Podcast: Play in new window | Download (Duration: 10:36 — 14.6MB)

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Summary

In this episode of Chattinn Cyber, Marc Schein is chattin’ with Gideon Hazam, a renowned expert in spoofing. The discussion revolves around the challenges faced by organizations in detecting and protecting against phishing attacks on their brands.

Gideon explains that his company spent six months meeting with Chief Information Security Officers (CISOs) from various industries to understand their main challenges related to phishing attacks. They identified three major challenges: detecting phishing attacks quickly, identifying the users exposed to these attacks, and finding ways to protect them.

To address these challenges, Gideon’s company developed a platform that has gained popularity and is now being implemented across sectors and organizations worldwide. The platform helps organizations detect phishing attacks on their customers quickly, identify the users at risk, and implement measures to protect them.

He then goes on to explain the connection between spoofing and phishing. Phishing is the platform used to conduct a cyber takeover, where attackers create fake websites to harvest credentials or steal money. Spoofing, on the other hand, is the technique used to generate these phishing attacks. It involves using spoofing tools to create fake websites or clone existing ones.

The conversation then delves into the susceptibility of different industries to spoofing attacks. Gideon explains that any organization with an online presence and customer interaction is a potential target for hackers. However, industries related to finance and money are particularly vulnerable due to the potential for financial manipulation and theft.

The discussion also touches upon the lifecycle of a phishing attack. It starts with building the phishing site, which is then detected and ideally taken down. However, the exposure window remains until the site is successfully removed. Even after takedown, the harvested credentials can still be exploited, posing a continued threat to organizations.

Gideon predicts that spoofing attacks will become more prevalent in the corporate world due to the increasing reliance on online activities and the availability of numerous spoofing tools in the market. He emphasizes the need for authentication solutions to ensure users are visiting legitimate websites and not falling victim to imposter sites.

The conversation provides valuable insights into the challenges posed by spoofing and phishing attacks, the connection between the two, and the need for robust authentication measures to protect against these threats. The discussion highlights the importance of detecting attacks quickly, identifying at-risk users, and implementing effective protection measures to safeguard organizations and their customers.

Key Points

• Organizations face three major challenges when it comes to phishing attacks on their brands: detecting attacks quickly, identifying exposed users, and protecting them.
• Spoofing is the technique used to generate phishing attacks, where attackers create fake websites or clone existing ones.
• Any organization with an online presence and customer interaction is a potential target for spoofing attacks, with industries related to finance being particularly vulnerable.
• The lifecycle of a phishing attack involves building the phishing site, detecting it, and ideally taking it down. However, even after takedown, the harvested credentials can still be exploited.
• The prevalence of spoofing attacks is expected to increase due to the growing reliance on online activities and the availability of easy-to-use spoofing tools in the market.

Key Quotes

• “Phishing is basically the platform to conduct a counter takeover in one hand. I will build a phishing site in order to harvest as many credentials as possible of any anyone. And secondly, I can use phishing to steal money. Simple as that.”
• “The interesting part is that any firm, any organization that has online presence, which require interaction between end user and customer is a target for the hackers, because if they can use their tools to harvest credentials, that would anywhere on each industry or niche…”
• “Detection and takedown … are the two major points. But takedown may take days may take weeks. Sometimes it takes even longer. And until the point that this site is down, the customers, the end users are still exposed.”
• “The more online activities become, the more spoofing attack will be there. Because this is a huge surface for attackers to exploit … The number of … spoofing tools [that] exist today in the market is numerous.”

About Our Guest

Gideon Hazam is an accomplished senior sales and business professional with a wealth of experience in business operations, development, and strategic sales, complemented by strong technology and managerial skills. As the co-founder and Chief Operation & Security Officer of Memcyco, he leads the charge in addressing a critical cyber blind spot: brand impersonation attacks that jeopardize both companies and their customers. With a unique ability to analyze complex business challenges and devise effective strategies, Gideon emphasizes the importance of protecting users from the rising tide of phishing and social engineering attacks. His extensive background in corporate development and global sales, combined with a collaborative and creative leadership style, positions him as a key player in the cybersecurity landscape. Passionate about safeguarding consumers in an evolving threat environment, Gideon is eager to engage in discussions about enhancing online protection measures against the ever-growing onslaught of cyber threats.

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About Our Host

National co-chair of the Cyber Center for Excellence, Marc Schein, CIC,CLCS is also a Risk Management Consultant at Marsh McLennan. He assists clients by customizing comprehensive commercial insurance programs that minimize the burden of financial loss through cost effective transfer of risk. By conducting a Total Cost of Risk (TCoR) assessment, he can determine any gaps in coverage. As part of an effective risk management insurance team, Marc collaborates with senior risk consultants, certified insurance counselors, and expert underwriters to examine the adequacy of existing client programs and develop customized solutions to transfer risk, improve coverage and minimize premiums.

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Podcast: Play in new window | Download (Duration: 19:51 — 27.3MB)

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Summary

In this episode, Marc Schein is chattin’ with Christiaan Durdaller, a cyber expert and founder of an innovative wholesale brokerage in the cyber market. Christiaan chats about his journey into the cyber industry, highlighting the rise of cyber awareness in recent years due to high-profile data breaches.

Christiaan explains the difference between retail brokers and wholesale brokers. Retail brokers work directly with clients, while wholesale brokers partner with retail brokers to provide market access and expertise. Christiaan emphasizes the importance of collaboration and problem-solving in the wholesale brokerage industry.

The conversation then shifts to the success of Christiaan’s brokerage, which has consistently won awards in the cyber community. Christiaan attributes this success to the firm’s dedication to product development, innovation, and expertise in cyber insurance claims.

The chat also touches on a major merger that Christiaan’s brokerage is undergoing. Christiaan explains that the merger aims to combine the best aspects of both companies and create a unified team with a focus on collaboration and providing the best resources and services to clients.

Christiaan discusses some unique products offered by his brokerage, including a cyber access facility and a crime 360 facility. These products address specific risks in the marketplace and provide clients with broader coverage and higher limits. The chat concludes with a discussion on the current state of the cyber insurance market. Christiaan notes that the market is currently in a softening phase, with renewal rates decreasing and coverage broadening. However, he also highlights the rising attritional losses, non-breach privacy litigation, and the impact of systemic risks on the market.

Overall, this episode provides insights into Christiaan Durdaller’s journey in the cyber industry, the success of his brokerage, and the current trends and challenges in the cyber insurance market.

Key Quotes

• “I was working at a law firm at the time, personal lines, insurance, defense, and looked at Cyber and said, this is interesting. This is something worth investing in. Not a lot of people are investing in it today. It’s a Fortune 50, Fortune 100 product, generally speaking. Let’s figure out a way to create change. It was really exciting for me and it’s been exciting since.”
• “There are a lot of folks out there with claims experts and talent, but very few that have the expertise of a cyber dedicated wholesale broken claims unit. It’s something we’re super proud of.”
• “We want to make larger limits available to them and make it available to them quick. We’ve got a lot of clients out there, as an example, who are in a class of business who can only procure 2 million or 3 million on a primary basis in limits. And you know, we’ve got to get support for them to build what their contracts require, to build what the risk models are saying that they should carry.”
• “Change is coming … It’s only a matter of time.”

Key Takeaways

1. Importance of Collaboration in Wholesale Brokerage. Christiaan emphasizes the importance of collaboration between wholesale brokers and retail brokers to provide market access, expertise, and solutions to clients. This collaborative approach helps address the specific needs of clients in the cyber insurance market.
2. Merger and Unified Team. The merger discussed in the conversation aims to combine the strengths of two companies and create a unified team. This unified team will focus on collaboration, providing the best resources, and delivering consistent services to clients.
3. Market Trends and Challenges. The conversation touches upon the current state of the cyber insurance market, including the softening market conditions, broadening coverage, rising attritional losses, and the impact of systemic risks. These trends pose challenges and opportunities for insurers and require adaptation and innovation in product offerings and risk management strategies.
4. Innovation and Product Development. Christiaan emphasizes the importance of innovation and product development in the cyber insurance market. He discusses the unique products offered by his brokerage, such as the cyber access facility and the crime 360 facility, which address specific risks and provide broader coverage options. This highlights the need for continuous innovation and the development of tailored solutions to meet the evolving needs of clients in the cyber insurance industry.

About Our Guest

As President and CEO of INSUREtrust’s, Christiaan focuses on their Cyber Secure Platform, products, and overarching strategy. As a key part of their leadership team, Christiaan strategizes to help ensure that INSUREtrust products, services, and solutions stay ahead of the market and competition. His team was recognized internationally by Zywave as the 2017, 2019, 2020, 2021, 2022 and 2023 Cyber Brokering Team of the Year. In 2018, Christiaan was recognized by the industry as the Cyber Risk Industry Person of the Year (USA) and 2020, 2021 and 2022 saw Christiaan recognized by Insurance Business America as a Top Specialist Broker. Since 2021, Christiaan has been a part of the Forbes Business Council due to his forward-thinking leadership within the cyber space.

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About Our Host

National co-chair of the Cyber Center for Excellence, Marc Schein, CIC,CLCS is also a Risk Management Consultant at Marsh McLennan. He assists clients by customizing comprehensive commercial insurance programs that minimize the burden of financial loss through cost effective transfer of risk. By conducting a Total Cost of Risk (TCoR) assessment, he can determine any gaps in coverage. As part of an effective risk management insurance team, Marc collaborates with senior risk consultants, certified insurance counselors, and expert underwriters to examine the adequacy of existing client programs and develop customized solutions to transfer risk, improve coverage and minimize premiums.

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Podcast: Play in new window | Download (Duration: 9:47 — 13.5MB)

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Summary

In this episode Marc Schein is chattin’ with Jeremy Boerger, an IT Asset Management (ITAM) expert. Jeremy recounts his entry into ITAM during the Y2K era, where he was tasked with managing compliance systems for a manufacturing firm. This experience sparked his interest in ITAM, which revolves around optimizing an organization’s hardware and software investments for maximum value. He emphasizes ITAM’s focus on cost-consciousness and usability, highlighting its role in efficient product and service utilization.

The discussion dives deeper into the essence of ITAM, explaining its significance in the cybersecurity realm. Jeremy stresses the importance of collaboration between ITAM and cybersecurity teams, citing industry standards like those recommended by NIST and the Department of Defense. He suggests that ITAM’s asset management functions, such as inventory tracking and usage monitoring, are integral to bolstering organizational security measures.

Jeremy acknowledges the historical challenges in establishing ITAM best practices but mentions ISO/IEC 19770 as a leading framework. He also links ITAM’s principles to new cybersecurity regulations, particularly those proposed by the SEC. These regulations emphasize managing end-of-life assets, data disposal, and leveraging returns from decommissioned hardware and software, areas where ITAM plays a crucial role.

As the conversation wraps up, Marc and Jeremy discuss avenues for further engagement and collaboration. Jeremy directs interested parties to his website and LinkedIn profile, where he shares insights on ITAM and cybersecurity integration. The dialogue underscores the evolving landscape of ITAM, its symbiotic relationship with cybersecurity practices, and the potential for synergistic collaboration to enhance organizational resilience and security posture.

Key Takeaways

• IT Asset Management (ITAM) helps organizations manage their hardware and software assets to get the most value and utility out of them. It helps control costs and track assets.
• ITAM and cybersecurity should work together. Knowing what devices and software are in the environment helps cybersecurity track potential threats.
• Best practices for ITAM can be found in ISO standards, ITIL, and NIST frameworks. Organizations like the ISO are bringing ITAM and cybersecurity together.
• The SEC is encouraging more asset management to track hardware, software, and data, especially at end of life. This helps control cyber risks.
• ITAM can notify cybersecurity when hardware and software changes, so they can update their threat models. Collaboration between the teams is important.

Key Quotes

• 00:51 – “If you remember back in Y2K, back at the turn of the century […] I had been brought into a small manufacturing firm to help with their Y2K results, a lot of it being swapping out old systems for compliance systems and the like.”
• 03:35 – “What I have seen from the other side of the fence is that cybersecurity professionals tend to look at their work in […] silo [as a] very separate activity when there’s all of this wonderful data and technique and knowledge that probably doesn’t get tapped into as well as it should have.”
• 06:09 – “Where is the hardware and software and most importantly, the data that is sitting inside that hardware and software? What do you do with it at the end of its lifecycle? And that’s been typically something that cybersecurity folks don’t really pay much attention to.”
• 06:37 – “Well, asset management is very concerned about that endgame because there’s money to be had. There are services to be had. If you’re not going to reuse that device or reissue those licenses, then what kind of return cash can you bring into the organization to then fund another investiture?”
• “But I also encourage folks to reach out on LinkedIn as well. We’ve got a very active newsletter community speak on a great length about some of the new initiatives, licensing schemes, threat, and even techniques on how to mitigate some of these asset concerns that then do bleed into cybersecurity and service management.” (08:24)

About Our Guest

Jeremy Boerger helps companies build and rehabilitate their IT asset management (ITAM) practices, both hardware and software asset management (SAM), recovering almost 10% of the IT department’s budget. In 2017, he founded Boerger Consulting, LLC, to better help business leaders and decision-makers fully realize the promises a properly-functioning ITAM and SAM programs can deliver. He tours the country, speaking at numerous conventions and symposiums. He is also the author of Rethinking Information Technology Asset Management,” available through Amazon, Apple Books, B&N, or wherever you prefer to purchase your eBooks and paperbacks.

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ABOUT OUR HOST:

National co-chair of the Cyber Center for Excellence, Marc Schein, CIC,CLCS is also a Risk Management Consultant at Marsh McLennan. He assists clients by customizing comprehensive commercial insurance programs that minimize the burden of financial loss through cost effective transfer of risk. By conducting a Total Cost of Risk (TCoR) assessment, he can determine any gaps in coverage. As part of an effective risk management insurance team, Marc collaborates with senior risk consultants, certified insurance counselors, and expert underwriters to examine the adequacy of existing client programs and develop customized solutions to transfer risk, improve coverage and minimize premiums.

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Podcast: Play in new window | Download (Duration: 17:35 — 24.2MB)

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Tech-related business insurance is evolving fast and Anthony Dolce, our guest on this episode of Chattinn Cyber, is a thought leader at the forefront. As head of Professional Liability & Cyber Underwriting at The Hartford, he brings 25 years of industry expertise to the myriad issues shaping policy development and recommended coverages for businesses – whether tech giants or third-party users of technology. Anthony explains the differences between Cyber and Tech Errors & Omissions (E&O) policies – as well as who needs which and in what combination. He also highlights for Host March Schein, National Co-Chair of the Cyber Center for Excellence, the confluence of factors that make tech companies such attractive targets for threat actors. You’ll learn about the most common – and damaging – cyber liabilities out there; things like network attacks, ransom ware assaults, data breaches, business interruption, data restoration costs and third-party vulnerabilities. And don’t miss our guest’s comprehensive list of best practices to control risk for companies of all kinds, whatever their core business. “Nothing’s a silver bullet, but you can help mitigate potential exposure,” says Anthony, whose Connecticut-based career began in claims before migrating to underwriting. Find out what differentiates The Hartford’s Tech E&O and Cyber insurance solutions and how their team of experts guarantee insureds the best possible outcomes when privacy breaches, data hacks or other negative events occur. (Hint: specialized expertise and preparedness are key!)

Key Takeaways:

• Why taking a leap and moving to the business side at The Hartford was one of those pivotal choices that changed the course of Anthony’s career – and all too the good!
• From claims to underwriting: How Anthony made the jump and why it has shifted his focus.
• About the collaborative, social elements that define much of the underwriter’s process and goals.
• What’s a Cyber Policy? If you’re doing business of any kind on the internet, then you probably need some form of coverage.
• What’s a Tech E&O Policy? If you providing a tech service of some kind, then you probably need some form of coverage.
• At the intersection: A look at insurance policies that simultaneously cover exposures in the realms of both Cyber and Tech C&E exposure.
• About the evolution of Tech E&O + Cyber and coverages required in an internet economy full of data transmittal, management and risk exposures.
• Why large technology companies are such high-value targets for threat actors eager to double-dip by accessing downstream secondary client information.
• How The Hartford differentiates itself as an established carrier with a wide array of solutions for any business eventuality:
  • Stand-alone Tech E&O coverage.
  • Tech E&O coverage + cyber coverage.
  • A wide variety of mix-and-match options.
  • Specialized tech expertise to ensure optimal insurance outcomes.
• About potential cyber liabilities unique to technology firms:
  • Network cyber-attacks.
  • Ransom ware attacks.
  • Data breaches (and related extortion).
  • Business interruption.
  • Data restoration costs.
  • Professional/product exposure due to third-party contractual, regulatory or subrogation issues.
• Supply chain and systemic risk: A closer look at the variety of vulnerabilities passed down to companies impacted by global industry events.
• Recommended best practices to note:
  • Perform regular software composition analyses.
  • Deploy tools to track vulnerabilities.
  • Undertake regular code reviews, including both static and dynamic scans.
  • Implement regular in-house or third-party security and resiliency testing.
  • Develop a solid IRP (Incident Response Plan).
  • Ensure that your cyber insurance carrier is an integral part of your IRP.
  • Stage incident response table-top exercises to align all stakeholders.
  • Establish a roll-back plan to close vulnerabilities and limit negative events.
  • Monitor your product and its resiliency.
• Remember: There are no silver bullets; only solid preparation maximizes risk mitigation and rapid recovery.
• Key Quotes:
• “You only get so many pivots in your career, as I tell junior folks, and so I jumped at the challenge to be on the business side (at The Hartford) and I’m happy I did.” – Anthony (01:50)
• “With underwriting, everyone is generally trying to get to a point where there’s agreement, a deal, a win. And that’s one of the things I really like about it.” – Anthony (02:54)
• “When breach and notification laws came into existence when California passed its first law around 2000, you started to have the need for a number of different coverages both for first-party and third-party.” – Anthony (05:49)
• “Tech companies accounted for nearly a quarter of ransom ware attacks within the last few years … and part of that is that they’re just a very attractive target by virtue of their interaction with clients and what they do.” – Anthony (08:32)
• “You really do need specialized tech expertise (to) get the best result for your insureds and guide them through what can sometimes be a complicated scenario with both first-party and third-party coverages, depending on what’s happened.” – Anthony (10:34)
• “One of the biggest areas of concern when I speak to general folks in the cyber marketplace is supply chain and systemic risk.” – Marc (12:42)
• “Make sure you’re making your cyber carrier an integral part of (your) IRP. Utilize their resources and their claims folks, because they’re in-house experts at what they do.” – Anthony (15:46)
• “For an incident response plan to be good, you need to test it and make sure that the decision-makers are in the loop.” – Anthony (16:03)
• “Nothing’s a silver bullet but you can help mitigate potential exposure.” -Anthony (16:50)

ABOUT OUR GUEST:

An insurance professional with 25 years of experience in law and a wide variety of insurance-related positions in North America, Anthony has handled thousands of cyber and privacy matters and frequently speaks and writes on legal/insurance related issues. He has also managed teams handling a variety of lines of business including Cyber, Healthcare, Technology, Media, Employment Practices Liability, Errors & Omissions and Directors & Officers liability. Anthony is a graduate of UCONN Law School and a member of the Connecticut bar.