Episode Details

In this episode, Rudy Rudolph, Executive AICPA Risk Advisor — AON, and April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, AICPA & CIMA, discuss how data breaches can cause acute and lasting issues to victims.

Small businesses are often easy targets for cyber criminals because they typically have less security in place than larger companies. A customized cybersecurity insurance policy can help mitigate risks and provide coverage in an evolving market to protect your organization.

What you'll learn in this episode

• Questions companies need to ask about cyber security insurance (0:59)
• The most common types of cyber attacks (3:56)
• Usual misconceptions about cybersecurity (6:14)
• Types of costs that cyber insurance covers (8:37)
• Items not generally covered by cybersecurity insurance (11:12)
• Insurance consequences of not following your own cybersecurity policies (13:27)
• Rudy's final thoughts (15:35)
• A page from Rudy's travel journal (17:23)

AICPA resources

• Best practices for data security and cybersecurity incident mitigation — Learn about general, preventative and reactive data security tips to implement to keep data protected from identity theft.
• Cyber insurance solutions | AON — AON's brokerage team understands the risks and how to arrange coverage in an evolving market. It's not one-size-fits-all, so AON teams with you to create a custom cyber insurance policy fit for your organization.
• Cybersecurity Lab — Building a nimble cybersecurity response plan | Tax Section Odyssey — In this podcast, Ashley Grover, Cybersecurity Threat Intelligence Analyst — Sylint, discusses how the cyber threat landscape continues to change rapidly. Keeping up with the latest cybersecurity trends is vital to not fall victim to attacks and data theft.
• Gramm-Leach-Bliley Act (GLBA) Written Information Security Plan Template — The GLBA Act requires financial institutions to have a written information security plan. Use this template to document your firm's policies.
• Identity Theft Checklist | Tax Identity Theft Toolkit — Provide this checklist to clients to help them appropriately and efficiently address identity theft issues and access additional resources.

Transcript

April Walker: On today's podcast, listen to hear more about cybersecurity insurance for CPA firms.

Hi everyone and welcome to the AICPA's Tax Section Odyssey podcast, where we offer thought leadership on all the things tax facing the profession. I am April Walker, a lead manager from the Tax Section and I'm here today with Rudy Rudolph.

Rudy is an executive risk adviser with AON and his role is helping to educate CPA firms on insurance coverage available through AON's AICPA program. Since that's his role, that's what we're going to do today.

Specifically, we're going to delve into cyber insurance. Wha