In the 12th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with David Patrón, a partner and Practice Coordinator at Phelps Dunbar, for the law firm’s New Orleans Litigation Group. During this talk, David discusses the importance of data security, preparations to prevent data breaches, and the ways in which cyber-attacks can take place.
Time Stamped Show Notes:
- 01:47 – David discusses cyber-attack vulnerabilities from malware, hacking, phishing attacks, internal sabotage, and careless employees.
- 03:42 – The technology officer of a company needs to stay aware of security issues.
- 05:39 – Train employees how to stay aware of securities problems and preventative measures they should be taking.
- 06:59 – Engage companies that offer hacking simulations to penetrate your system to detect weaknesses that need to be remedied.
- 08:13 – Invest in cyber security insurance, which is relatively inexpensive right now.
- 09:50 – Assemble experienced executive, forensic, and legal response teams, and formulate a plan of action which includes public relations efforts, in advance before an attack even happens.
- 13:01 – Once you detect an attack, you need to contain it, and deal with any litigation that may occur.
- 15:31 – State statutes regarding data breach vary by jurisdiction, and it is a sliding scale.
- 18:05 – The typical lawsuits that pertain to data breach include: lawsuits brought by regulatory agencies, class action suits brought against security fraud, and lawsuits brought on by individual affected customers.
- 19:41 – Data security should be a top priority for a company. The attackers are becoming more sophisticated.
- 22:33 – The role of the attorney is often pre-incident front-end consulting and risk-assessment, and incident response.
3 Key Points:
- Cyber Security Checklist:
- Install basic security equipment and anti-virus software for email servers and final user devices.
- Firewall technology.
- Web filter and spam filter software.
- Data loss prevention software.
- Utilize reliable companies that offer hacking simulations to penetrate your system to detect weaknesses that should be fixed.
- Cyber security insurance is an importance and affordable investment to make right now.
Tweetable Quotes:
- “Know your enemy.” – David Patron.
- “You have to invest in cyber security technology. If you don’t, as a company, you are just being negligent. And you are setting yourself up for litigation if something does happen” – David Patron.
- “You want to have robust human resource programs to educate your employees about the importance of staying vigilant and being aware.” – David Patron.
Resources Mentioned:
