Dec 6, 2022
Welcome to RIMScast. Your host is Justin Smulison, Business Content Manager at RIMS, the Risk and Insurance Management Society.
In anticipation of Data Privacy week (January 25th‒28th, 2023), Justin Smulison is joined by Fred E. Karlinsky and Travis Wong to discuss all things cybersecurity and data privacy.
Joining in the first half of the podcast is Fred E. Karlinsky, a shareholder and Co-Chair of the Insurance Regulatory & Transactions Practice at the Florida law firm, Greenberg Traurig. Fred is also a member of the RIMS External Affairs Committee and will be one of the panelists joining the RIMS External Affairs webinar on January 5th titled, “How Cyber Insurance is Shaping the Insurance Industry.” In his conversation with Justin Smulison, he provides an overview of the webinar and discusses how cyber and risk management trends are overlapping this year and in 2023.
Travis Wong, the VP of Risk Engineering and Security Services at Resilience Insurance, joins the podcast in the second half to offer a deeper perspective on data privacy topics against the backdrop of current events. He lends his expertise on cyber security trends, the FTX collapse, and organizations that are at risk for data breaches, and shares his advice on what organizations can do to better protect their remote employees.
Key Takeaways:
[:01] About the RIMS Membership.
[:14] Registration for RISKWORLD 2023 is now open!
[:33] About RIMScast.
[:50] About today’s episode!
[1:00] All about upcoming RIMS webinars, workshops, events, and more!
[1:53] About “RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop.”
[2:27] Justin introduces today’s first guest, Fred E. Karlinsky.
[3:11] Justin welcomes Fred to the podcast.
[3:36] What can risk managers learn from the FTX collapse?
[4:50] What “RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop” details and why it is important.
[6:15] Fred shares some updates from the RIMS External Affairs Committee.
[8:03] What to expect from RIMS External Affairs’ upcoming webinar, “How Cyber Insurance is Shaping the Insurance Industry.”
[10:27] Justin thanks Fred for joining the podcast!
[11:15] RIMS Plug time! All about upcoming workshops and webinars.
[12:10] One Hot Minute with Scott Fenstermaker to discuss the upcoming webinar: “Royal Caribbean Group Creatively Uses RMIS to Boost Wellness.”
[14:31] Justin introduces and welcomes Travis Wong to the podcast!
[15:19] About Travis’ career and his role as VP of Risk Engineering and Security Services.
[15:48] Trends in cyber security and privacy breaches that Travis has witnessed in 2021‒22.
[17:11] The industries that threat actors mainly target.
[18:34] Has the FTX collapse changed the way that threat actors view crypto?
[19:50] How did public or private organizations demonstrate cyber resiliency in 2022?
[22:04] How can businesses ensure that they have formal and efficient processes in place to comply with CCPA and GDPR transparency requests?
[24:40] Travis’ tips and advice for organizations on protecting remote employees.
[28:08] Justin thanks his guests for joining the podcast and shares some links to check in today’s show notes.
Mentioned in this Episode:
RIMS Letter to Federal Insurance Office Supports the Development of a Cyber Insurance Backstop
From Risk Management Magazine:
“Insurance Coverage For Jackware Attacks,” by Daniel J. Healy & Robert M. Horkovich
“Preparing for New U.S. Data Privacy Laws,” by Ben Richmond
“4 Principles to Improve Your Data Privacy Program,” by Ray Pathak
RIMS Events, Education, and Services:
RISKWORLD 2023 — April 30‒May 3 in Atlanta, Georgia! Member registration is now open!
RIMS Events App Apple | Google Play
NEW FOR MEMBERS! RIMS Mobile App
Contribute to RIMS Risk Management magazine
Dan Kugler Risk Manager on Campus Grant
Sponsor RIMScast: Contact sales@rims.org or pd@rims.org for more information.
Upcoming Webinars:
“Protect Against Machinery Breakdown and Supply Chain Delays” | Sponsored by TÜV SÜD GRC | Dec. 8, 2022
“Royal Caribbean Group Creatively Uses RMIS to Boost Wellness” | Sponsored by Riskonnect | Dec. 13, 2022
RIMS External Affairs Presents: “How Cyber Insurance is Shaping the Insurance Industry” | Jan. 5, 2023
“Recertification: Keep Your RIMS-CRMP Active” | Complimentary to All | Jan. 9, 2023
“What to Expect from Cyber Insurance in 2023 and Beyond” | Sponsored by Telos | Jan. 24, 2023
Virtual Workshops:
“Contractual Risk Transfer” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec. 6th — Register Now!
“Managing Cognitive Bias Risk” — Dec. 7‒8 | 9:30 am‒3:30 pm EST | Registration Closes Dec 6th — SAVE $100! Use Code: MCBR100
See the full calendar of RIMS Virtual Workshops
Related RIMScast Episodes:
“RIMS Advocacy — See You In September” (2022)
“CERT-In Cyber Details to Know with Jyoti Krishnan”
“2022 Midyear Risk Review with RIMS Publications Director Morgan O’ Rourke”
“Getting to Know Jackware with Dan Healy of Anderson Kill”
“Cloud Security Risks with Google’s Monica Shokrai”
“Roadway Risks: AI, Autonomous Vehicles, & Automated Driving”
“Ransomware Risks and ‘Responding Gracefully’ with Masha Sedova”
“Cyber Breach Responses with Kate Fazzini, Flore Albo CEO”
“The World of Cybersecurity with NCSA’s Kelvin Coleman”
“Cybersecurity Frameworks with NIST Fellow, Ron Ross”
“Cyber Risk News & Trends with Tony Anscombe”
“Cyber Risk News & Trends with Tony Anscombe, Part 2”
“Cybersecurity in a COVID-19 World with Luke Wilson”
“Cybersecurity Tips for Small Businesses with Daniel Eliot”
“Cybersecurity with Christopher Loeber”
“The State of Cybersecurity and 5G Technology with Jason Ruger, Ruby Zefo, and Chris Novak”
Sponsored RIMScast Episodes:
“Zurich’s Construction Sustainability Outlook for 2023” (New)
“Aon’s 2022 Atlantic Hurricane Season Overview”
“ESG Through the Risk Lens” | Sponsored by Riskonnect
“A Look at the Cyber Insurance Market” | Sponsored by AXA XL
“How to Reduce Lithium-Ion Battery Fire Risks” | Sponsored by TÜV SÜD
“Managing Global Geopolitical Risk in 2022 and Beyond” | Sponsored by AXA XL
“Keeping Subcontractors Safe Through Partner Elevation” | Sponsored by Highwire
“ESG: A Responsibility and a Growing Megatrend” | Sponsored by Prudent Insurance Brokers Ltd.
“Prioritizing People: Focusing on Your Team to Deliver Exceptional Quality and Service to Your Clients” | Sponsored by Gallagher Bassett
“Bermuda Opportunities in 2022 with BDA Chair Stephen Weinstein” | Sponsored by Bermuda Business Development Agency
“SyncR: A Tool to Enhance Your Risk Quality & Insurance Strategy” | Sponsored by Prudent Insurance Brokers Ltd.
“RIMScast: Navigating the Risk Landscape in 2022” | Sponsored by AXA XL
“RIMScast: Prioritizing People: Expertise and Innovation” | Sponsored by Gallagher Bassett
“RIMScast: Risk Findings for the Industrial & Manufacturing Industry” | Sponsored by Aon
“RIMScast: Establishing the Right Assurance to Request From Business Partners” | Sponsored by HITRUST
“RIMScast: Aon’s 2021 Retail Industry Overview” | Sponsored by Aon
“RIMScast: A Legacy of Resilience” | Sponsored by J.B. Boda Group
“The Golden Era of Insurance” | Sponsored by The Hartford
“Insurance Investigation Trends Happening Now” | Sponsored by Travelers
“What Could a CRO Do for Your Business?” | Sponsored by Riskonnect
“Hard Reality: A Look at Rising Rates in Property & Excess Casualty” | Sponsored by AXA XL
“Property Valuation Deep Dive” | Sponsored by TÜV SÜD
“Property Loss Control Engineering” | Sponsored by Prudent Insurance Brokers
RIMS Publications, Content, and Links:
RIMS Membership — Whether you are a new member or need to transition, be a part of the global risk management community!
Upcoming RIMS — Virtual WorkshopsIMS Webinars
RIMS Advisory Services — Ask a Peer
RIMS-Certified Risk Management Professional (RIMS-CRMP)
RIMS-CRMP Stories — New interview featuring RIMS-CRMP Chairman Ward Ching!
Spencer Educational Foundation
Want to Learn More?
Keep up with the podcast on RIMS.org and listen on iTunes.
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Tweetables (For Social Media Use):
“At the end of the day, the fundamentals stay the same. You need to prepare. If you fail to prepare, prepare to fail.” — Fred E. Karlinsky
“What I think is going on in the world we live in today when we think about risks [is that] cyber risks are probably the ones that are the most prevalent. They affect all of us.”
— Fred E. Karlinsky
“I would say … over the last year or so, government entities and technology companies in particular [are targets for cyberattacks]. Those companies with a lot of PII or Personally Identifiable Information … have been significantly hit.” — Travis Wong
“The first thing I would tell clients is: ‘Please understand what you have.’ You need to inventory your data; you need to manage it. You can’t protect what you don’t know exists. You can’t provide transparency to consumers if you don’t know you have it somewhere.” — Travis Wong
“Ensure you have a solid foundation. Know where your key data is, know who has access to it, and know what type of data that actually is. Inventorying it is one thing, classifying it is something else.” — Travis Wong