A panel of cybersecurity experts gave a thorough overview of the cyber-threats facing small and mid-sized businesses. Optimum Networking’s Art Gamino was joined by Mark Spitz, a local business lawyer, and Troy Sibelius, a cyber insurance specialist at The Buckner Company.
The biggest take away was addressing cyber risk from only one perspective, whether that be Legal, Information Technology (IT) or Risk Management, is not a sufficient approach to combat cyber threats. Business owners and executives need to engage all three services to (Legal, IT, and Insurance) to properly manage risk and exposure to internet borne threats.
Mark Spitz started the panel discussion by outlining the risks all businesses face. He emphasized that small businesses are often a more desirable target to hackers as they have less budget and resources available to them to respond effectively. Smaller companies can be a stepping stone into larger companies, so now many companies are requiring their venders to meet basic network security standards.
Mark encouraged business owners and executives to have a strategic plan to both prevent cyber-attacks, and how to respond to cyber-attacks when they occur. He emphasized the need for legal representation up front, because any plans you choose to execute or not would be held under attorney/client privilege in the case of a lawsuit.
Art Gamino is the Security and Compliance Manager at Optimum Networking. Art showed real examples of cyber threats to give folks a better idea of what to look out for. He then described the layered approach Optimum Networking takes when combating cyber threats:
Only by focusing on each of these layers can an IT company or professional adequately protect their client.
Troy Sibelius completed the panel discussion by reviewing real claim examples and the response of the insurance industry. Troy addressed many questions about how much coverage is recommended or necessary, and how/if taking the steps recommended by the panel would help mitigate the cost. Troy explained that just like the cyber threats, the insurance industry is changing rapidly and doing its best to meet their clients’ needs with new policies.
If you have any questions about any of these points, please contact Jonathan Defez at Optimum Networking: firstname.lastname@example.org