The Cyber Heist Every Entrepreneur Needs to See

What is discussed, and when

1. 0:00 – 3:00: Bill.com, Bit Defender, Bit Defender, Cyber Heist
2. 3:00 – 6:00: Bit Defender, Bit Defender, Bitcoin, malware
3. 6:00 – 9:00: Ben Russell, malware, media company, SBA loans
4. 9:00 – 11:18: Bit Defender, Bit Defender, LastPass, LastPass

Notable quotes from "The Cyber Heist Every Entrepreneur Needs to See"

• Let's do it. I feel like it's a good time for a game. It's called Cyber Heist. I'm basically going to go over a couple different fake scenarios.

  about Cyber Heist · at 0:02

• Things like that andor close the systems. I'll give credit to you know something like a bill.com or other services that are built to say these are the two data points the money…

  about Bill.com · at 1:27

• How to prevent that? Number one, companies can lock down and secure their computers. And again, Bit Defender offers solutions like that to say, Hey, listen. Install our…

  about Bit Defender · at 2:33

• Still talking and moving. Can I just go to your PC, plug in, and now my phone has malware that you don't realize is now going to your computer. So things like that, watch out…

  about malware · at 3:56

• It's just going back, to your business, a media company. Sure, maybe you don't have banking information on it, but that's just a your reputation.

  about media company · at 6:58

• Relationship, but I'm sure you got people you rock with on a regular basis. Russell, whatever it is, their vibe, they don't they just don't write that way. It sounds weird, but…

  about Ben Russell · at 7:51

• It's real. So hackers can sneak into your office network through something as random as a smart fridge on Wi-Fi. How does that even work? And what should business owners know about securing their smart devices and IoT gadgets?

  about smart fridge · at 8:53

• Like we've focused a lot on passwords. we are using LastPass and we focused a lot on passwords. but I think we need to go the next level now that we've got data and now that my persona is bigger because people are just more malicious.

  about LastPass · at 10:55

Who and what is mentioned in this episode?

People

• Ben Russell — Person · 1 mention · first at 7:54
• Kimberly Kate — Person · 1 mention

Companies & orgs

• Bit Defender — Company · 3 mentions · first at 2:38
• Bill.com — Company · 1 mention · first at 1:30
• Staples — Company · 1 mention · first at 3:10
  You have an external USB drive. It wasn't from Staples or Amazon that you got new. It was random places. Do not use this. And that's where also that third leg I talked about before, education, education, education. We tell.
• media company — Company · 1 mention · first at 7:00

Products & tech

• smart fridge — Product · 2 mentions · first at 8:57
• Cyber Heist — Product · 1 mention · first at 0:03
• Bitcoin — Product · 1 mention · first at 4:21
  Monday and you find a ransom note. All your files are locked until you pay in Bitcoin. Walk us through what a smart entrepreneur should do first in that moment and what they could do ahead of time to avoid being in this position ever.
• LastPass — Product · 1 mention · first at 10:59
  Like we've focused a lot on passwords. we are using LastPass and we focused a lot on passwords. but I think we need to go the next level now that we've got data and now that my persona is bigger because people are just more malicious.

Concepts & topics

• malware — Concept · 3 mentions · first at 4:01
• ransomware — Concept · 2 mentions · first at 4:32
  I love it. So first in that moment it is tough because the rans those ransomware emails more than not are legit and real companies have said hey we've chosen to not pay all our information is gone and we're going to start from scratch.
• fake CEO wire transfer — Concept · 1 mention · first at 0:20
  So, scenario one, the fake CEO wire transfer. So, hackers spoof your email and trick your finance manager into wiring $25,000 to a fake vendor account.
• USB trap — Concept · 1 mention · first at 1:56
  That's how to solve that. Yeah, really great advice. Thank you. Okay, scenario two, the USB trap. An employee brings home a free USB stick from a conference and plugs it into their work laptop.
• SBA loans — Concept · 1 mention · first at 8:23
  Click. Somebody did this to me just two days ago. They were kind enough to say, Ramon, somebody asked me about SBA loans. Seems fishy, but was this you?
• IoT — Concept · 1 mention
• phishing — Concept · 1 mention
• social engineering — Concept · 1 mention

Sponsors

• Bit Defender — Sponsor · 3 mentions · first at 2:38
  How to prevent that? Number one, companies can lock down and secure their computers. And again, Bit Defender offers solutions like that to say, Hey, listen. Install our…
• LastPass — Sponsor · 1 mention · first at 10:59

Full transcript with timestamps

0:00 I want to play a fun game really quick. Let's do it. I feel like it's a good time for a game. It's called Cyber Heist. I'm basically going to go over a couple different fake scenarios.

0:11 Mhm. And you tell me what do we do as an entrepreneur? What could we have done to prevent this? What can we do to like, you know,

0:18 placeate the issue and make it better? So, scenario one, uh, the fake CEO wire transfer. So, hackers spoof your email and trick your finance manager into wiring $25,000 to a fake vendor account. How do hackers typically pull this off so convincingly? And what system should small business owners have in place to make sure money nes?

0:44 I love this. And so, how this happens, it's very easy for technical people, which all hackers are, most of them, to spoof, to fake an email address. That's one. or instead of it being from facebook.com being from Facebookbu.com and you just weren't aware as it were. So that that's how and the why it happens. The way around that is for any wired transaction to say here's the policy. We will authenticate it. We will confirm that this is what you want to do via two pre-authenticated methods. So for example, Holla, I'm going to call you back at this number. Doesn't matter what number you said to do it. Doesn't matter what number came in. I'm calling you back at a number we both agreed.

1:27 Things like that andor close the systems. I'll give credit to you know something like a bill.com or other services that are built to say these are the two data points the money transfers our customers are already secure and validated and it will only be done there. We will not, you know, Holla's assistant won't click at 3:00 a.m. Oh, Holla said to send Raone $10 and she just clicks it and sends it from your account. No, no, no, no, no, no. So, that's how to solve that. Yeah, really great advice. Thank you. Okay, scenario two, the USB trap. An employee brings home a free USB stick from a conference and plugs it into their work laptop.

2:04 What kind of damage could that one move cause? And how do you train a team so they don't fall for these low tech traps?

2:10 These are such great questions. I love this. We need to play this game like every week. So, one, love it. And that's a very good scenario. could have been a hacker, a bad actor who's targeted thousands of people at set event, you know, just put up a a box of them and said, "Hey, free take one." Or it could have been targeted. Okay, we know Holl's team is coming. And it could been more malicious, like they're targeting, you know, your organization, for example. How to prevent that? Number one, companies can lock down and secure their computers. And again, Bit Defender offers solutions like that to say, "Hey, listen. Install our software on all your computers. these computers or this computer this time we're going to limit the external files that can go into the computer. So that's one you can manually or programmatically limit what happens.

2:55 Number two of course that's where you install software that says hey any file that comes in from an external source we will automatically check. And number three is really just to have great policies and say and to educate people. You have an external USB drive. It wasn't from Staples or Amazon that you got new. It was random places. Do not use this. And that's where also that third leg I talked about before, education, education, education. We tell our kids, don't get into the van of the guy you don't know. We tell them that since they're born.

3:25 Employees need that same training. And then also, there's softwares that actually block fishing and spoof domains before they can even hit your inbox. So like you could sign up with a company, I think like Bit Defender, that could actually block that stuff before your employees ever get it. I don't want people to walk in a too paranoid world, but you take your phone. Holla, so you and I know each other. There's some trust. I hope you know as we whatever it is, you can't walk in paranoid. But say it was a stranger. I come into your studio. Hey, my name is Raone. I was at the Starbucks and my battery died.

3:54 Holla, do you mind? Can I just And I'm still talking and moving. Can I just go to your PC, plug in, and now my phone has malware that you don't realize is now going to your computer. So things like that, watch out from everyone, but especially from people you don't know, don't trust, and haven't been validated.

4:12 Number three, you open your laptop on Monday and you find a ransom note. All your files are locked until you pay in Bitcoin. Walk us through what a smart entrepreneur should do first in that moment and what they could do ahead of time to avoid being in this position ever.

4:30 I love it. So first in that moment it is tough because the rans those ransomware emails more than not are legit and real companies have said hey we've chosen to not pay all our information is gone and we're going to start from scratch everybody can't do that but that is a real real scenario cuz you ask what to do when it happens. So that's real. Number two, maybe get a security expert just to verify that it's not a double fake like, "Hey Holla, hey Ramon, your computer's locked, holla, scrambling, getting ready to pay or not, and realizes, oh, that wasn't what they said it was." So that's immediately get to a security expert who can help you with that. What to do before, that's where it goes back, as you just hinted, as you said very eloquently, blocking those things before they come in. And then good backup. Now, you need to be careful and this is where getting an expert to help, getting the right software to

5:20 help, etc. Because make sure you're not backing up bad data, but a good backup can solve that because with the right forensic team, they can say, "Okay, great. This was infected 7 days ago. Sorry, H. Sorry, Raone. Sorry, millions of small businesses, right? We can't help you for the last seven days, but you know what? We can bring you back to eight days ago. You'll be good." So, that's where a good backup comes in. Is there actually a situation where somebody is asking for ransom for the data, you pay them and they actually give you your data back or is it usually like you Oh, they they they really do give back.

5:55 Absolutely. Yes. Absolutely. And keep in mind they're criminals. Again, criminals are criminals. So, I'm I'm sure some don't, some do. But the best of it I I'm not a criminal, everybody, but let's say I had to get in the mind of their ha I attack you. Don't I want you to pay me? Because when I attack your friend, you're going to say, "Yeah, Ramon's a total loser. He's an evil person. But we paid the 175,000. 2 seconds later, we had our data data. So, you see the kind of game they play. Go take your pick, Hala. Don't pay me the 150,000. Your data's gone. Or as some have done, Yeah.

6:25 we paid them. And guess what? It was back. Yeah. It's It's so interesting because I think as your company grows, you might start really acquiring valuable data. when you're first starting, like for example, I don't think we had that much of valuable data at first, but now I feel like we're starting to get a lot of valuable data that we need to protect.

6:45 That's right. And keep in mind, the life's work that you built and did, you wouldn't want just that to be shut down. I'm sure you could do it again, right? YouTube and social and all this stuff. You do it again, but think of that. You're down for 30 days or 15 days. You're not sure which devices to use. It's just going back, you know, to your business, a media company. Sure, maybe you don't have banking information on it, but that's just a your reputation. And it's just it's inconvenience.

7:07 Oh my gosh. And people trying to hack into like my social media accounts. We've got all these different apps to make like I can't even sign into my accounts without like Kate, my business partner, like letting me in, you know, like we've got all these protections because it's it's happened many times where we almost lost our accounts. Okay, speaking of that, a hacker builds a fake LinkedIn profile, pretends to be an investor, wins your trust, and then sends a file loaded with malware. How do you spot the red flags in situations like this? And how do you protect yourself down without shutting down every potential opportunity?

7:42 I love this. Here's what I've done and what people have been the kindest to do for me. Most times, Holla, you know, you and I, for example, have a newer relationship, but I'm sure you got people you rock with on on a regular basis. Russell, whatever it is, you know, their vibe, they don't they just don't write that way. It sounds weird, but at least those are some things you have to do. Like, wait a minute, Holla said, and by the way, my doggy said hello. She's never said that before. Let me just double check. Calling her on her cell or texting her through what I know.

8:11 So, that's one. Number two, this goes back to be careful before you open or click. Somebody did this to me just two days ago. They were kind enough to say, "Ramon, somebody asked me about SBA loans. Seems fishy, but was this you?" And I said, "Yes, I referred them to you to ask for help in financing." She said, "Thank you." And now she's going to work with them. So, that's a great example. She's in the financial industry. a lot of nefarious people come at her and so she just did a quick double check. I confirmed she's off to the races.

8:46 Yeah. Okay, last one. Uh so this sounds crazy, but I've heard, you know, horror stories about this. It's real. So hackers can sneak into your office network through something as random as a smart fridge on Wi-Fi. How does that even work? And what should business owners know about securing their smart devices and IoT gadgets?

9:07 I love this. So your smart fridge is a computer. Your smart fridge is plugged into your network either wired or wireless. It's not it's even more advanced than a copier even though the same principle. So once a hacker gets into your smart fridge which in itself could have its own uh to make it simpler access point. It could be broadcasting its own Wi-Fi signal. It's just a fridge hala. It just has some yogurt and stale bananas inside. Why do we have to secure that? But guess what? That's the weak point. So the hacker gets into your smart fridge and all they do is maybe do a simple code chain, something very innocuous which exposes your entire network. So that's why even your IoT devices and a good security consultant again can set up your router, your network, all these things and segment them for you. These are IoT devices.

10:00 They should only be acting a certain way. This however is a server. This should act a certain way. So that's where kind of segmenting your network and working with a security professional at that level and installing good software, that's where those kind of things can help at for sure. Great. That's a great question.

10:14 Yeah. And all of these different scenarios actually can be protected by using a service like Bit Defender.

10:21 That is so you don't need an IT team. You don't need a staff of 20 people. You can work with a company like Bit Defender that can protect you from all of these different malware issues, the ransomware issues, the fishing attempts, the IoT hacking. Like there's so many things to worry about and we're not most of us at least are not IT professionals that have experience with that.

10:43 So Holly, are you going to wake up tomorrow morning at a little more peace and I will too, but I get everything in place. Once I get it all in place, I've gota I've got to, you know, make sure I make it happen. you know, we do a lot of like uh we've focused a lot on passwords. You know, we are using LastPass and we focused a lot on on passwords. Um but I think we need to go the next level now that we've got data and now that my persona is bigger because people are just more malicious. They just know more about us. And so I think we're being more targeted these

Questions about this episode

What is discussed in "The Cyber Heist Every Entrepreneur Needs to See"?

In order: 0:00 Bill.com, Bit Defender, Bit Defender, Cyber Heist; 3:00 Bit Defender, Bit Defender, Bitcoin, malware; 6:00 Ben Russell, malware, media company, SBA loans; 9:00 Bit Defender, Bit Defender, LastPass, LastPass.

What is mentioned in this Young and Profiting episode?

20 people, works and ideas are mentioned, including Bit Defender, malware, ransomware, smart fridge, Cyber Heist, fake CEO wire transfer. Each one on this page links to its own page with every episode that mentions it.

How long is "The Cyber Heist Every Entrepreneur Needs to See"?

The episode runs 11 min; the transcript is about 2,262 words in 25 timestamped sections.

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