50
June | 2023
Business
Solution: Replace old equipment
with new models.
3. Patch software. Outdated
versions of operating systems or
offi ce programs are riddled with
security bugs. "Unpatched software
is involved in 20 percent to 40 percent
of all digital breaches," says Grimes.
Solution: Update operating systems
and software programs with the
latest versions.
Insurance
Policies
No business—large or small—can
eliminate the risk of cyber fraud. e
right insurance, though, can lessen
the blow when a breach occurs.
"Insurance can protect businesses
from so-called 'fi rst-party risk' of their
own losses," says Diane D. Reynolds,
partner at New York-based law fi rm
McElroy Deutsch. "Policies can also
protect against losses to third parties
such as customers and vendors,
obviating lawsuits against the
insured company." (For more details,
see the sidebar, "Reducing Risk with
Cyber Insurance," on Pages 48 and 49.)
Even the best insurance policy is no
substitute for operating procedures
that help stop cyber theft in its tracks.
All employees, from the head-person-
in-charge on down, need to be trained
on the most eff ective responses to
thieves who are skilled at social
engineering. " e one piece of advice
I have is to always be suspicious," says
Schaeff er. "Make sure everyone knows
that if something looks a little odd,
or if someone asks for something out
of the ordinary, speak up. It's better to
go overboard on security than to go
the other way."
Award-winning journalist Phillip M. Perry
has published widely in the business
management press. You may contact him
at linkedin.com/in/phillipmperry.
All
employees,
from the
head-person-
in-charge on
down, need
to be trained
on the most
effective
responses to
thieves who
are skilled
at social
engineering.
