Your MI GreenStone PAC and WI Farm Credit PAC had a successful 2023. Disbursements were completed with meetings and checks being delivered to both Senate, House of Representatives, and Assembly legislators! The meetings were productive as connections were made and the cooperative structure of our borrower-owned lending association was communicated.
At the Federal level, the legislative activities have been very dynamic from agricultural labor, to FSA loan program limits, to the Farm Bill. The Farm Credit System, through individual associations and the Farm Credit Council, has been able to provide prospective as called upon. None of this would be possible without your engagement and commitment to raise legislative awareness of rural communities, agriculture, GreenStone, and the Farm Credit System.
GreenStone was also privileged to host a retirement celebration for Senator Debbie Stabenow who is retiring at the end of her current term in 2024. The Farm Credit PAC contributions over the years allowed us to financially support her as she worked tirelessly for the agriculture industry. The celebration was time for GreenStone to say thank you and join with other agricultural organizations to recognize her lifetime of service. In her honor the organizations made contributions to Michigan 4-H and Michigan FFA that she has long been an advocate of for as they help train the next generation that with join the agriculture industry.
GreenStone looks forward to continuing to build relationships and strengthen the recognition of our members, communities, and industry. The overall value and role of rural communities and the agriculture industry to our economies, and Farm Credit’s vital role in that, will continue to be the focus. Your continued support is commended and we look forward to involving members in delivering these messages!
Contribute Today!
The MI GreenStone PAC and WI Farm Credit PAC Drivers are going on now! Be involved in supporting the future of rural communities and agriculture. Send your voluntary Patronage pledge before January 31 to direct dollars from your Patronage check to the PAC. Join hundreds of your fellow members in strengthening the recognition of agriculture as a key component to a thriving economy.
Contribute from the palm of your hand:
- Michigan Credit Card Contribution Option: Click Here
- Michigan Patronage Deduction Option: Click Here
- Wisconsin Patronage Deduction Option: Click Here
To view the article in the online 2024 Winter Partners Magazine, click here.
Planting and harvest seasons receive a lot of attention and deservedly so. The execution of placing seeds in the soil with all the necessary support, care and feed to bring forth a productive result makes all the difference when measuring the success of a harvest.
The intensity, timing, rigor and efficiency of a harvest which grows out of the planting season makes all the difference for success. But maybe even more important than those two seasons is how we prepare for those seasons in the winter. In the mix of our preparation is learning and understanding what legislation is being fomented to change everything.
Key to winter activities mixed with holiday celebrations, industry meetings and taking a bit of a deep breath with thankfulness and recognition of blessings to be able to go another year, are other important thoughtful actions. Mindfulness of legislation being developed by actors that do not have the necessary deep understanding of farming and science our farmers have, can cast a shadow on the blessings and lead to yet another reason for prayer.
Reviewing and assessing your farms operation finances includes strategizing how they will be used to meet next year’s goals. Whether it is tax evaluation, cash flow, budgeting, prebuying inputs and other expenses, a sharp mind and pencil are important. Examining market prices, demand and trends to make projections involves wise reflection and minimizing guessing. All this reviewing, analysis and assessment must be made with an understanding of the public policy and programs. This can be complex. It is certainly worthy of reflective time.
Following that reflective time, turning a wrench on equipment maintenance to assure being “ready to roll” is likely to bring a smile after thinking about the politics of anything. So as we get to that mechanical work or enhancing winter preparations for animal safety during the cold season, keep in mind that a visit with legislators might make a difference in educating someone who took a different role in life – legislate. They need us to assist them, and if we don’t show up in some way, they will decide things without us.
Government leaders must come to value connecting our country’s agriculture to family farm ownership, all elements of science and geography as they make policies and programs. We need to use these winter months for all the above, and not forget about how important our voices are to assist our leaders in learning to know what they don’t know. These legislative and program decisions will shape the sustainability of our farms and how people are fed for generations to come.
Key on the legislative agenda is the next Farm Bill. It seems the journey never ends on making the Bill and it must be made in a manner that will allow for the continuation of diversified farm operations based on science and respective geographies. Congress passed an extension of the 2018 Farm Bill in November 2023. This keeps the current Farm Bill in place through September 2024. While this bill averts a government shut down for the time being, it was an important vehicle to fund some farm programs that would have lost funding on January 1, 2024. This extension makes it essential to have lively conversations about the necessary mechanics of this next Farm Bill in the first half of 2024 so our farms can produce plenty in the future.
We cannot have success and prosperity in our planting and harvest without these important winter exercises. As preparations are made to plant and harvest, appreciation for the other parts of farming need to be embraced to include communication with legislative leaders.
To view the article in the online 2024 Winter Partners Magazine, click here.
Established in 1986, Michigan State University’s Upper Peninsula Forestry Innovation Center in Escanaba, Michigan is a hub for all-things forestry research. Recently, a group of GreenStone employees had the opportunity to peek behind the curtain and learn about the important work the center is doing.
The center’s new state-of-the-art sugar shack focuses its research primarily on maple syrup and Christmas trees. The research is performed not only at the zero-waste center in Escanaba, but at forestry sites in Sault St. Marie, Michigan and Chatham, Michigan. The main center in Escanaba has 3,000 tree taps alone – funded fully by donations and grants.
New to the center is a CDL evaporator and reverse osmosis system that will be used for the 2024 season.
Jesse Randall, the center’s director, shared with us that there is a deficit of maple syrup in the world market, and there are several state and federal grants available to producers already in the business or interested in starting. You can read more about grant programs through the USDA here.
Michigan State University is one of the only universities in the country putting resources behind forestry research, putting this facility at the forefront of forestry.
To view the winter 2024 issue of Partners magazine in its entirety, click here.
As the holiday season winds down it is important to keep spending time with family. Here are five ways to make your cozy nights with your family more exciting this winter!
1. Game night
Pull out your favorite game from when you were a kid and teach your children how to play! Whether it is Twister or Euchre, family game night is a great way to laugh and have fun with the family!
2. Pizza night
Clear off the table or the countertop and roll out the dough – make it from scratch and watch it rise, or take the easy route and buy it from the grocery store. Have everyone decorate their own pizza with whatever toppings they like.
3. Movie night
Blow up the old air mattress, and grab the blankets and popcorn for family movie night. Pick out your favorite movie and relax as a family together watching it!
4. Build a Snowman
Bring Olaf to life this winter while building a snowman! Don’t forget the carrot nose and hat, or get creative with your accessories! Cap off the fun by making some hot chocolate to complete the full snow experience.
5. Talent Show
Turn your living room into a stage for your family talent show! Show off your dance moves or sing your favorite song to your kids and encourage them to express their talents.
Time together trying new and old things provide memories for a lifetime. Make the most of the season and enjoy those around you!
To view the winter 2024 issue of Partners magazine in its entirety, click here.
In November, a group of GreenStone board members and staff traveled to Washington, D.C. to represent GreenStone and our 28,000 members as part of the nationwide Farm Credit Fly-In. The time in D.C. was filled by conversations and interactions all centered around creating dialogue, providing education, and raising awareness with legislators and their staff. Three of your directors share their perspective of some of those opportunities from throughout their time in D.C., and offer their thoughts how each provided a unique and important opportunity to advocate for our members!
Dale Wagner
Over a hundred years ago Congress had the foresight to charter the Farm Credit System with a mission to provide safe and consistent credit and financial services to American farmers and ranchers. There has been enormous change since then, but our mission remains as important as ever. Today there is a tremendous amount of political “noise” so I feel it’s necessary to be a part of the conversation.
Farm Credit was in Washington, D.C. with farmers and ranchers from across the country and I was lucky enough to be a part of more than 800 participants. I had the opportunity to share some time with my senators and representatives or in many cases their congressional aides who have a significant impact on the information our lawmakers use when considering legislation. We had very candid conversation and discussion about many things affecting agriculture and rural America. Obviously much of the conversation was centered around the Farm Bill and the need to get it passed. Coincidently, while we were in D.C. the one-year extension did pass, but the message was still clearly conveyed for the importance of getting the five-year Farm Bill passed to give producers a better sense of security.
Other topics included crop insurance, the ability to finance young, beginning, and small farmers, and their concerns over impacts of increasing land values and interest rates. We voiced our concern about overreaching regulation and how those additional costs have to be absorbed by our member owners. Another topic we approached centered around the need to help finance rural infrastructure, including housing, healthcare facilities, utilities, etc. and the ability to partner with community banks for the improvement of small towns.
I have the realization that we were talking to politicians in Washington, D.C., yet somehow I feel our message was well received. I believe our attempts to educate and voice our concerns were, in some small way, successful! I think communication and building these relationships is vitally important to the strength of agriculture, our rural communities and our country, and am grateful to be a part of the GreenStone team advocating for and representing our members on the Hill!
Troy Sellen
Occasionally I find myself so wrapped up in micromanaging the details of our farming operation that I can control that I forget to consider the “big picture”. I suspect this can also be the case for the 600,000+ patrons Farm Credit serves nationally. Thankfully, opportunities like GreenStone’s Legislative Breakfast, which we held in D.C. in conjunction with the Farm Credit Fly-In, creates a chance for us to get one-on-one time with some of our Michigan and Wisconsin Congressional delegates to facilitate discussions about these big picture issues.
While Farm Credit has a strong presence on Capitol Hill, this event brought our representatives and their staff out of their high-paced offices and into a relaxed environment. With less concern for time and schedules, meaningful and in-depth conversations were had around legislative issues that impact the bigger picture fundamentals that hit home for all of us in some way.
What I really appreciated about this event was the sincerity of the conversations. Whether it was talking about the need for a comprehensive Farm Bill or asking for support to allow Farm Credit to partner with rural communities in building vital infrastructure, these discussions took on a much more personable tone than the usual legislative office visits. I feel a huge amount of credit needs to be given to our staff at GreenStone for being creative and unique to other Farm Credit institutions by planning this event. Feedback from those who attended has been very positive with many inquiring as to whether there will be another breakfast during the next Fly-In.
By leveraging the power in numbers of our patrons, you can be confident that GreenStone and Farm Credit are creating direct conduits to the Capitol by which our concerns and needs are being heard.
Terri Hawbaker
Possibly the most valuable follow up to our in-person meetings with our legislators was the Farm Credit Marketplace Reception held at the conclusion of the Fly-In. Using the theme and ambiance of a community farmers’ market, associations like GreenStone from around the country bring and share product from their region and their customers to be given to legislators and their staff as they “shop” as a representation of the broad and diverse industry we are a part of.
While the in-person visits with legislators are vital to encouraging things like a Farm Bill that benefits our customers, the Marketplace Reception brings our words to life as they shake hands with the growers, producers, and lenders that the Farm Bill will directly impact. The participants get to use, taste and enjoy both food and nonfood items from all regions of Farm Credit customers.
We all too often read of and discuss the current disconnect between consumers and farmers or ranchers -the Marketplace Reception helps bridge that gap with the very people who will decide how our customers will be impacted with upcoming legislation. For many of them, it might be the first time they meet an actual farmer. Even greater than that, it just might alter their buying decisions as they join family over the holidays or host winter gatherings.
Andy Hertzfeld is quoted saying, “You show me a great program and I’ll show you a passionate individual somewhere behind it.” While it’s certainly more than one person behind the success of the Farm Credit Fly-In and Marketplace Reception, the passion for American agriculture was hard to hide!
To view the article in the online 2024 Winter Partners Magazine, click here.
As a young farmer running a row crop operation, along with a custom spraying business, Zac Soltvedt knows the secret to success in agriculture is having a strong work ethic, grit and curiosity.
He learned those values growing up around his grandfather’s farm in Seymour, Wisconsin.
Originally going to school to be a machinist, Zac knew his real two passions were crops and the outdoors.
In 2015, after the passing of his grandfather, Zac followed his heart, and with the support of his wife Amber, took over the family farm and didn’t look back.
“I didn’t like to be cooped up in a building on nice days,” Zac explained. “Honestly, I don’t even like being cooped up on rainy days. I have always liked being outside, running machinery and making business decisions.”
When making those decisions, Zac has a simple philosophy.
“In everything I do, I always try to do better than the year before no matter what the challenges are. Some years, that’s easier said than done, but that’s always the goal.”
The other part of that philosophy: leaning on others with experience in the business.
After working with another bank to help finance his farm, Zac wanted a lender that had more experience in the agricultural sector. He made his way to GreenStone, and now works with Financial Services Officer Corey Fanslau, who brings a wealth of knowledge in agriculture and lending.
“GreenStone understands agriculture,” said Zac. “It’s really nice to have a banking institution that understands that a farmer’s financial records are going to look a lot different than a traditional business. I bounce ideas off Corey all the time and it’s nice to have him as a sounding board and as another tool in my toolbox.”
Corey shares the excitement of this partnership.
“It’s been a good relationship,” said Corey. “Zac, for being a young farmer, has shown a lot of vision for where he wants his operation to go. He’s supporting himself with a good nucleus of teammates to achieve his goals and become more profitable.”
Zac takes advantage of GreenStone’s CultivateGrowth program that provides flexible loan terms and resources for young, beginning and small farmers. One perk of CultivateGrowth is the mentorship program. It matches fellow young, beginning and small farmers with veteran farmers to share advice and strategies.
Zac’s experience in the mentorship program is a testament to why it exists – to forge important connections and share experiences.
“I was paired with a large grain operation,” said Zac. “They were very nice guys. It was nice to be able to ask questions. They were forward-thinking like I am. It was nice to get opinions on what does and doesn’t work for them.”
As if farming 500 acres of corn, soybeans and wheat is not enough, Zac also spends his time running a custom spraying business. It was a passion he picked up early on in his farming career.
“I started going out and working with customers my grandfather had worked with in the past,” explained Zac. “Then, by word of mouth, the business grew larger. I try to always be straightforward with what growers actually need and what chemicals they can go without.”
Right now, Zac’s custom spraying business is covering 10,000 acres, and he says it will most likely stay around that number.
“I value quality over quantity,” said Zac. “Before I take on more work, I need to make sure I can handle it and won’t be doing insufficient work.”
Aside from growing crops, Zac’s future plans involve growing his operation. He’s currently looking at ways to acquire more land and weighing expansion options.
“We’re always looking at trying to expand if we can manage it, as long as we can still do a good job,” said Zac. “I always want to do more to hone in on the bottom dollar and take a look at what I can cut and what I can expand to get better margins. I want to fine tune our portfolio and figure out where it is we need to excel in.”
Corey is always happy to assist in weighing those options.
“Zac has been good at looking to the future and he has not been afraid to embrace new things,” said Corey. “He wants to control what he has now and as he moves forward, he will be able to acquire more land and control more land. His ultimate goal is to grow his operation.”
With the resources of GreenStone and his mentors at his side, the future looks plentiful for his operation.
“He’s asking questions and looking for other folks to help him,” said Corey. “He educates himself and seeks good counsel when he moves forward so I think he will be successful as long as he keeps doing that.”
And as someone who now has some years under his belt, he offers this advice to anybody considering a career in agriculture:
“Don’t be afraid to work hard and get out there and do it. That’s the mindset of our business operation. You have to work hard. A lot of people just want to dream, and don’t want to do, but you have to do a little of both.”
To view the winter 2024 issue of Partners magazine in its entirety, click here.
Looking for a way to sweeten up your New Year’s Resolution? Just add maple syrup! It adds an all-natural, unrefined sweetness that you just can’t get with regular table sugar, and it can be used for more than just pancakes! Here is a way to include this sugar alternative in your salad dressing to make the perfect balance of sweet, savory, and tangy all at the same time.
Prep time: 5 minutes
- 2 tablespoons maple syrup
- 1 tablespoon Dijon mustard
- 1 clove of garlic minced
- 2 tablespoons apple cider vinegar or red wine vinegar
- ¼ cup olive oil
- ½ teaspoon kosher salt
- ¼ teaspoon black pepper
Instructions:
- Whisk together maple syrup, Dijon mustard, minced garlic, apple cider vinegar, olive oil, salt and black pepper in a small bowl or in a mason jar.
- Taste for seasoning and add in more if necessary.
- Before serving, give it a whisk (or a vigorous shake).
Notes:
- This recipe makes a little less than 1/2 cup maple Dijon salad dressing.
- Store it in a jar with a tight-fitting lid in the fridge for up to a week.
- Use it in green leafy salads, grain bowls, and more.
- Make into a Mape Dijon Sauce: Double the amount of maple syrup and Dijon mustard and use half the amount of olive oil with the rest of the ingredients being the same.
Recipe from Doodle’s Sugarbush, LLC.
To view the winter 2024 issue of Partners magazine in its entirety, click here.
What has changed since January’s Partners article?
Update: As of December 3, 2024, you are no longer required to complete the CTA and BOI information by January 1, 2025. However, if you choose to you are still allowed to submit your reports. At a minimum, we recommend you closely monitor developments and have all of the information necessary to complete your filings so you can swiftly respond when a ruling has been made. Here’s what you need to know:
A federal district court in Texas has issued an order granting a nationwide, preliminary injunction that: (1) enjoins enforcement of the Corporate Transparency Act (CTA) and regulations implementing its beneficial ownership information (BOI) reporting requirements, and (2) stays all deadlines to comply with the CTA’s reporting requirements, including the January 1, 2025, deadline for reporting companies to submit their initial BOI report. The Department of Justice, on behalf of the Department of the Treasury, filed an appeal of the district court’s decision on December 5, 2024.
The Financial Crimes Enforcement Network (FinCEN) has responded that as long as the preliminary injunction remains in effect:
- reporting companies are not required to report BOI to FinCEN; and
- reporting companies will not be subject to liability for failing to report their BOI.
FinCEN also indicated that reporting companies may continue to voluntarily submit BOI reports.
What This Means for You:
Due to the stay, you are no longer required to complete the CTA and BOI information by January 1, 2025. However, if you choose to you are still allowed to submit your reports.
The future of the CTA and BOI reporting, including when reports need to be submitted, remains fluid and unpredictable. If the appeal upholds the CTA and BOI reporting requirements, you will need to report at a future date. We recommend that you closely monitor developments and be prepared to respond swiftly if necessary.
Check the FinCEN Beneficial Ownership Information Reporting page for more information.
As you prepare for the new year ahead, there’s a new reporting requirement that could impact you – the Corporate Transparency Act (CTA)!
What is the CTA? The CTA is an anti-money laundering law passed by Congress in 2021. The CTA requires defined businesses to report what’s called Beneficial Ownership Information (BOI). The new BOI reporting requirements aim to provide the government with resources to crack down on shell companies used by money launderers, criminals and others trying to illegally hide assets. It’s estimated that over 30 million business entities will be required to report BOI – including many types of farm businesses.
Failure to comply with the reporting requirements can lead to civil and criminal penalties! The Financial Crimes Enforcement Network (FinCEN), the agency enforcing the CTA, is taking this very seriously. A failure to report could result in up to $500 a day in civil penalties until corrected. Additionally, criminal penalties of up to two years imprisonment and $10,000 could result. These penalties apply to fraudulent reporting as well, for example providing a fraudulent ID for a beneficial owner.
Am I required to report my business’s BOI? Most companies that are business entities will need to report. The rule is that any business entity “… created by the filing of a document with a Secretary of State or any similar office in the United States” must report. Businesses that need to comply with BOI include, but not limited to:
- Limited Liability Companies, including single member LLCs
- S corporations
- C corporations
- Cooperatives
- Associations
- Limited Partnerships
- Certain trusts
If you are questioning whether or not you need to report, you should lean towards reporting. If an individual owns or controls 25% or more of a reporting company, they should file.
Who doesn’t have to report their business’s BOI? Sole proprietors and husband/wife proprietor businesses will not need to report. This is because proprietorship businesses are not separate entities from their owners, so no filing is necessary to create them. Other exceptions from reporting include:
- Heavily regulated companies (banks, credit unions, public utilities)
- 501(c)3 tax-exempt entities under the Internal Revenue Code
- Large companies that have:
- More than 20 full-time employees that are employed in the United States AND
- More than $5,000,000 in gross receipts or sales from sources within the United States on its previous-year’s tax return
For more details on reporting and a complete list of exceptions, see the Small Entity Compliance Guide (Beneficial Ownership Information Reporting | FinCEN.gov) and the FAQ’s (Beneficial Ownership Information Reporting | FinCEN.gov) on the FinCEN’s website.
What is a beneficial owner? A beneficial owner is an individual who either 1) has substantial control over a company or 2) owns 25% or more of the ownership interests of the company. Substantial control can be direct, including senior officers and any individual with the ability to appoint or remove a senior officer. However, substantial control can also be indirect. Someone will be considered a beneficial owner if they are an important decision maker for the company.
The regulations seek to identify the people having control and influence over decisions, regardless of whether or not those people have their names on the shareholder list.
When do we need to file and where will filing occur? Filing will be done online via FinCEN’s website. There will be no fee. As of the writing of this article, the form is still under development. Information about the form will eventually be posted on the FinCEN website (Beneficial Ownership Information Reporting | FinCEN.gov).
For businesses in existence as of December 31, 2023, the BOI filing can be made starting January 1, 2024. The deadline to file is by January 1, 2025. This gives current companies one full year to make their initial BOI filing.
Companies that are created on or after January 1, 2024 must file within 90 days of receiving notice that they are registered.
The AICPA and over 50 affiliated organizations recommended in a letter to the Treasury’s FinCEN that the agency extend the effective date for reporting by one year to help smooth out the filing process as it gets underway. On December 12, 2023, the House of Representatives passed a bill that would approve these items – the bill is now in front of the Senate awaiting further Congressional consideration.
Important to note is that after the initial BOI report is made, any changes to beneficial ownership information need to be filed within 30 days after the date of the change. Changes that need to be reported include appointing a new CEO, or someone acquiring more than 25% of the company through a sale or gift.
What information will I need to report? The information that will need to be reported is:
- The company’s legal name any trade names (“doing business as” and “assumed.03s
- An identifying number from an accepted ID document (passport, U.S. driver’s license), name of the issuing state or jurisdiction, and an image of the ID document
Companies that are registered on or after January 1, 2024, will additionally need to supply information about the company applicants. Company applicants are individuals who directly filed the document to register the company (often attorneys) and the individual primarily responsible for directing the filing.
Closing: The CTA’s reporting requirements will impact many companies and will likely require a significant amount of information gathering and analysis. We recommend that you consult with your legal counsel to determine your reporting obligations.
GreenStone’s tax and accounting team at your local branch is also available to answer questions. GreenStone offers a full array of accounting services for farmers and other business owners, and we are ready to assist you with your year-end reporting needs!
* Please note that some dates can vary by County, especially in Wisconsin. Please check with your Specialist for specific dates if you are unsure.
To view the winter 2024 issue of Partners magazine in its entirety, click here.
Based on a recent study conducted by IBM, the “average cost of a data breach for an organization exceeded $4.45 million in 2023, the highest average on record, this is an increase of 2.3% from 2023”.
While significant advancements were made in security technologies like Artificial Intelligence (AI), malicious actors remained a persistent threat, constantly adapting their tactics and exploiting newly discovered vulnerabilities. This piece explores some of the more significant cybersecurity events of 2023 and provides practical tips to help you strengthen your cybersecurity posture in 2024.
AI Revolutionizes Threat Detection:
AI systems such as Google Bard and ChatGPT have achieved remarkable advancements in functionality. While these technologies offer immense potential for good, they are also accessible to malicious actors. Thankfully, AI has also revolutionized threat detection, enabling organizations to analyze vast amounts of data in real-time and identify malicious patterns that might elude traditional methods. These AI-driven algorithms can detect anomalies and predict potential attacks before they occur, allowing for faster and more effective response.
Enhanced Collaboration: Building a Collective Defense
Collaboration and information sharing are crucial components in countering cyber threats. Organizations are increasingly participating in the exchange of threat intelligence, which allows for the swift identification and neutralization of threats. By learning from each other’s experiences and sharing knowledge, organizations can develop a stronger collective defense against cyberattacks.
The White House’s National Cybersecurity Strategy (The White House, 2023) and CISA’s “Shields Up” campaign (Cybersecurity & Infrastructure Security Agency , n.d.) reinforce this approach by advocating for coordinated efforts and resource sharing to enhance cybersecurity resilience across various sectors. These initiatives underscore the importance of a unified and proactive stance in addressing the evolving challenges within the cyber landscape.
Evolving Cyber Attacks and Breaches
2023 was marked by a series of high-profile incidents around the world, demonstrating the ever-evolving nature of cyber threats, including the sophisticated rise of deepfakes. Here’s a highlight some of the more notable cyber events that took place in 2023:
- The year began with Royal Mail, a major British postal and courier company, experienced a major operational disruption due to a ransomware attack by LockBit, a ransomware gang linked with ties to Russia (Cyber Management Alliance, 2023). The attack halted international shipping and raised alarms about the readiness against such threats.
- Then in June, a software vulnerability in a popular file transfer product MOVEit was exploited by the ransomware gang CloP to attack hundreds of organizations, including universities, banks, and major multinational corporations (Vasquez & Vicens, 2023).
- In July, Storm-0058’s a Chinese state-linked hacking group, breached Microsoft’s email platform that led to the extraction of tens of thousands of emails from U.S. State Department accounts, primarily involving personnel working on Indo-Pacific diplomacy (Pearson, 223).
- Then in October, identity and authentication giant Okta suffered a breach in its customer support department, with hackers gaining access to the customer support case management system and stealing sensitive data. This breach was first reported to only have affected 1% of their customers but later revised that it impacted all of there customer (Krebs, 2023).
Deepfakes: The Rise of a New Threat
2023 also saw a significant sophistication of deepfakes, synthetic media created using artificial intelligence. These advancements have raised concerns about potential abuse in various digital spaces, including phishing attacks, disinformation campaigns and social engineering. Deepfakes pose a significant challenge due to their ability to convincingly mimic real people, making it difficult for individuals and organizations to discern genuine content from malicious attempts. Advanced detection technologies and awareness campaigns are crucial to combat this emerging threat.
These varied incidents and technological advancements illustrate the escalating scale and sophistication of cyber threats. The year 2023 saw nearly 6 billion compromised records (Ford, 2023), emphasizing the urgent need for robust, proactive cybersecurity strategies on a global scale.
Protecting Yourself in 2024
While the cyber threat landscape may seem daunting, individuals need to continue to take proactive steps to enhance their cybersecurity posture.
Here are some key actions you can implement:
- Embrace strong passwords: Move beyond easily guessable passwords. Utilize strong, unique passwords for all your accounts and enable multi-factor authentication wherever possible. Consider using a password manager for enhanced password management.
- Beware of phishing scams: Be cautious of suspicious emails, links, and attachments. Always verify the sender’s identity before clicking on any links or downloading attachments. If something seems too good to be true, it probably is. Check the “red flag” list for actions that should cause you to stop and verify.
- Update regularly: Regularly update the operating systems, applications, and firmware on all your devices (smartphones, tablets, computers) to install the latest security patches.
- Backup is key: Regularly back up your important data to a secure location. This will provide a safety net in case of a cyberattack or accidental data loss.
- Secure your home network: Use strong passwords for your Wi-Fi network and enable encryption to protect your data while online. Avoid using public Wi-Fi for sensitive activities.
Looking Ahead: A Collaborative Future
Combating cyber threats effectively requires a collaborative effort. Individuals, organizations, and policymakers must continue to work together to create a more secure digital environment. By taking these steps and staying vigilant, you can navigate the ever-evolving threat landscape with confidence!
Be Alert! Watch for these red flags and always verify before you send…
- Change in payment information, such as changes to wire directions, check details, or ACH directions
- Urgency in the request or last-minute changes without notice
- Change in your point person for business in process, such as your loan officer, title agency contact, or dealer representative
- Change in payment type, such as requiring you to wire money instead of provide a check
- Requests for payments for unexpected things, or by someone who wouldn’t normally contact you for money
- Unexpected email, text or phone call, or communications where the contact information doesn’t match what you normally use for that individual, such as a different email address or phone number
To view the winter 2024 issue of Partners magazine in its entirety, click here.
In this behind the scenes, three GreenStone employees share how their role allows them to support rural communities and agriculture.
Ashley Deloney
6 Years of Service
Loan Post Closing Manager
How does your role help carry out GreenStone’s mission of supporting rural communities and agriculture?
My team reviews loan documentation and title work post close. We ensure documents have been properly completed, and the title work issued is accurate and provides proper protection for both our borrowers and for GreenStone. In my specific role, I work with our approved title companies to ensure they are upholding the standards they have agreed to in regard to title insurance, customer service, compliance, and cyber security. I also work with our sales and operations teams to help improve processes and documentation.
What do you enjoy about your role?
The most enjoyable part about my job at GreenStone is getting to interact with so many people with various backgrounds and goals. Everyone is different and it’s always fun and interesting to understand people’s personal goals and then to watch them accomplish them.
How does your portion of the loan process ensure great customer service?
We make sure that our borrowers are properly insured and protected. By doing this, our customers can breathe easy knowing they have a free and clear title, and proper access to their land.
What do you enjoy in your free time?
I love spending time with my husband and daughter, baking, and knitting (a new hobby!).
How has your work changed over the years?
The legal department has restructured in order to create specialization. Each team within the department has a specific set of duties that ensure we and our borrowers are properly protected. We have pre-close, post-close, and servicing teams – allowing for each team to be experts in their respective roles.
Amy King
6 Years of Service
Compliance Manager
How does your role help carry out GreenStone’s mission of supporting rural communities and agriculture?
As a legal compliance group, my team and I function as internal support to other departments within GreenStone. We work together to deliver quality loans to our customers so they are better equipped to support their way of life and help feed the world.
What do you enjoy about your role?
I enjoy collaborating with individuals from other departments within the GreenStone. I find I am continually learning something new about myself or the industry through our collaborations.
How does your work ensure great customer service?
The legal process at GreenStone provides both a pre-close and post-close review of loans. Through the legal review process, the team works diligently to ensure all applicable regulatory procedures are being followed, assist in identifying intervening liens prior to close, and certify the completed or booked loan can be pledged to AgriBank.
What do you enjoy in your free time?
I enjoy being outdoors, spending time with family, and traveling.
How has your work changed over the years?
While the legal review and title review process has generally stayed the same over the last several years, we are always looking for new efficiencies in the review process and additional ways the Legal Department can be a continued resource to our customers.
Sherry Vasser
1 Year of Service
Loan Certification Specialist
How does your role help carry out GreenStone’s mission of supporting rural communities and agriculture?
As a certification specialist, I support GreenStone’s mission by ensuring each loan in its final stage has been completed with the necessary review standards that will allow our customer a smooth process going forward.
What do you enjoy about your role?
I enjoy that every day that I will learn something new, and this will enable me to be the best I can be.
How does your role ensure great customer service?
The legal process at GreenStone ensures that each customer’s loan transaction has a professional legal review within the loan process from the start to the finish.The team works diligently within the legal review process to ensure all applicable regulatory procedures are being met and assist in identifying intervening liens prior to the closing of the loan. The final review then certifies that the completed loan can be pledged to AgriBank.
What do you enjoy in your free time?
I love to spend time with my grandchildren and passing along some traditions of the past that I also learned from my family mentors. I also enjoy movies, great food, and reading a book.
How has your work changed over the years?
Technology has changed everything and has made processes faster and more efficient with less paper involved.
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