Episode Summary
This podcast episode focuses on cybersecurity trends and best practices for insurance agencies, featuring experts Daniel and Chris from Cyberfin. They start by providing background on Cyberfin - it's a cybersecurity firm serving the insurance industry, born out of the realization that agencies face compliance requirements but often don't have proper protections in place.
Daniel and Chris bust some common myths that leave insurance agencies vulnerable. The first is "I'm too small" - but cybercriminals target small businesses, which are profitable and easy targets. Cybercriminals make money through selling stolen data, ransomware, and fraudulent money transfers. Even small agencies are gateways to bigger targets.
Another myth is "I can manage my own security" - but attacks happen 24/7, not just 9 to 5. The experts explain that even one layer of security like multifactor authentication often isn't enough to stop breaches. Self-managing security is no longer realistic.
The third myth is "it's too expensive." Quality cybersecurity can now be accessible for small teams, with monitoring and response starting at just $50 per user monthly.
Daniel and Chris share tips insurance agencies can implement to protect themselves. The first is to make yourself a less attractive target through strong passwords, multifactor authentication, and endpoint protection.
Second, understand your compliance requirements - have reasonable security measures in place and be prepared to report breaches quickly.
Third, extend your business security practices to home and mobile. Use company-owned devices and phones, avoid public WiFi, and keep personal and professional digital worlds separate.
They also provide real-world examples of cyber attacks on agencies. In one case, 25,000 unauthorized quotes were run through a quoting tool, stealing massive customer data. The agency went out of business resulting in fines and reputation loss.
In another example, AI was used to spoof an executive on video calls to authorize fraudulent wire transfers of millions. As technology progresses, criminals exploit it.
In summary, cyber-attacks are constant threats to insurance agencies. But being proactive by getting security assessments, implementing solutions like Cyberfin's, and educating yourself on risks and best practices can help you protect your business for the long haul. For insurance professionals, cybersecurity needs to be a priority.
Timestamps
(0:00:00) - Daniel and Chris from Cyberfin talk about cybersecurity trends for this year
(0:01:31) - Cyber Fin is cybersecurity as a service for the insurance industry
(0:03:56) - How the bad guys make money is they sell data on the dark web
(0:07:04) - Cybercrime is the largest financial risk to any small business, the alliance says
(0:09:41) - You need to have reasonable cybersecurity in place, Rob Fort says
(0:15:32) - Give our audience some examples of cybercrime at its worst
(0:18:22) - A bad guy used AI to impersonate an executive within an organization
(0:20:52) - Cyberfin helps insurance agents protect their computers from cybercrime
