Summary:
In the 4th episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, and host of the podcast Fintech Impact, welcomes Greg Markell of Ridge Canada, a cyber security insurance firm. They discuss the origins of cyber insurance, how to protect yourself and your business from breaches, and more.
Episode Highlights:
● 01:06: – Ridge Canada is a wholesale underwriting shop that focuses on cyber and privacy liability insurance.
● 01:36: – Cyber security is quite new, but it can cover measures to avoid liability for breaches or to solve the problem, and can cover the liability itself in the event that you’re sued.
● 06:04: – One of the biggest issues right now is understanding cyber connectivity across the country.
● 06:47: – We’re about halfway up the learning curve for brokers being able to communicate to end clients what their policies can do and how to use it.
● 08:02: – A Canadian census by Stats Canada of small businesses in the country actually asked for the purchasing rates of cyber insurance and it was only 7% as of 2017.
● 10:58: – Canada is the first country to have federal notification legislation mandating that companies notify their customers when there’s been a privacy breach.
● 15:26: – 40-50% of the applicants they see are indicating some form of loss, mostly from ransomware.
● 18:42: – You don’t need to be an obvious target to be hit with ransomware.
● 22:20: – Awareness is key to avoiding cybersecurity threats, including employee training.
● 26:45: – Two-factor authentication and password strength are crucial, and you can use technology like LastPass and other password managers to make it easy.
● 28:46: – There are multiple versions of two-factor authentication, including built-in authentication in Office365.
● 30:03: – Authentication where you are texted a code is the weakest form; even Jack Dorsey’s Twitter account was hacked by duping his phone’s SIM card.
● 34:30: – The strongest option is a physical USB key.
● 44:32: – Greg’s number one tip is to have a disaster recovery plan that includes getting hit by ransomware.
3 Key Points
1. Every business that has ever collected payment information from customers is at risk of
a cyber security and privacy breach.
2. Ransomware or malware are as big a threat as standard data breaches.
3. Never think you’re immune or not at risk of being hit with ransomware or a breach.
Tweetable Quotes:
● “The bottom line is if you take any form of client data and that data ever touches anything but a piece of paper, and that piece of paper isn’t shredded, you’re at some form of cybersecurity risk.” –Jason Pereira
● “I think there’s a lot of strength to the cloud, it’s how you manage things within the cloud. Always always always, if you’re using cloud-based technology, two-factor authentication, it’s a must.” –Greg Markell
● “Make sure you have that instant response plan in a robust manner and so you’ve identified the lawyer that you're going to call who’s an expert in these types of scenarios because your general lawyer is not going to know how to get Bitcoin.” –Greg Markell
Resources Mentioned:
● Website – Jason Pereira’s Website
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● Jason’s article about RCAs
● Ridge Canada website – https://www.ridgecanada.insure/
● Email Greg: gmarkell@ridgecanada.com
● Call Greg: 416-646-6239
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