'Cyber crime is exploding:' Chamber to host risk mitigator - Hibbing Daily Tribune

HIBBING -- The Equifax Breach: 143 million records, which is virtually all of U.S. credit users.

WikiLeaks CIA Vault 7 leak: More than 8,000 documents stolen from the CIA.

WannaCry Ransomwear attack: affected upwards of 200,000 business worldwide.

These are examples of what could have happened. It’s hard data of what already has.

“It’s just a small sampling of 2017 cyber events,” said Kris St. Martin, vice president of Bank Services Program Director for CBIZ.

He’s a cyber insurance expert and a member of the CBIZ National Cyber Risk Management team.

“Cyber crime is exploding,” he said. “Massive breaches and attacks are in the news almost daily.”

St. Martin will be presenting “Ways to Manage and Mitigate Cyber Risks” during a Hibbing Chamber of Commerce luncheon at noon Monday, Oct 23, at HIbbing Park Hotel.

The event is free to Chamber members and open to the public for $18 for non-members. RSVP to hibbcofc@hibbing.org or 218-262-3895 today.

With more than 23 years of direct bank experience in audit, procedures, IT security, lending and board training, St. Martin has held many positions in the banking industry, and has been providing risk mitigation services since 2009 including cyber, directors, and officers and crime bond insurance.

“The presentation is targeted to business people who want to know more about the cyber risks that a business faces,” said St. Martin. “I will also cover best practices for avoiding problems as well as how cyber insurance can help you financially in the event of an attack on your company.”

And the potential effects and damages to businesses run the gamut — risk to brand and reputation, heightened regulatory scrutiny for businesses regulated by a government agency, cyber extortion or ransomware costs, regulatory fines and data breach costs, to name a few.

Not to mention basic business interruption, loss of revenue and the threat of various forms of litigation — against a company and or employees for social media posts, alleging harm if a customer’s data is lost or against company officers, directors and owners for lack of oversight of their cyber risk, for example.

Marvin Vuicich of American Bank is familiar with St. Martin. He’s also chair of the Chamber’s Business Retention and Expansion Committee, and invited St. Martin to speak.

“The Chamber’s Business Retention and Expansion committee decided this may be a good workshop to have for local businesses,” said Lory Fedo, Chamber president/CEO. “Several members of our committee had counseled other businesses on cyber security issues and knew of situations where businesses were at risk because of a security breach.”

She said all felt it’s so important to members, that the Chamber would buy the lunch as an enticement.

Fedo also noted that no one is immune from cyber crime. She confirmed that a few local businesses have been forced to deal with such issues, but declined to provide names. She’s hoping that tips provided by St. Martin will prevent other local businesses or persons from being added to that list.

“This is geared primarily toward businesses, particularly small businesses, who may not have the technical expertise or resources to handle security issues and policy,” said Fedo. “But, quite honestly, I think any person can benefit from a better understanding of the security risks we all have in this ever changing world of technology. Just look at what is happening on the national level. We are all at risk.”

There is no such thing as being too careful, she opined.

“When in doubt, call your bank, your accountant, your chamber, a technology expert or other trusted sources of information before you make technology decisions,” Fedo added. “Learn all you can to protect yourself and your business.”

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