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<v Speaker 1>Welcome to our deep dive. And today we're going to

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<v Speaker 1>be looking into cyber extortion, specifically ransomware, and we're going

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<v Speaker 1>to be using excerpts from the book Ransomware and Cyber

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<v Speaker 1>Extortion Response and Prevention to kind of guide our exploration.

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<v Speaker 1>Sounds interesting, Yeah, it's pretty wild actually. I mean some

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<v Speaker 1>of these stories are just crazy. For instance, right out

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<v Speaker 1>of the gate, they open with this story about this

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<v Speaker 1>law firm and they got a voicemail from hackers demanding

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<v Speaker 1>one point two million dollars. Oh, and these hackers had

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<v Speaker 1>stolen five hundred gigle buys of data, client files, payroll,

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<v Speaker 1>EHR records, you name it.

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<v Speaker 2>They took it and then they encrypted it.

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<v Speaker 1>Oh yeah, encrypted everything totally unusable.

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<v Speaker 2>So how much did it end up costing them? I mean,

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<v Speaker 2>besides the one point too?

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<v Speaker 1>Well, that's the thing. The financial impact can be really crippling.

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<v Speaker 1>It's not just the ransom, it's business disruption, potential lawsuits

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<v Speaker 1>from clients whose data was compromised, oh, legal fees, the

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<v Speaker 1>cost of recovering the data, implementing new security measures to

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<v Speaker 1>prevent future attacks. It all adds up, it really does.

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<v Speaker 1>And actually, the average cost of a ransomware attack in

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<v Speaker 1>twenty twenty one was one point eight five million dollars.

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<v Speaker 2>Oh really, Yeah, so that's just the average.

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<v Speaker 1>Yeah, and that doesn't even include data breaches. If there's

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<v Speaker 1>a data breach involved, that number goes up to four

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<v Speaker 1>point sixty two million. Wow. Yeah, it's pretty scary stuff.

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<v Speaker 1>But it gets even worse. These hackers they didn't just

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<v Speaker 1>encrypt the data. They threatened to contact the law firms

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<v Speaker 1>clients directly and leak sensitive information if the ransom wasn't paid.

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<v Speaker 1>Oh wow, So you can imagine the kind of panic

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<v Speaker 1>that would cause.

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<v Speaker 2>Yeah, that's crazy.

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<v Speaker 1>So before we go any further, I think we should

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<v Speaker 1>define what cyber extortion actually is. The book outlines four

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<v Speaker 1>main categories exposure, modification, denial info. Okay, so exposure, like

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<v Speaker 1>in the case of the law firm, involves sealing data

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<v Speaker 1>and threatening to release it publicly. Modification, on the other hand,

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<v Speaker 1>is when hackers actually change your data, like maybe changing

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<v Speaker 1>financial records or campering with sen set of information for

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<v Speaker 1>their own game.

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<v Speaker 2>That's scary because even if you could restore your data

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<v Speaker 2>from a backup, you would never be totally sure that

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<v Speaker 2>it was accurate exactly.

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<v Speaker 1>And that could lead to some serious legal and reputational issues.

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<v Speaker 1>Then there's denial, which is basically about shutting down your

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<v Speaker 1>operations completely, so like ransomware that encrypts your whole system,

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<v Speaker 1>or you know those ddalls attacks that flood your website

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<v Speaker 1>with traffic and knock you offline. So that's why it's

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<v Speaker 1>so important to have really good backup and recovery strategies.

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<v Speaker 1>If you have a plan in place to restore your

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<v Speaker 1>systems quickly, you can at least minimize the impact of

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<v Speaker 1>a denial attack.

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<v Speaker 2>That makes sense.

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<v Speaker 1>Yeah, it's kind of like having a spare tire in

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<v Speaker 1>your car. Hopefully you never need it, but when you do,

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<v Speaker 1>you're really glad you have it. And then finally there's foe,

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<v Speaker 1>which is more of a deceptive tactic. It might look

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<v Speaker 1>like a serious attack, but in reality it's more of

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<v Speaker 1>a distraction, maybe to divert your attention while something else

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<v Speaker 1>is going on in the background.

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<v Speaker 2>So you have to be really careful to figure out

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<v Speaker 2>what's really going on.

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<v Speaker 1>Yeah, you don't want to jump to conclusions. We got

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<v Speaker 1>to take the time to understand the nature of the

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<v Speaker 1>attack and what the attacker's real motives are.

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<v Speaker 2>Like solving a puzzle exactly.

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<v Speaker 1>Okay, because we've got the different types of cyber extortion down,

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<v Speaker 1>But why is this such a huge problem. I mean,

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<v Speaker 1>it's not like these attacks are new, right.

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<v Speaker 2>Well, you're right, cyber extortion has been around for a while,

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<v Speaker 2>but there are a couple of things that have changed

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<v Speaker 2>recently that have made it much more profitable for criminals.

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<v Speaker 1>I have a feeling I know where this is going.

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<v Speaker 2>Cryptocurrency, you got it, especially Bitcoin, It's been a game

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<v Speaker 2>changer for cyber criminals.

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<v Speaker 1>Hel soo.

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<v Speaker 2>Well, it provides a way to get paid that's almost

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<v Speaker 2>impossible to trace, and it's irreversible, so it's like.

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<v Speaker 1>The perfect payment system for criminals pretty much. So you've

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<v Speaker 1>got desperate victims willing to pay to get their data back,

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<v Speaker 1>a payment system that makes it nearly impossible to track

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<v Speaker 1>the criminals, and the potential for huge profits. It's no

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<v Speaker 1>wonder this has become such a widespread.

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<v Speaker 2>Issue, exactly. And what's even more concerning is that it's

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<v Speaker 2>not just a few loan hackers working out of basements anymore.

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<v Speaker 2>Oh really, Yeah, it's become much more sophisticated. Cyber extortion

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<v Speaker 2>is now an industry with a well defined business model.

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<v Speaker 1>So like digital organized crime.

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<v Speaker 2>Basically, these cyber extortion groups operate just like any other

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<v Speaker 2>criminal enterprise. They have specialists for every stage of the attack.

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<v Speaker 1>I actually read about that in the book. It's kind

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<v Speaker 1>of fascinating in a disturbing way to see how organized

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<v Speaker 1>they are.

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<v Speaker 2>Yeah, tell me about it.

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<v Speaker 1>So you've got your initial access brokers. They're like digital

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<v Speaker 1>lock picks, stealing logging credentials and selling them to the

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<v Speaker 1>highest bidder.

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<v Speaker 2>And then you've got the ransomware developers.

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<v Speaker 1>Right, the masterminds behind the malicious software. And then of

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<v Speaker 1>course you've got the negotiators. They handle the ransom demands,

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<v Speaker 1>often using psychological tactics to pressure victims into paying.

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<v Speaker 2>Wow, so they really have thought of everything.

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<v Speaker 1>Yeah, and then you've got money launderers. They're responsible for

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<v Speaker 1>cleaning the dirty money.

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<v Speaker 2>It really is like a well oiled machine.

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<v Speaker 1>It is, and it's pretty scary to think that there

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<v Speaker 1>are people out there whose only job is to figure

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<v Speaker 1>out how to exploit weaknesses and extort money from innocent

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<v Speaker 1>people and businesses. Do you remember that group, the Dark

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<v Speaker 1>Overlord pdo? Yeah, vaguely, you were back in twenty sixteen. Yeah, okay,

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<v Speaker 1>they were one of the first to combine ransomware with

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<v Speaker 1>data exposure.

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<v Speaker 2>What does that mean?

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<v Speaker 1>Well, it interes encrypt data. They stole it and threatened

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<v Speaker 1>to release it publicly if they didn't get paid. Oh wow,

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<v Speaker 1>And they targeted everyone, businesses, individuals, even a school district

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<v Speaker 1>in Iowa.

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<v Speaker 2>What did they do to the school?

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<v Speaker 1>They not only encrypted their systems, but they sent threatening

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<v Speaker 1>text messages directly to the parents. Oh my gosh, Yeah,

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<v Speaker 1>it's awful. Imagine being one of those parents.

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<v Speaker 2>I can't even imagine.

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<v Speaker 1>It really shows how these attacks can have a huge

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<v Speaker 1>impact on individuals, not just organizations. Yeah, scary and sadly,

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<v Speaker 1>Tedo's tactics were just the beginning. What do you mean, Well,

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<v Speaker 1>they paved the way for even more sophisticated groups like May's.

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<v Speaker 1>What did they do well, they kind of took this

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<v Speaker 1>double extortion model to the next level. The book talks

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<v Speaker 1>about how they attacks Southwire. They're cable manufacturers, okay, and

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<v Speaker 1>Mayze demanded six million dollars from them, and when south

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<v Speaker 1>Wire refused to pay, what happened? They dumped all the

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<v Speaker 1>data they had stolen online. So it's not just about

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<v Speaker 1>getting the ransom anymore, it's about causing as much damage

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<v Speaker 1>as possible and exploring every avenue for profit.

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<v Speaker 2>It makes it so much harder to decide whether to

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<v Speaker 2>pay the ransom or not.

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<v Speaker 1>It really does. But how do these attacks even happen

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<v Speaker 1>in the first place. What's the most common way these

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<v Speaker 1>criminals get in.

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<v Speaker 2>Well, one word comes to mind, phishing.

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<v Speaker 1>You mean those emails that try to trick you into

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<v Speaker 1>clicking on links or downloading infected attachments, exactly.

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<v Speaker 2>And while some of them are obvious, others are really sophisticated,

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<v Speaker 2>designed to look like they're from your bank or a

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<v Speaker 2>store you shop at, or even your own coworkers. Wow,

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<v Speaker 2>and just one click can give them access to your

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<v Speaker 2>whole system, So like a digital trojan horse pretty much.

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<v Speaker 1>And once they're in, that's it.

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<v Speaker 2>Well, not necessarily, but to understand how to prevent these attacks,

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<v Speaker 2>you need to understan how they work. The cyber attack

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<v Speaker 2>kill chain. The kill chain, it's basically a series of

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<v Speaker 2>steps that attackers usually follow.

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<v Speaker 1>Okay, So what's step one.

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<v Speaker 2>Entry That's how they get into your system in the

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<v Speaker 2>first place. Like we said, it could be through a

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<v Speaker 2>phishing email or maybe by exploiting a weakness in a

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<v Speaker 2>remote access system.

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<v Speaker 1>Okay, So they're in What's next expansion.

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<v Speaker 2>That's where they move through your network, stealing credentials, disabling

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<v Speaker 2>security software, basically trying to get as much control as possible.

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<v Speaker 1>Like digital spies exactly. So what happens once they have control.

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<v Speaker 2>That's when they move onto the priming stage. This is

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<v Speaker 2>where they identify high value targets, steal data, and get

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<v Speaker 2>ready for the main event, which yes, detonation. That's when

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<v Speaker 2>they unleash the ransomware, encrypting files and demanding a ransom

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<v Speaker 2>to restore access.

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<v Speaker 1>And by this point they've already stolen data, so even

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<v Speaker 1>if you pay the ransom, you're still at risk of

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<v Speaker 1>having that data leaked.

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<v Speaker 2>Exactly.

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<v Speaker 1>It's a double Whammie actually mentions this veterinary clinic that

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<v Speaker 1>got hit by ransomware. Oh no, and you want to

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<v Speaker 1>know how it started? How a phishing email disguised as

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<v Speaker 1>a shipping notification.

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<v Speaker 2>Oh those are so easy to fall for.

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<v Speaker 1>I know, right, you're expecting a package, you see that

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<v Speaker 1>email and you just click without thinking. It's so sneaky,

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<v Speaker 1>And that's exactly what happened to the receptionist at the clinic.

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<v Speaker 1>Oh no, she clicked the link and ransomware Wow, it

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<v Speaker 1>spread through their whole network.

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<v Speaker 2>It's amazing how easily it can happen, it really is.

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<v Speaker 1>So what happens if, despite our best efforts, we find

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<v Speaker 1>ourselves in the middle of a ransomware attack? What do

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<v Speaker 1>we do?

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<v Speaker 2>That's where incident response comes in. Having a plan in

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<v Speaker 2>place before an attack is crucial, so like.

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<v Speaker 1>A fire escape plan, but for our data exactly. So

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<v Speaker 1>what does that look like?

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<v Speaker 2>You need to know who's in charge, how to communicate,

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<v Speaker 2>what your insurance covers, and most importantly, how to make

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<v Speaker 2>decisions quickly under pressure.

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<v Speaker 1>Because every second counts exactly, the longer they're in your

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<v Speaker 1>system than or damage they can do.

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<v Speaker 2>A good incident response plan should have steps for containment, investigation,

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<v Speaker 2>and recovery.

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<v Speaker 1>Okay, So containment sounds like damage control, right, What does

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<v Speaker 1>that involve?

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<v Speaker 2>Basically stopping the bleeding, halting the encryption, preventing any more

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<v Speaker 2>data from being stolen, resolving any denial of service attacks,

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<v Speaker 2>and locking the attackers out of your systems.

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<v Speaker 1>So basically kicking them out exactly. Okay, and then what

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<v Speaker 1>about investigation.

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<v Speaker 2>That's about understanding how bad the attack is, who are

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<v Speaker 2>the attackers, how did they get in, what data did

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<v Speaker 2>they take. We need to know those things to be

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<v Speaker 2>able to stop the damage and prevent future attacks.

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<v Speaker 1>Okay, and then there's recovery, right, getting things back up

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<v Speaker 1>and running.

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<v Speaker 2>Yeah, restoring your data and rebuilding your defenses.

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<v Speaker 1>That sounds like a lot of work.

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<v Speaker 2>It can be. It's not just about restoring data from backups.

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<v Speaker 2>It's about rebuilding trust with your customers and reviewing your

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<v Speaker 2>security practices.

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<v Speaker 1>Okay. So let's say we've done everything right, We've got

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<v Speaker 1>a great incident response plan, but we still end up

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<v Speaker 1>with a ransom day. Man, do we pay? Do we fight?

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<v Speaker 2>That's a tough question, it is. There are pros and

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<v Speaker 2>cons to both.

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<v Speaker 1>The book actually talks about a company that was hit

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<v Speaker 1>by a group called Twisted Spider. Okay, and Twisted Spider

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<v Speaker 1>was known for targeting companies with good cyber insurance policies.

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<v Speaker 1>Oh wow, Yeah, they were really sophisticated. They did their research,

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<v Speaker 1>they knew who to target.

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<v Speaker 2>So what happened to this company?

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<v Speaker 1>Well, there's cyber insurance ended up paying a six hundred

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<v Speaker 1>thousand dollars ransom.

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<v Speaker 2>Wow.

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<v Speaker 1>Yeah.

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<v Speaker 2>Does that mean it's a good idea to pay?

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<v Speaker 1>That's a tough question. Yeah, it raises a lot of

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<v Speaker 1>ethical questions like does paying the ransom just encourage more attacks?

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<v Speaker 1>Does it make cyber insurance less effective?

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<v Speaker 2>Yeah? Those are good questions.

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<v Speaker 1>Yeah, there are no easy answers. And even if you

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<v Speaker 1>do pay, there's no guarantee that you'll get your data back. Really, yeah,

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<v Speaker 1>you're basically trusting criminals to keep their work.

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<v Speaker 2>That's risky, it is.

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<v Speaker 1>And even if they do give you a way to

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<v Speaker 1>decrypt your data, there's no way to know if they've

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<v Speaker 1>left something behind, like what like some kind of malware

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<v Speaker 1>or a back door that lets them back in later.

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<v Speaker 2>Oh wow, So you could end up paying and still

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<v Speaker 2>be in trouble.

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<v Speaker 1>Exactly, And even if you do manage to recover your data,

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<v Speaker 1>the damage isn't over.

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<v Speaker 2>What do you mean?

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<v Speaker 1>Well, the book talks about the long term consequences of

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<v Speaker 1>a cyber extortion attack, like what like damage to your reputation, oh, lawsuits,

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<v Speaker 1>regulatory investigations, and the ongoing cost of improving your security.

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<v Speaker 2>It's like a digital hangover that can last for years.

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<v Speaker 1>It really is. So I guess the big question is

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<v Speaker 1>what's the most important thing our listeners should take away

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<v Speaker 1>from all of this?

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<v Speaker 2>Well, I think the most important thing is that prevention

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<v Speaker 2>is key. The best defense against cyber extortion is a

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<v Speaker 2>strong cybersecurity.

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<v Speaker 1>Program, and how do we do that.

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<v Speaker 2>Well, that's what we're going to talk about in part two.

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<v Speaker 2>Tune Welcome back to our deep dive on cyber extortion.

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<v Speaker 2>Last time, we talked about how scary these attacks can be,

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<v Speaker 2>but now we're going to shift gears a bit and

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<v Speaker 2>talk about how to fight back.

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<v Speaker 1>You're hearing all those real world examples in part one.

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<v Speaker 1>I was already to throw my computer out the window.

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<v Speaker 2>I know it can be overwhelming, but the good news

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<v Speaker 2>is there are things you can do to protect yourself. Okay,

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<v Speaker 2>good and you don't have to be a tech expert

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<v Speaker 2>to do them.

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<v Speaker 1>So what's the most important thing?

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<v Speaker 2>Multi factor authentication. It's an extra layer of security for

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<v Speaker 2>your online accounts.

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<v Speaker 1>So it's like instead of just a username and password, Yeah,

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<v Speaker 1>you need something else too, like a code from your

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<v Speaker 1>phone or a fingerprint.

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<v Speaker 2>Scam exactly that way, even if someone gets your password,

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<v Speaker 2>they still can't get into your account.

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<v Speaker 1>Okay, So multi factor authentication is a must.

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<v Speaker 2>Absolutely. We els strong unique passwords for every account.

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<v Speaker 1>I know, I know, I know it's a pain, it is,

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<v Speaker 1>but it's so important.

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<v Speaker 2>Because if one account gets compromised, they can get into

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<v Speaker 2>all of them exactly. Okay, So how long should a

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<v Speaker 2>password be?

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<v Speaker 1>At least twelve characters uppercase in lowercase letters, numbers, and symbols.

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<v Speaker 2>Okay, and no birthdays or pet names. But how am

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<v Speaker 2>I supposed to remember all of those passwords?

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<v Speaker 1>That's where a password manager comes in.

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<v Speaker 2>Okay, what's that?

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<v Speaker 1>It's basically a digital vault that stores all your passwords

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<v Speaker 1>for you. You just have to remember one master password to

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<v Speaker 1>unlock the vault.

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<v Speaker 2>Okay, that makes sense.

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<v Speaker 1>And most password managers can even generate strong passwords for

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<v Speaker 1>you so you don't have to come up with them yourself.

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<v Speaker 2>Okay, so password manager is on the list too, definitely.

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<v Speaker 2>What else?

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<v Speaker 1>Be careful about phishing emails? Remember those are one of

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<v Speaker 1>the most common ways attackers get in.

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<v Speaker 2>So how can we avoid falling for them? Always double

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<v Speaker 2>check the sender's email address, look for misspellings or anything

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<v Speaker 2>that seems off, and hover over links before you click

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<v Speaker 2>on them to see where they really go.

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<v Speaker 1>Oh that's a good tip.

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<v Speaker 2>Yeah, And never open attachments from people you don't know, okay,

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<v Speaker 2>And if something feels weird, just don't click.

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<v Speaker 1>Trust your gut exactly. What about software updates? Those are

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<v Speaker 1>so annoying, I know, but they're important. Why.

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<v Speaker 2>They often include security patches that fix vulnerabilities.

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<v Speaker 1>So if I don't do them, I'm leaving myself open

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<v Speaker 1>to attack.

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<v Speaker 2>Basically, it's like leaving your front door unlocked.

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<v Speaker 1>Okay, no more procrastinating on updates. Good? What about backups?

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<v Speaker 2>Backups are your lifeline if something goes wrong, if your

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<v Speaker 2>data gets encrypted or stolen, a backup can save you.

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<v Speaker 1>It's like having an extra copy of everything just in

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<v Speaker 1>case exact. So how often.

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<v Speaker 2>Should we back up regularly? And store your backups in

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<v Speaker 2>a separate location like an external hard drive or a

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<v Speaker 2>cloud storage service, and make sure you test your backups

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<v Speaker 2>regularly to make sure they're working properly. Yeah, you don't

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<v Speaker 2>want to find out they're not working when it's too late.

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<v Speaker 1>Okay. So we've covered strong passwords, multi factor authentication, phishing awareness,

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<v Speaker 1>software updates, and backups. Is that everything?

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<v Speaker 2>It's a good start, But for larger organizations they need

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<v Speaker 2>a more comprehensive approach, like what Well, they need to

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<v Speaker 2>think about cybersecurity as a multi layered system. Okay, So

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<v Speaker 2>the first layer is knowing what you need to protect

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<v Speaker 2>what data is most important? Where are the points in

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<v Speaker 2>your systems?

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<v Speaker 1>Okay, so like taking inventory? And then one then you

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<v Speaker 1>need to put security controls in place, like firewalls to

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<v Speaker 1>block unauthorized access and intrusion detection systems to monitor for

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<v Speaker 1>suspicious activity. Okay, and you need to make sure your

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<v Speaker 1>employees are trained on cybersecurity best practices.

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<v Speaker 2>So it's not just about the technology, it's about the

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<v Speaker 2>people too, exactly, because people make mistakes.

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<v Speaker 1>Everyone does.

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<v Speaker 2>So what's the best way to train employees?

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<v Speaker 1>Well, there are lots of options. You can have in

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<v Speaker 1>person training, online courses, even simulated phishing attacks so you

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<v Speaker 1>could see how they would react in a real situation exactly. Okay,

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<v Speaker 1>so training is important, it is. But what if all

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<v Speaker 1>of this is just too much for a company to

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<v Speaker 1>handle on their own.

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<v Speaker 2>That's when you might want to think about hiring a cybersecurity.

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<v Speaker 1>Professional like a consultant.

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<v Speaker 2>Yeah, they can help you assess your risks and develop

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<v Speaker 2>a security program that's right for your organization.

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<v Speaker 1>Okay, that makes sense.

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<v Speaker 2>And they can also help you respond to an attack

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<v Speaker 2>if one happens.

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<v Speaker 1>Because even with the best defenses in place, some attacks

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<v Speaker 1>are still going to get through. That's right. So incident

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<v Speaker 1>response is still important absolutely. What does a good incident

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<v Speaker 1>response plan look like?

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<v Speaker 2>It should outline clear roles and responsibilities, communication protocols, escalation procedures,

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<v Speaker 2>and steps for containment, investigation, and recovery.

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<v Speaker 1>So it's like a roadmap for dealing with an attack exactly,

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<v Speaker 1>and it needs to be tested.

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<v Speaker 2>Regularly, right, just like a fire drill.

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<v Speaker 1>Okay, so we've covered a lot of ground we have.

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<v Speaker 1>Can you give us a quick recap of the key takeaways?

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<v Speaker 2>Sure, use multi factor authentication, strong passwords, be careful about

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<v Speaker 2>phishing emails, keep your software updated, have a good backup system,

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<v Speaker 2>and consider hiring a cybersecurity professional.

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<v Speaker 1>That's a lot to remember.

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<v Speaker 2>It is, but it's all important.

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<v Speaker 1>I think the most important thing is to be aware

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<v Speaker 1>of the risks, I agree, and to take steps to

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<v Speaker 1>protect yourself absolutely, and to remember that you're not alone.

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<v Speaker 2>That's right.

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<v Speaker 1>There are resources available to help exactly, so don't be

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<v Speaker 1>afraid to ask for help. Welcome back to our deep dive.

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<v Speaker 1>It's the fine part. And we've talked about how these

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<v Speaker 1>attacks work and the people involved and how to protect ourselves.

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<v Speaker 1>Now I kind of want to talk about what happens

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<v Speaker 1>after an attack. Even if you get your data back,

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<v Speaker 1>what are the long term effects?

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<v Speaker 2>Yeah, that's important. I think people often overlook the psychological impact.

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<v Speaker 2>Oh yeah, on both individuals and organizations.

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<v Speaker 1>Right, it's not just about systems and data. It's about

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<v Speaker 1>trust and reputation and that feeling of violation, like having

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<v Speaker 1>your personal space invaded. Even if nothing is physically stolen,

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<v Speaker 1>you still feel vulnerable.

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<v Speaker 2>Yeah, you feel exposed.

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<v Speaker 1>And in the digital world it's even worse because your

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<v Speaker 1>data is out there and who knows what these criminals

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<v Speaker 1>are going to do with it.

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<v Speaker 2>It's a loss of control and that can be really unsettling.

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<v Speaker 1>The book talks about this school district that was attacked.

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<v Speaker 1>Oh yeah, and not only did they encrypt their systems,

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<v Speaker 1>but they stole sensitive student data, medical records, discipline files.

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<v Speaker 1>Oh wow, it's awful. That's terrible because it's not just

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<v Speaker 1>about the organization anymore. It's about these kids, right, and

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<v Speaker 1>their information could be used for identity theft or blackmail.

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<v Speaker 2>It puts the school in a terrible position.

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<v Speaker 1>It does. Do they pay the ransom and risk funding

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<v Speaker 1>criminal activity, or refuse to pay and risk having their

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<v Speaker 1>students data leaked.

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<v Speaker 2>There are no easy answers.

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<v Speaker 1>There aren't.

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<v Speaker 2>It's a really complex ethical dilemma.

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<v Speaker 1>And then there's the legal side of things. Data breaches,

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<v Speaker 1>reporting requirements.

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<v Speaker 2>It's a minefield. It is a lot of places have

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<v Speaker 2>laws that require organizations to report data breaches, So.

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<v Speaker 1>If you don't report it, you can get in trouble.

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<v Speaker 2>Big trouble, fines, lawsuits.

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<v Speaker 1>And of course damage to your reputation.

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<v Speaker 2>And even if you're not legally required to report a breach,

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<v Speaker 2>it might still be the right thing to do ethically, especially.

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<v Speaker 1>If it involves sensitive personal information.

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<v Speaker 2>So transparency is important.

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<v Speaker 1>It is.

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<v Speaker 2>It's about being honest with the people who were affected.

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<v Speaker 1>And taking responsibility.

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<v Speaker 2>But even if you do everything right, there's still going

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<v Speaker 2>to be some damage.

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<v Speaker 1>That's true.

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<v Speaker 2>Cyber extortion can really hurt a company's reputation.

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<v Speaker 1>Yeah, it could make it hard to win back customer.

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<v Speaker 2>Trust, and it can have a big impact on their finances.

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<v Speaker 1>That's why incident response is so important.

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<v Speaker 2>It's not just about recovering from the attack. It's about

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<v Speaker 2>managing the public relations fallout exactly. You need to communicate effectively,

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<v Speaker 2>address people's concerns, and show that you're learning from your mistakes.

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<v Speaker 1>It's about regaining control and rebuilding trust.

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<v Speaker 2>What about law enforcement? Are they doing anything to catch

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<v Speaker 2>these criminals?

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<v Speaker 1>Oh? Yeah, law enforcement agencies all over the world are

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<v Speaker 1>working on this. Are they making any progress?

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<v Speaker 2>They are, But it's tough. These criminals are often in

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<v Speaker 2>countries with weak cyber crime laws.

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<v Speaker 1>Or where they're protected by corrupt officials exactly. So it's

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<v Speaker 1>an uphill battle, it is.

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<v Speaker 2>But there have been some big wins, some high profile arrests,

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<v Speaker 2>takedowns of major ransomware gangs.

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<v Speaker 1>The book mentioned some new strategies. They're using cryptocurrency tracing,

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<v Speaker 1>oh and sanctions.

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<v Speaker 2>Yeah, they're trying to cut off the flow of money.

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<v Speaker 1>Is it working.

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<v Speaker 2>It's hard to say. It's still early, but it's a

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<v Speaker 2>step in the right direction.

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<v Speaker 1>So what's the future of cyber extortion? Is it just

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<v Speaker 1>going to keep getting worse?

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<v Speaker 2>I don't think so. I think we're making progress. Well.

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<v Speaker 2>More and more people are aware of the threat. That's good,

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<v Speaker 2>and companies are investing more in cybersecurity, and law enforcement

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<v Speaker 2>is getting better at catching the criminals.

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<v Speaker 1>So there's hope there is. That's good to hear. So

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<v Speaker 1>just to recap cyber extortion is a serious problem, but

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<v Speaker 1>it's not insurmountable prevention is key, have a plan in place,

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<v Speaker 1>understand the risks, and remember that knowledge is power. I agree,

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<v Speaker 1>the more we know about cyber extortion, the better we

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<v Speaker 1>can protect ourselves in our businesses exactly, and that wraps

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<v Speaker 1>up our deep dive into the world of cyber extortion.

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<v Speaker 1>We hope you found it informative and maybe even a

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<v Speaker 1>little bit empowering. Remember, stay vigilant, stay informed, and stay

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<v Speaker 1>safe out there and join us next time for another

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<v Speaker 1>deep dive into a fascinating and important topic.
