Key Insights:
Ransomware Experience:
- Eric shares his experience with a ransomware attack from about 7-8 years ago
- His company didn't lose data but lost access to their own data
- They were able to recover within 12 hours and resume operations
- The experience felt violating and made them realize how quickly a business can be effectively shut down
Financial Industry Security Practices:
- Eric's firm has evolved their security protocols following their breach
- They now implement vendor approval processes requiring security due diligence
- They recommend credit freezes, credit monitoring, and identity theft coverage to clients
- They enforce verbal verification for financial transactions rather than relying on electronic messages
- Security is a significant but necessary expense as a percentage of revenue
Small Business Security Perspectives:
- Smaller businesses often feel they're "too small to be targeted" and resist security investments
- The value of security measures varies by industry (e.g., mortgage banker vs. florist)
- Financial independence clients are typically more security-conscious
Schedule Your Free Security Assessment
Financial Planning Philosophy:
- Eric promotes "Don't Retire, Graduate" as his philosophy
- He defines true retirement as financial independence, not stopping work
- The three secrets of happy retirees: being debt-free, maintaining health, and having purpose
- His book "Don't Retire, Graduate" outlines financial stages from "freshman" to "senior" year
Industry Evolution:
- Both IT and financial services have evolved from technical/transactional roles to relationship-based
- Technology is changing rapidly in both directions – security tools and hacking threats
- AI is making inroads in financial services but faces regulatory hurdles
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