Apr 18, 2018
In the 12th episode of the Confident Wealth Podcast, Bill Bush
and Pete Bush talk with David Patrón, a partner and Practice
Coordinator at Phelps Dunbar, for the law firm’s New Orleans
Litigation Group. During this talk, David discusses the importance
of data security, preparations to prevent data breaches, and the
ways in which cyber-attacks can take place.
Time Stamped Show Notes:
- 01:47 – David discusses cyber-attack vulnerabilities from
malware, hacking, phishing attacks, internal sabotage, and careless
- 03:42 – The technology officer of a company needs to stay aware
of security issues.
- 05:39 – Train employees how to stay aware of securities
problems and preventative measures they should be taking.
- 06:59 – Engage companies that offer hacking simulations to
penetrate your system to detect weaknesses that need to be
- 08:13 – Invest in cyber security insurance, which is relatively
inexpensive right now.
- 09:50 – Assemble experienced executive, forensic, and legal
response teams, and formulate a plan of action which includes
public relations efforts, in advance before an attack even
- 13:01 – Once you detect an attack, you need to contain it, and
deal with any litigation that may occur.
- 15:31 – State statutes regarding data breach vary by
jurisdiction, and it is a sliding scale.
- 18:05 – The typical lawsuits that pertain to data breach
include: lawsuits brought by regulatory agencies, class action
suits brought against security fraud, and lawsuits brought on by
individual affected customers.
- 19:41 – Data security should be a top priority for a company.
The attackers are becoming more sophisticated.
- 22:33 – The role of the attorney is often pre-incident
front-end consulting and risk-assessment, and incident
3 Key Points:
- Cyber Security Checklist:
- Install basic security
equipment and anti-virus software for email servers and final user
- Firewall technology.
- Web filter and spam filter
- Data loss prevention
- Utilize reliable companies that offer hacking simulations to
penetrate your system to detect weaknesses that should be
- Cyber security insurance is an importance and affordable
investment to make right now.
- “Know your enemy.” – David Patron.
- “You have to invest in cyber security
technology. If you don’t, as a company, you are just being
negligent. And you are setting yourself up for litigation if
something does happen” – David Patron.
- “You want to have robust human resource
programs to educate your employees about the importance of staying
vigilant and being aware.” – David Patron.