00:00How, I mean, what are some of the consequences of lapses in cybersecurity?
00:09The biggest consequence that we've witnessed is businesses going out of business, especially small health care providers like a clinic with a team of like five doctors and a couple thousand patients.
00:24Typically, if they have a data breach, they're required to pay credit monitoring for every record that was stolen.
00:33The credit monitoring fees alone can take the company out of business.
00:37And especially if you're a small business, you don't have like massive reserves.
00:41And a lot of people in small businesses think, well, our cyber insurance will cover it.
00:46In case you don't realize, insurance, they try to find every way possible to not cover a claim.
00:54That's how they make their money.
00:57And specifically with cyber insurance, if you fill out that application and you erroneously answer any question and they find out about it, when there's a data breach, they're not going to provide coverage.
01:09So you can't rely on cyber insurance and you have to have enough runway to cover yourself if there's a data breach.
01:17So, yeah, the biggest thing I've seen is these businesses, unfortunately, go out of business.
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