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Listen "Privacy vs. Security: Navigating the Challenges of Cyber Risk with Ben Goodman"
Episode Synopsis
Summary
In this episode of Chattinn Cyber, Marc Schein is chattin’ with Ben Goodman, the founder and CEO of CyRisk, about the evolution of cybersecurity and the growing concern of privacy in the industry. Ben shares his background in technology and his experience working with companies to improve their security and compliance.
They discuss the increasing importance of privacy in the cyber risk landscape, with privacy settlements surpassing security settlements in recent years. Ben emphasizes the need for organizations to focus on pre-incident planning, training, and preparation to mitigate privacy risks effectively.
When discussing how carriers are handling privacy risks, he notes that carriers are still figuring out how to underwrite the risk in a soft market. He highlights the challenge of carriers not having access to comprehensive data and organizations themselves often being unaware of their own exposures. He suggests that carriers should focus on differentiating themselves and finding ways to underwrite privacy risks effectively.
They also touch on the different industries and technologies that are more susceptible to privacy exposures. Regulated industries, such as healthcare, are under scrutiny and face regulatory actions and fines. Advertising and marketing technologies also pose significant risks, and organizations should take steps to mitigate these risks.
Ben explains how CyRisk helps policyholders with privacy issues through their platform. They offer real-time detection of exposures, analysis of policyholders' active policies for compliance, and provide detailed reports with recommendations. CyRisk's privacy attorneys contribute to building out the platform and offering solid advice to policyholders.
Looking ahead, Ben predicts that privacy risks will continue to be a significant issue. He mentions the increasing use of micro-targeting AI and the potential challenges it poses in terms of privacy and bias. Governments and regulators will need to keep up with these developments to protect individuals' privacy.
Overall, the interview covers various aspects of privacy risks in the cyber risk landscape and provides insights into how organizations and carriers can address these challenges.
Key Takeaways
Privacy is becoming a major concern in the cyber risk landscape, with privacy settlements surpassing security settlements. Organizations need to prioritize pre-incident planning, training, and preparation to effectively mitigate privacy risks.
Carriers are still grappling with how to underwrite privacy risks in a soft market. Differentiation is challenging, and the lack of comprehensive data and organizations' limited awareness of their own exposures pose difficulties.
Certain industries, such as healthcare, are under scrutiny and face regulatory actions and fines due to privacy breaches. Advertising and marketing technologies also present significant risks that organizations should address.
CyRisk offers a platform that helps policyholders with privacy issues. It provides real-time detection of exposures, compliance analysis of active policies, and detailed reports with recommendations. Privacy attorneys contribute to the platform, offering solid advice to policyholders.
The use of micro-targeting AI poses challenges in terms of privacy and bias. Governments and regulators will need to keep up with these developments to protect individuals' privacy. Privacy risks are expected to remain a significant issue in the future.
Key Quotes
"The confluence of privacy risk in cyber insurance and the associated cyber risk... there's the data leakage part of it, there's real data breach exposure with this privacy risk."
"Last year, 2022 privacy settlements actually exceeded security settlements by about 180 million."
"The more that organizations could do from a pre-incident perspective, from a planning and training and preparation, I think the better off they are."
In this episode of Chattinn Cyber, Marc Schein is chattin’ with Ben Goodman, the founder and CEO of CyRisk, about the evolution of cybersecurity and the growing concern of privacy in the industry. Ben shares his background in technology and his experience working with companies to improve their security and compliance.
They discuss the increasing importance of privacy in the cyber risk landscape, with privacy settlements surpassing security settlements in recent years. Ben emphasizes the need for organizations to focus on pre-incident planning, training, and preparation to mitigate privacy risks effectively.
When discussing how carriers are handling privacy risks, he notes that carriers are still figuring out how to underwrite the risk in a soft market. He highlights the challenge of carriers not having access to comprehensive data and organizations themselves often being unaware of their own exposures. He suggests that carriers should focus on differentiating themselves and finding ways to underwrite privacy risks effectively.
They also touch on the different industries and technologies that are more susceptible to privacy exposures. Regulated industries, such as healthcare, are under scrutiny and face regulatory actions and fines. Advertising and marketing technologies also pose significant risks, and organizations should take steps to mitigate these risks.
Ben explains how CyRisk helps policyholders with privacy issues through their platform. They offer real-time detection of exposures, analysis of policyholders' active policies for compliance, and provide detailed reports with recommendations. CyRisk's privacy attorneys contribute to building out the platform and offering solid advice to policyholders.
Looking ahead, Ben predicts that privacy risks will continue to be a significant issue. He mentions the increasing use of micro-targeting AI and the potential challenges it poses in terms of privacy and bias. Governments and regulators will need to keep up with these developments to protect individuals' privacy.
Overall, the interview covers various aspects of privacy risks in the cyber risk landscape and provides insights into how organizations and carriers can address these challenges.
Key Takeaways
Privacy is becoming a major concern in the cyber risk landscape, with privacy settlements surpassing security settlements. Organizations need to prioritize pre-incident planning, training, and preparation to effectively mitigate privacy risks.
Carriers are still grappling with how to underwrite privacy risks in a soft market. Differentiation is challenging, and the lack of comprehensive data and organizations' limited awareness of their own exposures pose difficulties.
Certain industries, such as healthcare, are under scrutiny and face regulatory actions and fines due to privacy breaches. Advertising and marketing technologies also present significant risks that organizations should address.
CyRisk offers a platform that helps policyholders with privacy issues. It provides real-time detection of exposures, compliance analysis of active policies, and detailed reports with recommendations. Privacy attorneys contribute to the platform, offering solid advice to policyholders.
The use of micro-targeting AI poses challenges in terms of privacy and bias. Governments and regulators will need to keep up with these developments to protect individuals' privacy. Privacy risks are expected to remain a significant issue in the future.
Key Quotes
"The confluence of privacy risk in cyber insurance and the associated cyber risk... there's the data leakage part of it, there's real data breach exposure with this privacy risk."
"Last year, 2022 privacy settlements actually exceeded security settlements by about 180 million."
"The more that organizations could do from a pre-incident perspective, from a planning and training and preparation, I think the better off they are."
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