Ep. 215: Fred Karlinsky: Steps to Take If (When) You Have a Cyber Attack

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Fred Karlinsky is a Shareholder and Co-Chair at Greenberg Traurig, LLP (GT), a law firm with over 2,200 attorneys in 40 locations in the United States, Europe, Asia, Middle East, and Latin America. Due to its scope and size, GT is recognized as one of the largest firms in the United States. Fred is internationally recognized when it comes to anything related to insurance regulations. He represents clients for property, automobile, and worker’s compensation cases and also serves as an Adjunct Professor of Law at the Florida State University College of Law.

Fred joins us today to discuss how the insurance industry has coped with the rise of cyber attacks in the last decade. He shares the different cybersecurity threats the sector has recently faced and how data can be valued and sold by cyber attackers. He explains how ransomware works, what the hackers can do to company and client data, and what a company should do if targeted. He describes how companies should prepare for a potential threat and what ordinary citizens should do to secure their data. Fred also explains the key differences between US regulations and European regulations.

"If you fail to prepare...prepare to fail." - Fred Karlinsky

Today on Spot On Insurance:

  • Fred's career and the different places he's worked.
  • The most recent cyber-attacks the insurance industry has suffered.
  • How data can be valued and sold by cyber attackers.
  • The prevalence of ransomware and how to beat this type of attack.
  • How all of our information is all being captured somewhere.
  • The least thing you can do to protect your personal information.
  • How Fred's home phone helped protect him against identity theft.
  • What the government suggests about paying ransomware.
  • How small agencies can avail of cyber insurance.
  • What companies can do when there's a breach in security.
  • What a seasoned team is and how they can help you against cyber attacks.
  • The differences between the US federal regulations and the European model.

Key Takeaways:

  • Locking down your credit is helpful.
  • Cybersecurity is going to be an issue for us for years to come.
  • Make sure your insurance company has cyber insurance.

Connect with Fred Karlinsky:

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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