PSA Insurance & Financial Services Hires Mike Volk to Head Specialty Cyber Division
Posted in: News
With cyber attacks at an all-time high, PSA’s risk solutions team adds experienced expert to oversee specialty practice focused on education and mitigation.
HUNT VALLEY, Md. (January 4, 2017)—PSA Insurance & Financial Services (PSA) announces the expansion of its cyber risk management expertise through the establishment of a dedicated specialty practice to be led by cybersecurity expert Mike Volk. Volk brings a unique view of cyber risk to PSA’s clients by drawing from his background as an instructional specialist in cyber and technology training and as a cybersecurity navigator for the Baltimore City Mayor’s Office of Employment Development. In his new role, Volk is responsible for helping PSA clients develop dynamic risk strategies to bolster cyber-resiliency and protect against organizational cyber risk.
While Volk is new to the firm, PSA is not new to cyber risk. In fact, PSA team members have been actively working with clients to advise their enterprises and the business community for more than five years and are active with industry organizations such as the Cybersecurity Association of Maryland, Inc. (CAMI). According to Craig English, Senior Vice President of PSA’s Property & Casualty practice, the establishment of a dedicated cyber insurance specialty practice and addition of cyber specialist Volk is in direct response to the increasing number of cyber attacks happening around the world, as well as to changes taking place within the insurance industry, such as new ISO regulations that mean cyber related risks are no longer covered under general liability, personal injury policies and property policies.
Ponemon Institute’s Cost of Cyber Breach Study found the average cost per piece of lost or stolen data is $221.00 for an organization in the United States, making data breaches a high-cost risk for American businesses. Small businesses are at even greater risk; according to Symantec, they comprise the majority of phishing attacks, and as many as 60 percent go out of business within six months of a breach due to reputational damage and high recovery costs. Locally, a recent study from Washington, D.C.-based WalletHub ranks Maryland as one of the states with the most identity theft complaints per capita.
In today’s technology driven environment no organization is immune to cyber threats. As the threat landscape becomes increasingly complicated and the techniques used by malicious actors evolve, PSA takes a holistic and strategic approach to mitigate cyber risks. “It’s impossible to attain true cybersecurity,” Volk explains. “That’s why a dynamic risk management strategy and cyber resilience are essential.” PSA’s proprietary cyber risk management process focuses on assessing cyber exposures, reviewing clients’ insurance policies to identify possible gaps in coverage, examining strategies in use for controlling, responding and recovering from incidents and identifying goals that align with client objectives.
“I’ve found the best cyber risk management and insurance approaches involve partnering with clients in a consultative role,” says Volk. “The goal is to help clients simplify security by focusing on the mission of the organization, how cyber threats can impact operations and providing guidance, support and education they need to make informed decisions about how to manage cyber risk and purchase proper coverage. I am excited to be working in this new role at an organization that embraces an approach that puts client needs first.”
Volk joined PSA after working with industry experts and government organizations and contractors in the cyber security realm. He is the author of several writings on topics related to cyber risk, education and training and workforce development, and is a featured media contributor on the topic. Volk received his bachelor’s degree in political science from McDaniel College, a master’s degree in public administration from the University of Baltimore and held a CompTIA Network+ certification.
To listen to one of Volk’s interviews on WBAL-AM Radio, click here. Learn more about PSA’s cyber risk management division at https://www.psafinancial.com/risk-management/risk-solutions-team/cybersecurity/.
In business to protect and grow the assets of our clients since 1928, PSA is one of the mid-Atlantic’s leading independent firms specializing in risk management, personal insurance and employee benefits. With vast knowledge, experience and resources, PSA delivers national caliber capabilities to clients with the attention of a local partner.