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COVID-19 Impacting Cyber Breaches

During this month’s virtual discussion between Byron Martin, CEO at Teknologize and Jon Patterson, Co-Owner at JPI Insurance Solutions, they discussed the current impact of COVID-19 on Cyber Breaches and what you can do to help protect your business.

Byron: Well you know, I’m reading all the time article day after day about breaches or what’s happening in the cyber world, and the statistics around what is going on out there, and the bad actors, and what activity, what trends that are going on. I mean I was reading it just two days ago, where they’re saying there’s gonna be a 30,000% increase in attacks. Google was saying COVID attacks has in the last couple months has gone from zero to half a million phishing emails a day.

Jon: Wow.

Byron: And it’s just blasting everything, and I’m hearing of several instances where people are falling prey to those phishing attempts and getting whether it’s ransomware, or other sort of cyber breach. Having data that’s getting stolen, or businesses that are shut down, and I know it’s happening here in Tri-Cities, we may not hear it as much, or see it in the news.

Jon: Yeah.

Byron: ‘Cause that stuff doesn’t typically get publicized, you know.

Jon: Yeah, you don’t wanna know.

Byron: Yeah if don’t have to make an announcement, or you know press release, businesses are not gonna do that. Talk about pouring salt into an open wound, and it’s pretty vicious right now, and even myself, I’m watching my stuff like a hawk because every little hiccup, I’m like oh crap, okay let’s make sure that’s not a sort of an event or something like that, because you know, it’s just I’m ultra paranoid about it. I’m seeing it happen frequently, and so it is a little bit scary, and I think for me that’s one of the reasons that I tell people, no matter what, I think every company is gonna have a breach. At some point all businesses will be breached.

Bottom line, and so therefore you need to have business continuity or business coverage, whether it’s from a financial insurance side, whether it’s from an operational side. You need to have those pieces in place, or plans in place to be able to insure that your business will stay alive. The fact that now cyber insurance is becoming a huge deal, and a lot of small businesses still don’t have it.

Jon: Yeah.

Byron: They really need to have it because again, I’m of the opinion that it’s not a matter of if, it’s a matter of when.

Jon: Yup.

Byron: And really at this point, it’s just a matter of mitigation on how bad that exposure’s gonna be, and whether from a technical side or from a business side.


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