Cybercrime is a unique animal. It’s one of the few crimes where we prosecute the victims. It’s bad enough that every business has to fight Russian crime rings on a daily basis (give me 10 minutes and I can show you that you are being attacked as we speak!). But to top it off, there’s a growing chance we will also face a class action lawsuit if one of these crime rings breaks through our defenses.
In Episode 27 of UnHacked, we sit down with Joe Brunsman – a cybersecurity insurance specialist – and end up with a brutal wakeup call. Fortunately, there is a get out of jail free card to go with it.
Let’s start at the beginning. Joe first caught my attention in one of his videos where he explained that insurance agents don’t really make enough money to justify the time it would take to properly advise a business on cybersecurity insurance policies. They are too complex, and the commission is roughly $100. What’s worse is that insurance agents are under no obligation to advise you on the policy, or even understand it themselves. Yikes!
This means that many of us may be banking on an inadequate policy. That’s bad enough. But now class action lawsuits after an attack are skyrocketing. Talk about a giant kick in the gut!
After interviewing Joe for about 45 minutes, I have to admit: I was a bit depressed. Is all of this even worth it? Business is hard enough. Keeping criminals out of our technology is hard enough.
Now we have to worry about prosecution attorneys and class-action lawsuits as well?!? Maybe it’s time to go live off-grid?
Finally, Joe said something that I will never forget. This isn’t drama. I’m not exaggerating. I was scared until he explained how to completely avoid being sued following a cyber-attack. Listen to this 2-minute video to learn how to save your business if the unthinkable ever happens:
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