Sergio Kopelev is Vice-President of Engagement Management at Stroz Friedberg (an Aon Company). He joins Vince Walden on this week’s show to share stories of the types of cyber threats companies face today. Sergio remarks that while threat actors have always been present, today they are becoming increasingly sophisticated. He describes several ways they hack businesses, including filing false income tax returns and installing ransomware in backup systems. It’s not just that they are gaining access to systems, Sergio says, they are weaponizing that access and gaining from it. Moreover, the weaponization isn’t only through sophisticated technology, they are patiently learning their target businesses, and then attacking them at the most advantageous time for themselves. Cybercrime currently costs companies approximately $4 million per year, but is estimated to reach $6 trillion by 2021.

Vince and Sergio discuss the pros and cons of blockchain technology as a security precaution. Sergio agrees that it offers several benefits, once a threat actor does not gain access to someone’s login credentials. If they do, it’s all over. He comments that the risk lies in the two main areas of supply chain and employees. As such, companies should have comprehensive employee training and awareness and should invest in having a strong cyber insurance policy. Every business is being targeted, and threat actors know exactly what they are targeting, so be very careful, Sergio warns.

Resources

Sergio Kopelev on LinkedIn

Stroz Friedberg (an Aon Company)