Here on Payments on Fire® we’ve spoken a lot with risk and fraud management firms that generally offer some combination of services and technologies that promises to lower customer exposure to payments fraud, data theft, and operational risk.

There’s another dimension to cyber security that’s based on expertise – before and after a data breach. That’s the subject of this episode.

First, a company needs to understand its overall exposure. What do we have and what can we afford to lose? That takes a technical assessment of the firm’s internal and external defenses. It also takes an understanding of what the company has to lose, from reputation-based good will to loss of R&D investment through the theft of intellectual property. Such concerns are now top of mind for corporate directors tasked with shepherding their companies in the complex cyber domain.

Yes, there’s a role for insurance.

Post breach, there is the work of uncovering what happened, the maintenance of evidence so that proper forensic procedures can be taken, and the painful resolution process that may include fines (PCI) and litigation.

All of this is well understood territory for Chris Uriarte, Chief Information Officer at Aon Cyber Solutions who joins George in this episode.

Topics discussed include:

• The kind of activities and efforts needed to address today’s cyber risk
• How IoT threats are no longer confined to cheap surveillance cameras
• The sophistication of the cyber criminal industry
• The interlocking roles of threat analysis, risks assessment, and insurance
• The rise of ransomware and the particular exposure larger organizations face from this threat