The Expert Podcast

• Cyber attacks are becoming increasingly prevalent across businesses, including small enterprises.
• Previously, the probability of an attack seemed low due to the sheer number of businesses in the United States. However, advancements in technology, particularly the use of AI by cyber attackers, have changed the landscape dramatically.
• Every day, thousands of cyber attacks are launched, targeting businesses of all sizes, from small startups to large corporations and even government agencies. These attacks are ruthless and can have devastating consequences.

• Cyber attacks not only pose financial threats but also disrupt daily operations, leading to significant time and resource consumption.
• If crucial systems like accounts receivable, websites, or payroll are compromised, businesses can face downtime, financial losses, and damage to their reputation.
• The aftermath of an attack can cost tens of thousands of dollars and weeks of recovery time, disrupting business operations and potentially causing employee and customer attrition.

• Small businesses, especially, should prioritize developing comprehensive plans to prevent cyber attacks.
• Establishing a robust defense plan, similar to preparations for other emergencies like fires, is crucial. Each department should have designated representatives trained to handle cyber threats.
• Cyber insurance policies can offer proactive monitoring and response teams to assist in case of an attack, alleviating some of the burdens associated with recovery efforts.
• Collaboration with cyber security executives within the company or trusted third-party experts is essential for effective prevention and response strategies.

• It's crucial for businesses to understand the legal and regulatory obligations regarding cyber attacks.
• Certain types of cyber attacks must be reported to federal authorities within 72 hours to avoid fines, regulatory actions, or even lawsuits from affected clients.
• Seeking expert advice on preventing and addressing cyber attacks is paramount to safeguarding business interests and maintaining compliance with regulations.

• For more information or consultation on cyber attack prevention and mitigation strategies, visit our website at riskcoverage.com and ActualHuman.com