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Many people are losing jobs, leading to stressful times and potential property loss, damaged files, or client list theft. Luke Kumanchik from Honeycrisp discusses three IT-related challenges of employee termination: asset tracking, email and file access, and password security. Employees may have various devices and accounts that need to be managed and controlled to prevent data breaches. Sharing and hoarding passwords are common issues that need to be addressed to maintain data security.