CREPN #18 Cyber Crime in Commercial Real Estate with Jim Patterson

J. Darrin Gross Podcast

Jim Patterson

Jim Patterson

CREPN #18  Cyber Crime in Commercial Real Estate with Jim Patterson

What is Your Cyber Crime Risk?

First, it is not limited to the sensitive electronic  information stored on your computer.  A broader more accurate sense of the risk would be “Information security risk”.

Data Breach Laws extend beyond your computer including paper files.

 

There are 47 different state laws regarding Information Security Laws, California is the oldest and strictest.  The law governing requirements for action are dictated by the state the breached party lives in.

There are four types of Information Breach:

  • Personally Identifiable information defined by each state
    • It generally requires two pieces of information, ie: Name & Social Security Number
  • Health Care Information; HIPA
  • Payment Card Information
    • PCI Compliant
    • Credit card
  • Corporate Information
    • Trade secrets

While most are familiar with Cyber Theft, however over half of all breaches happen from actions of employees within the organization.  Sample incidents include:

  • Accidentally sending our a list of all employees information to all employees
  • Employee steals client records to sell

Liability is not avoided nor transferred by using a service provider.  Most cloud provider contracts make the value of their obligation to the value of the contract.

If you collect the information, you are responsible for the information!

James R. Patterson is the Western Region Network Security & Privacy Specialist for AIG.  In this role Jim is focused on educating clients and insurance brokers on cyber exposures, losses that insureds are experiencing, and loss prevention methods.  Prior to assuming his current role, Jim served as Senior Underwriter in

AIG’s San Francisco Region, specializing in cyber and technology coverages for AIG’s Professional Liability Division. Before joining AIG in 2009, Jim spent six years as an Account Executive with Bollinger Insurance in New York City specializing in Lawyers’ Professional Liability insurance.  Jim is a graduate of the University of Miami.

FREE Cyber Resilience Plan: http://bit.ly/CREPN-CyberResiliencePlan

CREPN #18  Cyber Crime in Commercial Real Estate with Jim Patterson

About the Author

J. Darrin Gross

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J. Darrin Gross is known to his clients & prospects as the most trusted insurance adviser for commercial real estate insurance. He is famous for helping apartment building and commercial property owners get high quality comprehensive protection at unbeatable rates. Download a free copy of the Real Estate Investors Guide to Commercial Insurance.