The Expert Podcast

Can a data breach cost you money Sure it can So here's an example from Portland Oregon where their city Was targeted by a cyber attack And they lost $1.4 million now for a big city like Portland 1.4 million it's a decent amount of money It's not going to bankrupt them Some small towns could get bankrupted by 1.4 million But what if you are a small business Or some type of manufacturing company And you have somebody hack your business and steal 1.4 million How does it happen Well preliminary evidence indicated that an unauthorized outside entity gained access To an email account And ransomware was part of the cyber threat Rapid adoption of ad hoc teleworking environments driven by COVID Is one of the problems that has exacerbated cybersecurity We see that all the time
On both our investigative side and our insurance side of the business
Any company In 2022 and beyond needs to be aware of that The threat Footprint of your company is now more vulnerable You have more Remote workers even if they're not dedicated to be remote workers the more people are working from home or working from outside alternate locations that opens up a whole new door to your server
Some ways you don't even know some ways your IT might not even be aware That this has happening Where can you get this information Well if you have a cyber liability policy your carrier We'll not only give you information from Prior experience painful experience that they've paid out Other claims But in some ways they'll require you to put these things in place which is a good thing Because now you won't be vulnerable to threats that you may not even be aware of It's not that you're stupid Not that your IT person doesn't know what doing It's just the new types of breaches Are very creative And as soon as An IT person puts up certain defenses The hackers figure out ways to get around them In the Common repository of information and data and knowledge for this It's the insurance industry There's no centralized Source within the tech industry There's no centralized source within law enforcement Even FBI I see three department keeps some information but they don't share it outwardly It's a one way ticket You send them info about your hack and they keep it That's it
They don't send it back to you They don't give you information Your local government same thing They're not going to tell you what's what they've seen and they don't see that much The insurance industry sees it all because they get the claims all over the country Big companies Small companies Self-employed people All the different types of hacks and threats that happen They see it and they have to pay it And when they have to pay it they're going to try to keep you From being their next expense as an insured So if you have a policy With a cyber liability underwriter They're going to constantly keep you up to date on what the threats are And it's better than that little pop-up on your screen that says Hey McAfee wants to update your security software That's just for one machine This is going to be best practices for your whole company And they'll give you these updates by email as they come in They may monitor your system to know what type of platforms you have what type of technology you have Either way It's going to give you a lot of defense against a threat that hasn't even been invented yet
Some hackers going to invent a threat two months from now that no one's ever heard of And unless you're the one in the million companies that happens to be where the roulette wheel lands You'll find out about it before it ever hits you from your insurance company So we'll get a good policy