The Expert Podcast

• Cyber Attacks: A Risk for Non-Tech Companies
  • Cyber attacks are not just a threat to tech companies; manufacturing companies, retailers, and other non-tech businesses are at risk as well.
  • Buildings and facilities are prime targets due to their numerous digitized management systems (e.g., HVAC, fire alarms, security cameras).
  • Many of these systems are connected to the internet but are often not fully protected by firewalls or cyber defense systems.
  • Hackers often target these devices because they are easier to infiltrate and harder to detect once compromised.
• Why Are Buildings a Target?
  • Common building devices like HVAC systems, security cameras, access key code swipers, and security gates are essentially mini computers connected to the internet.
  • These devices are easy targets for hackers due to their often weak security measures.
  • Once hackers infiltrate one device, they can gain access to your entire network, potentially compromising sensitive business information.
• Real-World Example: Hackers Targeting Security Cameras
  • A client had their security camera system hacked at a car dealership.
  • The camera was connected to the internet, allowing hackers to access passwords and sensitive business systems like accounting, payroll, and accounts receivable.
  • This illustrates the importance of monitoring all devices connected to your network.
• Best Practices for Cyber Defense
  • Regularly review and monitor the devices on your network to identify vulnerabilities.
  • An IT professional can assist in this process, or a good cyber liability insurance policy will often include this as part of the coverage.
  • Standalone cyber policies provide additional benefits, such as automatic monitoring of your network and response teams in case of a breach.
• Why Cyber Liability Insurance is Essential
  • Many cyber policies offer monitoring tools that passively check for compromised devices, which can be more cost-effective than hiring a dedicated team.
  • In case of a breach, insurance companies often provide response teams to help mitigate damage.
• The Threat of Ransomware
  • Hackers scan millions of IP addresses daily, looking for vulnerable devices to access and potentially launch ransomware attacks.
  • A successful attack could result in significant financial losses (hundreds of thousands to millions of dollars).
• Access Expert Consultations
  • For personalized advice and consultations, you can access licensed experts, including private investigators, insurance brokers, real estate title examiners, court mediators, and building contractors.
  • Schedule a live one-on-one session to discuss your specific situation and receive tailored guidance.