THE COSTS OF CYBERCRIME

from Prairie Business July 2015

Startup brings UAVs to wind industry

$371 Million: Estimated losses due to corporate account takeover in 2015 $525 Million: Estimated U.S. business losses annually $100 Billion: Total estimated U.S. losses due to cybercrime $445 Billion: Estimated global cost of cybercrime since 2014

Dissecting Defense Methods

Customers and employees of small businesses are attractive targets because they often have less security. Their computers may not be updated with the latest antivirus software, users may be less aware, and they might not have the means to protect themselves. In our region, people are very trusting. They are more likely to give out information, have a strong desire to be helpful, and may not be as suspicious of ill intentions.

While cyber criminals get smarter and develop more creative strategies, business owners should not be afraid, but rather educated. Education and awareness are key to prevention. It is crucial to provide education and training for both employees and customers on existing or future threats. Next, formulate a business plan to protect and mitigate risks.

Most trusted sources, banks and government agencies will never reach out via email to ask for private information. All employees should know not to give out online banking credentials, even if the sender seems legitimate. It is important to have an understanding of who you do business with, and avoid opening and responding to anything suspicious. If you suspect unusual activity, contact the bank and police.

Businesses should make sure to keep computers and networks secure. It is important to install and update spam filters, antivirus software and security systems, limit administrative rights, and use routers and firewalls to block unauthorized access. Additional defensive methods include using a dedicated computer for all financial transactions, avoiding public Internet access points, monitoring changes in computer performance and keeping a close eye on accounts. Businesses should review their account activity daily. They are not protected by the same regulations as consumers and do not have the typical 90-day window to dispute fraudulent activity.

Do business with trustworthy people and companies, and if you have doubts, ask questions. This will keep online banking safe and increase consumer trust within the financial industry.

Corporate account takeover is entirely preventable, if you’re willing to take the steps to protect yourself and your business. PB

Kristine Lunde Deposit Product Specialist Lead Alerus kristine.lunde@alerus.com

ND DVR launches employee retention program

The North Dakota Division of Vocational Rehabilitation recently launched an initiative called NDAdvantage to connect businesses with services that target employee retention. In a news release announcing the initiative, Russ Cusack, DVR director, said the NDAdvantage will provide employers with consultation on strategies and programs to help them retain workers at a time when businesses are competing for employees.

Partners in the initiative include the state’s commerce and public instruction departments, the North Dakota State Workforce Council, Job Service North Dakota, the North Dakota University System and Bismarck State College. For more information, visit ndadvantage.com.

United Savings Credit Union expands

United Savings Credit Union recently opened a 6,000-square-foot facility in downtown Fargo. According to Nicholaus Woodard, president and CEO, the new location was selected in part to shift the perception of credit unions in the eyes of the community and encourage new members to join. The financial cooperative now operates two locations in Fargo and one in Dilworth, Minn.

Bowman airport opens

N.D. Lt. Gov. Drew Wrigley joined local, state and federal officials May 28 to commemorate the opening of the new Bowman County Municipal Airport. The $16 million airport, located four miles east of Bowman in western North Dakota, spans 400 acres and boasts the longest small general aviation runway in the state. Wrigley said the opening of the airport is a milestone in the state’s efforts to address the impacts of rapid population growth. “This new airport will attract and facilitate business, and provide a safe operating environment for medical personnel, agricultural operators, flight training and aircraft maintenance,” he said.

FUSE wins NDANO award

FUSE North Dakota received the North Dakota Association of Nonprofit Organizations’ Partnership Building Award during the Nonprofit Leadership Conference held May 27 in Fargo. The award is given to an organization that demonstrates community leadership and has built partnerships within the North Dakota nonprofit sector.

FUSE North Dakota is a statewide anti-trafficking coalition which brings together advocates, direct service providers, law enforcement and other partners to combat human trafficking

Upgraded SDSU architecture/engineering hall to open in fall

South Dakota State University held a dedication ceremony April 24 for its newly built 62,000-square-foot architecture, math and engineering building. Lew Brown, dean of the Jerome J. Lohr College of Engineering, dubbed the $17 million building the “final crown” of a 13-year period of upgrades for the college. The building houses the architecture department on the third floor, mathematics and statistics on the second floor and mechanical engineering, construction and operations management on the first floor. The building will open for classes in the fall.

and raise awareness about the issue and its prevalence in the state.

Women leaders raise more than $39K for local groups

Thirty-seven participants of the Center for Technology & Business Women’s Leadership Program converted $3,700 in seed money into more than $39,000 in charitable donations over the course of the program’s eight-week philanthropic challenge. Working in small groups, the women raised cash donations and in-kind contributions for organizations in Minot, Mandan and Bismarck, N.D.

The Women’s Leadership Program is a six-month program focused on expanding the professional, personal, community and health leadership skills for women. Over the last four years, 118 graduates have contributed more than $148,000 to their communities.

Eide Bailly adds Oklahoma firm

Sartain Fischbein & Co., one of the largest local independent certified public accountant firms in Oklahoma, joined Eide Bailly LLP on June 1, bringing six partners and 32 staff members to the firm. Eide Bailly now operates 26 offices in 12 states and employees about 1,600 people, including 236 partners..

Construction begins on Watford City Event Center

Kraus-Anderson Construction Co. broke ground in May on a 261,000-squarefoot event center in Watford City, N.D. The $83 million facility, designed by JLG Architects, will feature a swimming pool and water park, a 22,000-square-foot field house, a 1,000-seat hockey arena and separate practice rink, a 3,000-seat arena for sporting events and concerts, a 12,000-square-foot gymnastics club and 10,000 square feet of convention space. Construction is expected to be complete in 2016.

Prairie Lakes wins Women’s Choice Award

Watertown, S.D.-based Prairie Lakes Healthcare System has received the Women’s Choice Award in recognition of being one of the best hospitals for emergency care in the U.S. It is the second consecutive year the organization has received the award, which is given based on publically reported quality data and outcomes of care that are important to women. Of the 3,800 hospitals eligible for the award, 374 hospitals received the honor

Lincoln County approves next step for DPCW project

On May 18, the Lincoln County (S.D.) Planning Commission approved applications for five meteorological towers to be erected near Sioux Falls in southeastern South Dakota at the site of the proposed Dakota Power Community Wind project. If built as proposed, the $2 billion wind farm would be financed using a unique community-fund model and would be capable of producing 100 megawatts of energy, most of which would be delivered to East Coast markets via the Rock Island Clean Line.

Rob Johnson, founder and principal of Dakota Plains Energy Inc., which is developing the project, said in late May that a group opposing the wind farm had filed an appeal with Lincoln County in opposition of the meteorological towers, but a date had not yet been set for the hearing. If the DPCW is allowed to proceed, he expects the wind farm could be complete in 2018.

Coldspring expands to Bismarck

In response to growing demand for construction products and services in North Dakota,

Cold Spring, Minn.-based Coldspring, one of the largest quarriers and natural stone manufacturers in the U.S., has opened a 6,000-square-foot showroom in Bismarck. The showroom will allow customers to select granite and other natural stone for a variety of interior and exterior applications, according to the company.

Coldspring is a family-owned company with more than 100 years of experience in the natural stone industry.

Christianson’s Business Furniture named best in class

Fargo-based Christianson’s Business Furniture has earned Haworth Inc.’s 2015 Best in Class designation in recognition of its exceptional performance in operational excellence, customer satisfaction, sales, marketing, brand development and enterprise development. Christianson’s is one of 26 dealerships to be given the award from Haworth, a maker of workplace furniture. This is the third time Christianson’s has earned the designation.

CoCo closes in Fargo

CoCo, a Minneapolis-based collaborative and co-working space provider, has closed its

Fargo location. The company operated a space in downtown Fargo for about 10 months, but failed to gain the number of memberships it needed to continue operating. The company continues to operate locations in Minneapolis and St. Paul.

KeyMedia Solutions expands in Sioux Falls

KeyMedia Solutions, a Sioux Falls, S.D.based digital marketing agency, recently purchased a 4,600-square-foot building in Sioux Falls to serve as its headquarters. Korena Keys launched the company in 2011 with a focus on providing digital marketing for small- to-midsized businesses. The company topped $1 million in annual revenues in 2013, a milestone which Keys says motivates her to continue focusing on small businesses. “I look at what it took for us to get where we are today, and want to help other entrepreneurial companies reach that too,” she said in a news release.

Sterling Computers receives security award

Dakota Dunes, S.D.-based Sterling Computers Corp. recently received the Govies Government Security Award from Security

Products magazine for its CrossWatch product. CrossWatch is the first commercial off-the-shelf cross domain solution for centralized, global IT monitoring and management, according to the company. Sterling, a certified small, woman-owned business, provides IT solutions primarily for government and education industry customers.

Midcontinent breaks ground on West Fargo offices

Midcontinent Communications held a groundbreaking ceremony May 28 for its expanded West Fargo presence, including more warehouse space, a call center, training rooms and studio space which will be used to produce local sports programming. The estimated $360,000 addition will allow the company to add 120 employees over the next five years to meet growing demand. According to Justin Forde, the company’s public affairs director in North Dakota, Midcontinent is investing about $72 million in Fargo through 2016 in order to offer its Internet, cable TV and other services to customers there. The company is investing a total of $100 million in infrastructure throughout North Dakota.

Choice Financial named top workplace for young professionals

Choice Financial was named the Young Professionals Network Best Place to Work as part of the 2015 Fargo Moorhead West Fargo Chamber of Commerce Chamber Choice Awards. Award recipients were selected by a panel of independent judges from the regional business community based upon their accomplishments in growth, innovation, creativity, community involvement and unique achievements. Company culture and environment for professional growth were factors in Choice Financial’s selection as a top employer for young professionals.

Ulteig names Jaeger CEO

Doug Jaeger has been named CEO of engineering firm Ulteig. He succeeds Eric Michel, who announced plans to transition out of the role in January. Jaeger most recently served as principal of AMP Advisors, where he provided advisory and consulting services on strategy, development and acquisitions. Prior to that, he served as CEO of Adolfson & Peterson Inc. and served in a number of leadership roles at Xcel Energy.

Prasek joins Prairie Business

Kayla Prasek has joined Prairie Business magazine as a staff writer. Her primary responsibilities will be writing for the magazine and managing the magazine’s website and social media activities. Prasek worked most recently as the city reporter at the Watertown Public Opinion in Watertown, S.D. She graduated from the University of South Dakota in 2014 with degrees in political science and contemporary media and journalism.

Van Zee to lead DWU entrepreneurship center

Dakota Wesleyan University has hired Ryan Van Zee as director of its Kelley Center for Entrepreneurship. He replaces Fredel Thomas, who accepted a position as dean of admissions at DWU. Before joining DWU, Van Zee served as director of entrepreneurial studies at the University of Sioux Falls since 2008. In that role, he directed the Center for Entrepreneurial Leadership and Innovation as well as designed or taught classes in business, management, innovation, finance and marketing.

NDARE elects president

Mindi Schmitz has been elected president of the North Dakota Alliance for Renewable Energy. Schmitz is a government relations specialist working in the Environmental Law & Policy Center’s Jamestown, N.D., office, focusing on renewable energy development policies and the implementation of the Farm Bill’s clean energy development programs. NDARE advocates for renewable energy and energy efficiency in North Dakota.

Patterson Thuente IP hires associate attorney

Intellectual property law firm Patterson

Thuente IP recently hired patent attorney Jumi Kassim to handle patent preparation and prosecution for companies with software, communications, medical device and other computer- and electronics-related technologies.

Kassim previously worked for 11 years as a software and systems engineer for Boston Scientific Corp. She is also a certified information systems security professional.

SD Board of Regents selects new leader

Michael Rush has been named executive director and CEO of the South Dakota Board of Regents. He succeeds Jack Warner, who retired after serving in the role for six years.

Rush previously served as executive director of the Idaho State Board of Education/Board of Regents for eight years. Prior to that, he served as an administrator, director of research and state supervisor for Idaho’s Division of Vocational Education. He holds a doctorate of education from Virginia Polytechnic Institute and State University, as well as master’s and bachelor’s degrees in agricultural education from the University of Idaho.

Benson joins Heartland Trust Co.

Jon Benson has joined Heartland Trust Co., where he works primarily with personal trusts administration, charitable trusts, IRA rollovers, investments and estate settlement. Benson has more than 25 years of comprehensive personal, business and financial services experience. His previous roles include vice president and private banking relationship manager with Wells Fargo and executive director of the Essentia Health Regional Foundation, where he worked closely with donors and families to assist them with philanthropic endeavors.

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