19 Oct Cyber Security Panel: Jay Frechette’s Top-Five Takeaways

Starkweather & Shepley’s Jay Frechette gives us his Top-Five Takeaways after the RIMTA professional-development seminar on “Cyber Security in the Marine Industry: Privacy, Risks & Protection,” which was cosponsored by Starkweather & Shepley Insurance Brokerage.

Frechette, an Account Executive in Marine Risk Solutions, led a panel of experts on October 18 to help educate more RIMTA and industry members about the challenge of managing cyber security. Read on for his list.

ONE: The Cyber Security Risk is a real one and is more prevalent in small businesses (i.e., marine industry) than most people think.

TWO: Once an attack hits a small business, it is too late; there needs to be resources (including time, energy & dollars) put into the preparation and controls to limit the risk and prepare for when that attack does occur.

THREE: Businesses need to educate their employees on these risks.  Things such as strong passwords, always confirm verbally before complying to any email request to wire funds, do not click on links or open documents unless they are confirmed to be from the actual person sending it, etc.  Seventy percent of hacks are traced back to employees.  This includes both “rogue” employees doing this on purpose as well as employees mistakenly allowing the breach.

FOUR: The Cyber Insurance marketplace is ever-changing and very confusing.  Small businesses need to work with a Cyber Insurance Specialist to make sure they have the most broad policies available to them.

FIVE: Hackers are looking for much more than just customer’s credit card information.  All businesses are targets in some way.

Nearly 40 individuals attended the seminar, which was held at Newport Yacht Club. Thank you to Jay Frechette (email) for moderating, and to our three panelists: Normand Duquette, Vice President, RISCO Insurance Brokerage, Inc.; Jeffrey Mace, Detective Corporal/Major Crimes Unit, East Providence Police Department; Mike Steinmetz, R.I. State Cybersecurity Officer & Principal Advisor Homeland Security. Read all participant bios here.

The seminar was the first in a new series of professional development seminars organized by RIMTA. The next event in the “Breakfast with Champions” series will be on succession planning and take place on December 6. Contact RIMTA (email) for more information.