The topic of cyber security runs the risk of being discounted for several reasons:

  • “It is overdone”—We have heard enough already
  • “It doesn’t apply to my company”—We are too small and have nothing worth stealing
  • “It’s too confusing and overwhelming”
  • “We bought cyber insurance, we’re good”

I am confident there are more reasons, but this captures what I hear most often. Let me take a stab at dispelling this risky thinking.

  • You are hearing a lot about it because it has become so prevalent. Tools are for sale on the dark web that are very affordable and easy to launch. One statistic that was quoted to me from a reliable source stated, “a company is hit every 14 seconds in the U.S. with ransomware.” That is a frightening statistic and is probably only a fraction. No one wants the public to know when they have been hit. There is a high likelihood it is happening more frequently.
  • The fallacy in this thinking is that the perpetrators want your data. They do not. They want your money. You want your data. And in some cases, it can put you out of business if they sell your data to someone else. These guys are very savvy, they go for amounts that make it cheaper to pay than trying to go after them. $20K, $50K?
  • It absolutely is confusing, and not something that should be addressed without assistance from experts. It is not an IT problem. It has company-wide impact with company-wide solutions. At the very least your team should have a lawyer, a cyber expert for IT infrastructure, a financial expert who knows cyber, including bitcoin and negotiating skills, and a marketing plan for addressing a breach.
  • Insurance is important, but only a piece of protection. You probably have fire insurance too, but does that mean employees don’t need an escape plan, fire extinguishers, the fire department, and a sprinkler system? Do you know that cyber insurance plans can have a clause that considers a breach by someone outside the United States as an act of war, therefore not covered? Surprise. You find that out when you need the coverage most.

These things should concern you. It is just the tip of the iceberg. MACNY is very focused on helping our member companies and the community take all precautions. Not being prepared can be devastating to you and our community.

Please join us for our first-ever Cyber Security Summit on March 13th at The Lodge. Space is limited, click here to register today!  

If you have any questions or would like to learn more about protecting your organization, contact Cindy Oehmigen at [email protected].