The Expert Podcast

So, this story seems like it's about Artificial Intelligence being used for fraud against businesses; however, it's really about more than that. It has a lot to do with insurance coverages that pose hidden risks for a business owner. What do we mean by that? First, it gives you a warning: ignore scam texts and emails, and use best practices to keep up with the emerging techniques that scammers are using. But it goes further than that.

First of all, 52% of business owners admit to being duped by deepfake images or videos in the past year — that’s more than half. In fact, 90% of those surveyed want more support to protect against attacks. We'll talk about where to get that support. The average cyber claim for a business can cost $18,000 to $20,000, but most people think it’s only going to be $5,000 or less.

Now, 20% of businesses think they would recover from an attack in under a month. In reality, the recovery time often takes twice as long. In fact, many businesses that experience a cyberattack never recover and ultimately go out of business. A lot of business owners also feel that their non-cyber insurance would cover the losses, yet almost two-thirds of business policies exclude cyber losses.

If you do get a cyber policy, you gain the advantage of having monitoring and a response team, which we mentioned earlier. Cyber threats continue to evolve, so it’s essential to look into cyber policies and assess what they cover and how they could impact your business. This is so you don’t end up paying tens of thousands of dollars out of pocket, being out of business for months, or losing employees and clients.

Thank you for watching. Remember, you can access live, one-on-one personal consultations with a licensed private investigator, a licensed commercial insurance broker, a certified real estate title examiner, or a certified civil court mediator. If you need to consult with an expert in any of these fields, or even a licensed building contractor, you can click the link below at actualhuman.com. Here, you can arrange a live, one-on-one session where you’ll have undivided attention from a licensed expert. Ask any questions, get information about your situation, and we’ll be glad to help.