Specialty Fabrics Review December 2021 - 48

[ MARKETS ] BUSINESS
Tax deductions can
offset a portion of the
cost of ransomware
attacks while
insurance is available
to help ease the pain.
when it comes to ransomware payments
under the money-laundering and
know-your-customer regulations, the
first step in any ransomware attack
should be to contact the business's bank
to determine if it transfers funds to a
cryptocurrency exchange.
The attacked business then sets
up an account with one of the many
cryptocurrency exchanges-where
U.S. dollars are exchanged for
digital currency.
Unfortunately, paying ransom does
not guarantee that a business will get
the decryption key or unlocking code
needed to regain access to the infected
computer system or files. Successful or
not however, the government offers a
little-noticed incentive for those who do
pay: the ransom may be tax deductible.
Taxes to the rescue
While the government warns that
ransom payments fund criminal
gangs and could encourage even more
attacks, failing to pay a ransomware
demand can have devastating
consequences for any business.
Fortunately, a business that pays
ransomware may be entitled to claim a
tax deduction on its federal tax returns.
Naturally, there are limits to the
deduction. Because there may also
be insurance payments to cover
both business disruption and the
ransomware payment, if the loss to
the business is covered by insurance,
the operation can't claim a deduction
for a payment made by an insurer.
Insurance
The question of whether traditional
insurance policies provide coverage
for losses due to cyberattacks and
cybersecurity breaches is, at least
temporarily, yes. A federal court
in Maryland recently ruled that an
insurance company must cover the
marketplace
For more information on classified advertising in IFAI's Specialty Fabrics Review contact Michelle Cook: 651 225 6957 | MLCook@ifai.com
HELP WANTED
COMMISSION SALES REPS WANTED
Neoprene Sheets, Hook & Loop,
Webbing, Elastic, Zippers, Buckles,
TPU Medical Fabrics & Hot Melt Adhesive
Many territories available. Established
in 1985, large inventory for fast delivery.
Please visit www.perfectex.com.
Please send resume to:
E-Mail: info@perfectex.com
Fax: 714-893-9339
Or call 1-800-326-1288 ext. 116 Konrad
FIND A JOB? POST A JOB?
Visit ifai.com/jobs to find employees and job
postings for the textile industry!
IFAI Career Center
FOR SALE
FOR SALE: BRAND NEW LARGE
GEO WINDER
7 foot wide x 8 ft. diameter; 3,500 pound weight
of roll; Linear actuated rewinder; Web center
control rollers; Adjustable Tension control with
Nitride rollers; Tidland air shaft and safety
chucks; SEW 10 HP motor
Asking $125,000. Contact Bobbi (507) 452-1700.
Free install with purchase of this winder.
48 SPECIALTY FABRICS REVIEW / December 2021
http://www.ifai.com/jobs http://www.perfectex.com

Specialty Fabrics Review December 2021

Table of Contents for the Digital Edition of Specialty Fabrics Review December 2021

Specialty Fabrics Review December 2021 - Cover1
Specialty Fabrics Review December 2021 - Cover2
Specialty Fabrics Review December 2021 - 1
Specialty Fabrics Review December 2021 - 2
Specialty Fabrics Review December 2021 - 3
Specialty Fabrics Review December 2021 - 4
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Specialty Fabrics Review December 2021 - 7
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Specialty Fabrics Review December 2021 - cover3
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