About Justin Smulison

Justin Smulison is the business content manager at RIMS and the host of RIMScast, the society's weekly podcast.
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Aon’s Top Cyber Threats for 2019 Revealed

Companies’ cyber risk profiles should be updated in tandem with each new digital technology that it embraces, according to Aon in its 2019 Cyber Security Risk Report. The scale of attacks and their impact on organizations is intensifying, and as recently reported, are becoming less predictable. Ransomware attacks may have peaked in 2018, as industry experts have noted, which sent malicious actors reverting to good old fashioned digital extortion, albeit with a slight twist.

Adopting a proactive outlook is the best way for companies to respond to the complex and changing set of cyberrisks, said Jason J. Hogg, CEO of Aon Cyber Solutions.

“To better prepare against attack, organizations should continually assess their overall cyber risk profile, remediate where recommended and proactively manage their defense,” Hogg said.

The report discusses eight prominent areas where organizations are expected to face cybersecurity threats this year.

  1. Technology
  2. Supply Chain

  3. IoT
  4. Business Operations
  5. Employees


  6. Mergers & Acquisitions
  7. Regulatory
  8. Board of Directors

Ransomware Down, Extortion and Email Fraud Up in 2018, Proofpoint Finds

Ransomware may have waned at the end of last year, but that gave way to straight-up extortion, according to Proofpoint’s newest Quarterly Threat Report, Q4 2018.

Despite a slight resurgence in the middle of last year, ransomware strains appeared in “relatively small, sporadic email campaigns” that by Dec.

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31, 2018, comprised one-tenth of 1% of overall malicious message volume.

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The consequence of this seemingly-good news was that direct extortion once again came en vogue, albeit in cyber form. The newest threats often took the form of “sextortion,” in which actors threaten to reveal compromising information (like revealing photos or video) or take destructive action if the victim does not pay a fee.

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Proofpoint theorized that actors have reverted to extortion simply because it is more cost efficient.

The report recommended tips to spot a sextortionist and call their bluff:

With rare exceptions, these emails do not contain malware or malicious links and rely on the human factor to trick recipients. Often, the threatening emails include “evidence” of compromise, such as an old password that the actor may have obtained from a data breach or simply guessed.

Additional findings and highlights from the report included:

  • 60% of companies’ domains were spoofed by email fraudsters, a nearly 10% increase from Q3.
  • Email fraud attacks against targeted companies increased by 226% quarter-over-quarter, and 476% vs. Q4 2017. Telecommunications, education and transportation were the industries experiencing this activity most.
  • Incidents of social media support fraud, or “angler phishing” – a type of phishing in which attackers attempt to insert themselves in legitimate conversations between consumers and brand-owned social media accounts – increased by nearly 40% from the prior quarter and saw an overall increase of 500% in 2018.
  • Emails leveraging malicious URLs outnumbered malicious attachments by roughly two-to-one for Q4 and three-to-one for the entire year.

Visit here for Proofpoint’s full quarterly report.

Q&A with RIMS 2019 Keynote Speaker Dr. Erin Meyer

The RIMS 2019 opening keynote address will be delivered by Dr. Erin Meyer, a professor at the INSEAD school of international business in France, and the author of the Culture Map: Breaking Through the Invisible Boundaries of Global Business. She discussed with Risk Management Monitor the concept of “culture mapping,” and how her upcoming address in Boston will provide risk managers with methods to assess cultural rituals and differences before conducting international business.

Download today’s RIMScast episode for Dr. Meyer’s full interview and a deeper dive into culture mapping.

Risk Management Monitor: What will you discuss in the keynote address at RIMS 2019?

Erin Meyer: I will be talking about globalization and how it is impacting our effectiveness when we work internationally.

Risk professionals might be supervising a building code in Indonesia or leading a global team made up of Brazilians and Polish people, for example, and what it means to communicate effectively or make decisions can vary from one country to another.

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I will be presenting a “culture mapping” model that will help participants decode how these cultural differences are impacting their own effectiveness and then think about strategies for working in a more efficient way.

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RMM: What has your experience with risk managers been like?

EM: I’ve noticed that risk professionals were usually in situations where – if they were working internationally – they were collaborating with just one other country at a time. But that has changed recently. In the last couple of years, they’ve often been in these multicultural environments and that’s where the culture mapping tool becomes so important.

When working in a multicultural team, you’ll find that different members have totally different impressions of the same country that they’re working in. This is all part of the concept of what I call “cultural relativity” – where we might have totally different impressions of what’s going on, based on our own cultural perspective. We will explore all this in the keynote.

RMM: What details of your research have surprised you?

EM:  We’ve researched expatriate failure rates and looked at people moving from one country to another who had to return home early because they weren’t able to integrate into their new society. And what came up is the highest failure rate was not “Americans moving to China” or “Japanese moving to the Netherlands,” for example.

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It was Americans moving to the UK.

And I think that’s very interesting because it represents something called “cultural dissonance,” which arises when we think the other culture is the same as ours because of external indicators, like language. For example, when Americans start working with the British and they’re all speaking the same language and eating the same food they assume things will not be so different from their home country.

RMM: Does that make them seem too lax in their work?

EM: They don’t give culture itself as much thought, and the consequence can be that they are perceived as incompetent [by the new colleagues]. So when you’re looking at the culture map – which we’ll be talking about during the keynote – it’s often those small differences that cause problems. Awareness of those differences is crucial.

RMM: How has technology created communication challenges?

EM: When we’re working at a distance we can lose the visual cues that help us, even in our own culture, to understand what’s going on. And when we bring in technology we all lose those visual cues – especially when you consider conference calls, for example. So, in some ways that kind of brings us back to a more standard communication platform but it does make things complicated because of course, we have different ideas about how to use technology in different parts of the world.

RMM: In the Culture Map, you discuss how even the use of email – merely to sum up a discussion – can lead to miscommunication or even an insult. How can that happen?

EM: If you get off of the phone with someone in India, for example, and put into writing everything that was decided and you send it, that might be considered an indication that you don’t trust the recipient. And I think that’s where working at a distance complicates things because if we’re in the same room we might feel that something wasn’t going well. But we’re working a distance, so we make these “errors” and it might hurt the relationship without even realizing it.

RIMS Report: Risk Management Implications of Conflicting Federal and State Cannabis Laws

The RIMS External Affairs Committee has issued a new Legislative Review discussing the challenges risk professionals may face regarding the cannabis laws in the United States.

Available exclusively to members, The Risk Management Implications of Conflicting Federal and State Cannabis Laws is designed as a resource for risk professionals representing cannabis businesses, as well as landowners and landlords who often face a range of issues as a result of the disconnect between state and federal cannabis laws.

The sale, possession and use of marijuana has been fully and partially decriminalized in many states, but is still federally recognized as a “Schedule I Narcotic” under the Controlled Substances Act. This has led to conflicting interpretations of the law and unwittingly put many companies at risk of breaking the law.

“The members comprising our external affairs committee have been monitoring the developments related to cannabis for years,” said Whitney Craig, RIMS Government Affairs Director. “There are few absolutes when it comes to cannabis in the United States, but the review provides a concise guide to help members navigate through the challenges posed in this evolving industry.

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The review discusses:

  • how and when to navigate between state and federal laws
  • the risks of a marijuana business opening a bank account
  • what types of businesses are subject to federal drug raids
  • how these laws and risks impact residential and commercial owners
  • insurance resources
  • and more.

“Until the Controlled Substances Act is amended to remove marijuana as a Schedule I Narcotic, there is always some risk that shifting political winds or other factors in the area where the business is located may result in prosecution, even where marijuana has been legalized or decriminalized,” the report states. “Careful due diligence and legal advice from counsel familiar with this area of law is always a wise choice.”

The report touches on a number of new cannabis industries, such as delta 8 THC which has become popular in Texas due to the recent DSHS ban. There are a number of merchant services that will process payments for delta 8 THC products, and there are also a number of banks who will accept these clients, according to delta 8 vape manufacturer Area 52.

The report is currently available exclusively to RIMS members.

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To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.

Risk Management magazine has covered the risks that growing marijuana can pose to commercial or residential property.