President's Message - August 13, 2021

Imagine losing over $600M to a hacker in cryptocurrency. This is a rare story with an ending that is still playing out. So far over half of that money has been returned by the hackers’ good graces and the rest is currently on hold to be returned. It looks like this hack may cost the company ONLY $33M. In this case, the person was supposedly a hobbyist who found a flaw in the code and executed the attack. A lot of attention has been paid to the ransomware gangs but there are so many other threats. Technology and insurance are part of the answer but it’s time to create the security mindset within a company to deal with these additional threats and new ones that we haven’t even thought about yet.