Episode Summary
Many independent insurance brokers falsely believe they are too small for hackers to target. However, this podcast makes it clear that cybercriminals do not care about company size - they want access to data and money regardless. Shockingly, 61% of small businesses suffered a cyberattack just last year.
The expert guest explains that phishing emails and unpatched systems are two major vulnerabilities that allow hackers to infiltrate agencies' systems and steal data. Phishing tricks employees into clicking malicious links that install malware. Failure to regularly update software leaves numerous security holes open to exploitation.
We learn about a disturbing ransomware attack on a 15-person agency. An employee clicked a phishing email which allowed hackers to access and encrypt all the company's cloud data. The hackers demanded a 6-figure ransom to decrypt the data, forcing the agency to pay up.
But the costs don't stop there. As the agency operates in 23 states, it now has to assess regulations in each state to determine if breach notification is required. The time and legal costs add up quickly.
Besides ransom payments, cyberattacks commonly lead to permanent data loss, massive business disruption, fines for regulatory non-compliance, lawsuits, and severe reputation damage. The guest makes it clear these attacks can completely sink small agencies.
Carriers are now requiring cybersecurity attestations from agencies to ensure client data is properly protected. Agencies must demonstrate they are taking security measures seriously.
The expert's company, Cyberfin, offers a comprehensive managed security solution for agencies at an affordable $55 per month per user. This includes endpoint protection, secure VPN, and email filtering to stop phishing threats.
Crucially, Cyberfin's team handles all the monitoring, maintenance, updates, and compliance requirements so agencies don't have to become overnight cybersecurity experts. They make cybersecurity simple and stress-free.
In summary, this podcast dispels the dangerous myth that small agencies are immune to crippling cyberattacks. Hacks are rampant, hugely expensive, and threaten business survival. Managed solutions like Cyberfin's are now a must-have to protect client data and reputation. Agencies who fail to prepare are playing with fire.
Timestamps
(0:00:03) - If you don't have a proactive cybersecurity solution in place, it's time
(0:00:51) - Chris Miller: Why would hackers go after small insurance brokers and shops
(0:01:52) - What are some ways agencies are getting attacked and getting hacked by cybercriminals
(0:02:54) - Cyber Finn has been working on several agencies that have been attacked
(0:07:04) - Cyberfen is a cybersecurity company that helps insurance brokers manage their cybersecurity
(0:09:54) - You've priced your service really with the broker budget in mind
(0:12:08) - If you are selling insurance, your client data could be vulnerable
