you don’t want to run the risk of letting several patch cycles pass while your systems remain unprotected.
• Limit and restrict PowerShell usage. Log all use of PowerShell within your company and cut off access for any employees who do not require access for day-to-day job duties.
   
• Configure a reliable data backup system. A good rule of thumb is to have at least three copies of your critical data in at least two different locations, one of which should be offsite.
• Conduct response and recovery simulations. It’s a good idea to put your defensive measure to the test and run simulations to see how your team responds to an active threat simulation, including data backup and other recovery processes.

If Iranian agents decide to attack American businesses digitally, experts predict it will be done with the intent of causing chaos and disruption rather than to extort. Businesses that take appropriate precautions will be harder targets and will therefore be more likely to be overlooked by Iranian cyberterrorists.

If you are unsure about your organization’s data security environment, contact Gilmore Jasion Mahler, LTD (GJM) to learn how we can help you defend your interests and protect your data against cyberattacks. GJM’s experts can help to uncover the vulnerabilities of your business and assist with data governance.   

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

Business financials can get complicated. Overwhelmed by a sea of numbers? A team of Gilmore Jasion Mahler accountants recently walked area businesspeople through the top 5 questions to ask when reviewing your financial statements. They discussed each major section of a financial statement and provided helpful tips on what to look for or ask about. “Chamber U: Understanding Your Financial Statements” was offered in partnership with the Toledo Regional Chamber of Commerce. Gilmore Jasion Mahler presenters included Steve Miller, CPA, Caitlin Bainter, CPA, Michael Brough, CPA.

The five key areas of focus:

1. The Report

• audit
• review
• compilation
• agreed upon procedures

2. The Balance Sheet

3. The Income Statement

4. Statement of Cash Flows

5. Footnotes

Top five takeaways:

• Make sure you know what type of service you are receiving
• Review debt agreements to see what service is required
• Review debt agreements for affirmative and negative covenants
• The statement of Cash Flows gives a clear vision of the health of your business
• Consider whether your basis of accounting is appropriate to meet the needs of your business

Steve Miller, Caitlin Bainter and Michael Brough are part of GJM’s Assurance team, working with businesses across the region to provide trusted guidance.

Gilmore Jasion Mahler, LTD (GJM) has announced some key promotions and new staff members that strengthen the Firm and its leadership team. The promotions are effective January 1, 2019.

Judy Anderson and Matt Cavanagh are promoted to partner. Anderson, a Toledo native and graduate of The University of Toledo has been with the firm for 11 years. She has over twenty years of experience in public accounting and in the healthcare industry. A member of Gilmore Jasion Mahler’s healthcare and outsourced accounting group, she works with many of the Firm’s healthcare clients providing practice management and consulting services.  

Cavanagh, a Bowling Green native and BGSU graduate, joined Gilmore Jasion Mahler in November of 2005. Also a member of the Firm’s healthcare team, Matt’s focus is healthcare services. His expertise is in ambulatory surgery centers, outsourced accounting, practice management and modeling.

“Judy and Matt are already valued members of our leadership team,” says Gilmore Jasion Mahler Managing Partner Kevin Gilmore. ”Their hard work and dedication have strengthened our healthcare specialty and the Firm as a whole. I’m thrilled to see them both reach partner level.”

The Firm also announced some other key promotions. Partner Nikki Clement has been named managing partner of Gilmore Jasion Mahler’s Findlay office. Partner Mike Brough will lead growth efforts for the Findlay office. Nikki Clement's focus is the utilities industry. She specializes in accounting for regulated utilities.

Mike Brough works across a number of industries including manufacturing & distribution, government, and nonprofit operations.

Steve Miller is being promoted to senior manager. Both Ryan Avery and Ryan Emerson are promoted to supervisor and Nick Jackson is promoted to senior associate.

Earlier in the year, Diane Stretten and Mary Jo Pitzen were promoted to senior manager. Andrea Jennex moved up to supervisor in the GJM Findlay office. Ben Lochbihler was promoted to manager and Corey Selhorst, Lauren Grana and Clay Barron were all promoted to senior associate.

The Firm also brought on well over a dozen new employees in 2018 to further strengthen GJM’s administrative team and client service. They include Elijah Blackburn, Alyssa Essert, Alexandria Frances, Courtney Haas, Nicole Hartranft, Jennifer Henning, Dana Herr, Thomas Keyser, Jessica Knepper, Dylon Lause, Wendy Long, Tim Merkel, Madeline Mielcarek, Caleb Neeper, Joe Osentoski, Tina Rochowiak and Logan Sager.

“I couldn’t be happier with the staff we have in place headed into 2019,” says Gilmore. “When you have great people, great things happen. I’m excited to see what we can accomplish at a team.”

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.

With an increase in M&A activity in recent months it may be wise to get a business valuation done so that if and when an opportunity arises you're ready to respond. But who should do the work for you and how in depth a report does your business need? Gilmore Jasion Mahler Partner Jeff Denning specializes in business valuation and says be aware that the IRS or a court of law will have some requirements when it comes to the valuation, and who does the work. He offers some ideas on how to go about choosing the right person for the job.

Who does a valuation for your business is one of several important questions as you begin to research the process. For more information, see GJM's video blogs How Do You Figure Out the Value of Your Business, Business Valuation: Lengthy Report or Not, and What is the Business Valuation Process. Learn more about Jeff’s expertise in business valuation and forensic accounting, and don’t forget to sign up for GJM’s free quarterly newsletter The Expert with a focus on business valuation and litigation support. Just click here for quick and easy sign up.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting services and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities. 

Any business owner will tell you that quality assurance is critical to success. Mistakes or defects in the design or production processes can be costly in terms of recalls or customer dissatisfaction and can also leave your business vulnerable to liability concerns. Small mistakes can mar reputations – and the internet is an elephant that never forgets. In this business age, quality assurance is more crucial than ever.

It’s essential to have ingrained processes regarding quality assurance and measurement in order to avoid error. One of the most effective and data-driven of these measurement processes is Lean Six Sigma, a tool that can be used across industries and companies. In fact, our own firm has embraced Six Sigma as we constantly look to improve and streamline our processes at Gilmore Jasion Mahler (GJM).

In the first of a three-part series on Lean Six Sigma, we’ll explore a definition of the methodology as well as its main tenets. You’ll also come away with a good handle on what Six Sigma is all about and how it may fit in with your business.

What Is Lean Six Sigma?

At its core, Lean Six Sigma is a management practice that allows companies to leverage data to virtually eliminate defects within business processes. To be Six Sigma qualified, a company’s defect rate must be less than 3.4 per million produced.

Six Sigma has the potential for application in virtually any capacity and in any business, from honing a business strategy and creating benchmarks to goal setting and statistical measurement.

A Quick History

The Six Sigma certification was developed by Mikel Harry and Bill Smith of Motorola, a company that was among the first to receive the prestigious Malcolm Baldrige Award. As the concept has evolved, it has become a multi-dimensional approach that helps drive businesses to:

• Improve processes
• Decrease defects
• Reduce variability within processes
• Lower costs
• Increase customer satisfaction
• Increase profits

The Stages of Six Sigma

The phases of Six Sigma can be explained in the acronym DMAIC: Define, Measure, Analyze, Improve, and Control. This acronym is applicable to both operational and organizational issues, and businesses of all types and sizes.

• First, a business defines a problem that needs to be resolved, as well as how it has affected the organization.
• Second, a business uses various processes to measure the problem through mapping, data gathering, and the validation of the data measures.
• Next, an analysis of the data is considered the heart of the Six Sigma philosophy, as it helps determine the root cause of the problem, which will guide the steps ahead.
• After a complete analysis, a business takes steps to improve their processes, using several suggested strategies.
• Finally, control focuses on continuous quality improvement through monitoring and reporting.

The Lean Six Sigma methodology has helped businesses of all types, including GJM, to identify and eliminate errors in business processes. Next in the series, we will learn more about its benefits and applications. We’ll also share some specifics on how GJM has applied Six Sigma principles and seen results.

Established in 1996, Gilmore Jasion Mahler, LTD (GJM) is the largest public accounting firm in Northwest Ohio, with offices in Maumee and Findlay. Locally owned, GJM offers cloud-based accounting and provides comprehensive services including assurance, business advisory, tax, risk advisory, healthcare management and outsourced accounting. The Firm’s professionals specialize in industries including construction & real estate, healthcare, manufacturing & distribution and utilities.