When it comes to cybersecurity, the importance of being protected online is at an all-time high compared to previous years. Businesses of all kinds have a significantly greater risk of being exposed to online hackers and virtual thieves if they do not have a cybersecurity program in place. Today’s guest is Michael Daugherty, CEO and Co-founder of LabMD and The Cyber Education Foundation. Michael is a cybersecurity expert, entrepreneur, and author of “The Devil Inside the Beltway”.
Daugherty goes in-depth explaining that he originally owned a medical company that performed cancer detection practices with over 7,000 employees when he discovered one day that their cyberspace had been hacked by a hacker that was disguised as a regular individual. He adds that it could’ve happened to anybody. “The probability is very small, but the severity is huge because it’s all reputational harm,” Daugherty says in his interview. “It can [also] be hard for insurance carriers to assess potential damages, so you tend to overpay or be under-insured.” Daugherty goes on to state that his book tells the investigative story of how his company was hacked, the process they took to bring allegations to court and also discusses how his company was the first to ever win against the Federal Trade Commission.
“It’s better to read about it than to live it”, Daugherty later mentions. “The media reported everything after it was over, but while it was going on it’s a very lonely experience so they [people] can’t really know what it’s like to be investigated unless you read this”. Daugherty further explains that the key to the madness is preparation. Always being prepared when it comes to your data is crucial because you never know when something like a data breach or a hacker invasion may strike your company’s data space.
To learn more about Michael Daugherty or LabMD, please watch the entire interview above.
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This has been a JBF Business Media production.