Welcome back President Biden
called cyber security attacks,
the biggest security risk to America today.
While we are just beginning to understand
how immense that risk truly is,
businesses and entities have been attacked
and they're looking at their bottom line.
And it's not just large corporations
facing staggering losses joining us
this morning is cybersecurity insurance
expert Antoinette Vanecek to talk
about how we can all protect ourselves.
Good morning to you.
Thank you so much for joining us.
Thank you for having
me. Yeah, I mean we're hearing
more and more about this.
President Biden talking about it.
How bad is it getting and what should
we be doing to protect ourselves?
I mean this is wide ranging.
We're talking about big businesses,
small businesses, social media
accounts being held ransom, literally.
It's very bad. It's so bad that
I was just informed that another
victim has been perpetrated
which had a $5 million credit
line opened up in their name.
That's how bad it is.
News or an individual?
It was a business OK,
what what should we be
doing to protect ourselves?
You want, it seems the perennial question
that needs to be asked is why our business
is kicking the can down the road and they
view it as not a serious problem or they
view it as it's not going to happen to me.
Either way, it is going to happen to you.
It's just a matter of when and
now is the time to deal with it.
So what you need to be doing
is reviewing your network.
You know, do mock trials,
update your software,
put in multifactor authentication.
These are all things that
can help thwart an attack.
These things are not being
done at some companies I went.
I, you know,
I don't want to paint a broad brush and say.
That's not happening with
all summer not doing it.
Others put the responsibility on it,
but it really needs to be an
initiative across the entire company.
Internet is cybersecurity insurance
going to be a thing of the future
is going to be even required in
certain states like California.
It is the federal government and
the state government is going
to make that a requirement.
In fact, they've already formulated
regulations that you will not be
able to do business with them
unless you have that in place.
I think people need to understand
the scope of it all because you and
I have had conversations about this.
You know on the phone,
'cause I I was trying to understand it.
I mean this is when when these hacks happen.
Sometimes these companies
literally have to throw away all of
their computers right? Right?
Sometimes they have to do that because
the the computers the networks
have been damaged beyond repair.
Cyber security insurance
can help pay for those.
Losses so that way the business
does not incur that loss.
Of course it also pays for the ransomware.
It also pays for the forensics that's
required to even see if the data has been.
Lost or it needs to be recovered or
you know it's gone outside the company
so it pays for a lot of things, right?
Talk about
the domino effect of a hack, right?
So if you're a small company e-commerce
and you get hacked and then what ends up
happening is they're getting information.
All the credit card information that you
have and it's just like a domino effect.
It is and people do not understand that your
information when it gets out there it is.
It's also appearing on the dark
web and they're also using it out
there and they're selling it to
other nefarious characters who
are using it for God knows what.
So once it gets out there,
you don't have any control over it, right?
And Gary, I certainly don't
want my information out there,
and I would be upset with that company
if they didn't take the proper controls.
OK, we've
got 20 seconds before we go to break.
Is this insurance? Expensive.
It depends on the industry,
your amount of sales,
and what kind of controls you have
in place for a potential hack.
So it's really important that
you have controls in place
and Antonia Vanessa. Thank
you so much for joining us.
We gotta go to break,
but it's an important conversation.
Thank you. Again, thank you.