Cyber Crime in the Hotel Industry

Cooke and Mason

6 Jan 201703:49

Summary

TLDRThe video script addresses the inevitability of cybercrime and the impracticality of total digital disconnection as a solution. It emphasizes the importance of insurance coverage tailored to cyber threats, employee education to recognize and avoid attacks, and robust IT security measures. The script offers practical advice and resources, including insurance guidance and educational materials, to help businesses mitigate cyber risks effectively.

Takeaways

🔒 Cybercrime is often invisible and can occur without your knowledge.
🌐 Disconnecting completely from the internet and electronic devices is an extreme but sure way to avoid cybercrime.
💡 Pretending cybercrime won't happen is not a viable strategy; it's important to take proactive measures.
🛡 Investing in cybersecurity insurance can provide financial support in the event of a cyberattack.
📜 Cyber policies typically cover a range of costs including data recovery, forensics, hardware replacement, and crisis management.
👥 Employee education is crucial as many cyberattacks exploit human error; policies and procedures should be communicated clearly.
🔐 Just like physical security, IT security requires investment in measures like firewalls, secure access controls, and monitoring systems.
🚀 To improve cybersecurity, start by assessing your current measures and identify areas for enhancement.
📚 Cooke and Mason offer free guides and resources on their website to help businesses enhance their cybersecurity posture.
📞 For personalized advice, businesses can reach out to Cooke and Mason's hotels team for expert consultation.

Q & A

What is the first step recommended to mitigate the risk of cybercrime for businesses?
-The first step recommended is to get insurance cover that includes cybercrime protection, as it provides financial support when things go wrong.
Why is it unlikely that a main commercial policy will cover cybercrime?
-It is unlikely because cybercrime involves specific risks such as hacking, cyber extortion, and data breaches, which require specialized coverage that a general commercial policy does not typically provide.
What are some of the losses that a cyber policy can cover?
-A cyber policy can cover losses such as data recovery, forensic data investigations, hardware and network replacement, crisis management, and credit or identity theft monitoring.
How can businesses prevent cybercrime from exploiting their staff?
-Businesses can prevent cybercrime by educating their employees about potential threats, implementing policies and procedures, and keeping staff updated on new threats and techniques.
What is the importance of IT security in preventing cybercrime?
-IT security is crucial as it helps protect against unauthorized access and data breaches. It includes measures like installing locks on digital 'doors', investing in alarm systems like firewalls, and monitoring with systems like CCTV for cyber threats.
What is the recommended approach for businesses that want to limit the risk and impact of cybercrime?
-The recommended approach is to accept the possibility of cybercrime and actively seek systems and expertise to limit risk and reduce impact, rather than pretending it won't happen or completely disconnecting from digital services.
What are some of the actions that businesses can take to move from their current state to a more secure one against cybercrime?
-Businesses can take actions such as obtaining cyber insurance, educating employees, enhancing IT security, and consulting with experts to move towards a more secure state against cybercrime.
Where can businesses find more information and resources to defend against cybercrime?
-Businesses can find more information and resources on the Cooke and Mason website under the section for hotels, where they can download free guides and access contact details for further assistance.
What is the contact number for businesses to call and speak to the hotels team at Cooke and Mason?
-The contact number for businesses to call is 01 77 86 99 00.
How can businesses stay updated on cybercrime prevention strategies?
-Businesses can stay updated by following Cooke and Mason on social media, where they may share new insights and strategies for cybercrime prevention.
What is the significance of having a specific cyber policy for businesses?
-Having a specific cyber policy is significant as it ensures that businesses have tailored coverage for cyber-related incidents, which are not typically covered under general commercial insurance policies.

Outlines

00:00

🔒 Cybercrime Overview and Mitigation Strategies

The video script begins by addressing the common inquiry about cybercrime and offers a brief overview. It humorously suggests that to avoid cybercrime entirely, one could disconnect from all digital devices, an impractical solution. The script then pivots to a more realistic approach, advocating for insurance coverage tailored to cyber threats, which is crucial as standard commercial policies often do not cover cybercrime. It emphasizes the importance of a specific cyber policy that can provide financial support in the event of cyber incidents, including hacking, extortion, and data breaches. The video also stresses the need for employee education to prevent cyberattacks that exploit human error, suggesting that companies should establish and communicate clear policies and procedures to their staff. Lastly, the script advises on bolstering IT security measures, drawing an analogy to physical security for homes, to protect against cyber intrusions. The video concludes by directing viewers to the Cooke and Mason website for further resources and contact information for the hotels team.

Mindmap

Keywords

💡cybercrime

Cybercrime refers to criminal activities carried out using digital technology or the internet. In the video, cybercrime is the central theme, with various examples given to illustrate its elusive nature, such as it being hard to spot or even notice until it's too late. The video emphasizes the importance of being proactive in protecting against cybercrime rather than relying on the hope that it won't happen.

💡insurance cover

Insurance cover, specifically in the context of the video, refers to a policy that provides financial protection against losses resulting from cybercrime incidents. The script mentions that a standard commercial policy is unlikely to cover cybercrime, hence the need for a specific cyber insurance policy. This policy can cover a range of costs associated with cyber incidents, including data recovery and forensic investigations.

💡cyber extortion

Cyber extortion is a form of cybercrime where criminals threaten to cause harm, such as releasing sensitive data, unless a ransom is paid. The video script highlights this as one of the sinister losses that a cyber policy should cover, emphasizing the need for specialized insurance to protect against such threats.

💡data recovery

Data recovery in the video refers to the process of retrieving lost or inaccessible data after a cyber incident. It is mentioned as one of the services that a cyber policy might cover, illustrating the importance of having the means to restore critical information after an attack.

💡forensic data investigations

Forensic data investigations involve the analysis of digital data to uncover evidence of cybercrime. The video script suggests that a cyber policy can cover the costs of such investigations, which are crucial for understanding the nature of an attack and potentially identifying the perpetrators.

💡hardware and network replacement

Hardware and network replacement refers to the process of repairing or replacing damaged infrastructure following a cyber attack. The video script includes this as part of the coverage provided by a cyber policy, highlighting the financial implications of cyber incidents and the need for insurance to mitigate these costs.

💡crisis management

Crisis management in the context of the video involves the strategies and actions taken to manage the immediate and long-term effects of a cyber incident. The script mentions that a cyber policy can cover crisis management, which is essential for businesses to maintain operations and reputation during and after a cyber attack.

💡credit or identity theft monitoring

Credit or identity theft monitoring is a service that tracks and alerts individuals or businesses to potential fraudulent activities involving their personal or financial information. The video script includes this as part of the coverage offered by a cyber policy, emphasizing the proactive approach businesses should take to protect against the ongoing risks of identity theft following a cyber incident.

💡employee education

Employee education in the video is about training staff to recognize and respond to potential cyber threats. The script points out that many cyber attacks exploit human error, such as clicking on malicious links, making employee education a critical component in a company's cybersecurity strategy.

💡IT security

IT security, as discussed in the video, encompasses the measures taken to protect an organization's information technology infrastructure from threats. The script uses the analogy of physical security, like locks and alarms, to emphasize the importance of investing in IT security to prevent cyber intrusions.

💡risk mitigation

Risk mitigation in the video refers to the strategies and actions taken to reduce the likelihood and impact of cybercrime. The script encourages businesses to accept the possibility of cyber incidents and to actively seek out systems and expertise to limit their risk, such as through insurance, employee training, and robust IT security measures.

Highlights

Cybercrime is not always easily detectable and can be ongoing without your knowledge.

To avoid cybercrime completely, one could disconnect from all digital devices and the internet.

Pretending cybercrime won't happen is not a viable option due to responsibilities to customers, colleagues, and shareholders.

Accepting the likelihood of cybercrime and seeking ways to limit risk and reduce impact is a proactive approach.

Insurance cover is crucial for financial support in the event of a cybercrime incident.

Cyber policies are necessary as standard commercial policies typically do not cover cybercrime.

Cyber policies can cover a range of losses including hacking, extortion, and data breaches.

Employee education is key to preventing cyberattacks that exploit staff as an entry point.

Regular updates on new threats and techniques are essential for staff awareness.

Investing in IT security measures is as important as physical security for a business.

Cooke and Mason offer free guides and resources on their website to help businesses combat cybercrime.

Contact details for the hotels team at Cooke and Mason are provided for further assistance.

The importance of following best practices and seeking professional advice to mitigate cybercrime risks is emphasized.

Cybercrime prevention involves a combination of insurance, employee training, and robust IT security.

Cooke and Mason's website provides resources to help businesses enhance their cybercrime defense strategies.

Engaging with social media platforms can offer additional insights and updates on cybercrime trends.