Cyber Insurance and Risk Management | PSA Insurance and Financial Services

It’s our new reality…

Cyber threats are advancing faster than the world’s best defenses. Your assets are under siege and technology alone isn’t enough.

With an ever-evolving threat landscape, you need a partner who does much more than just sell cyber insurance. Cyber risk management is a priority that requires a dynamic, holistic and strategic approach with active participation from every level of the organization. In order to succeed, you must find a way to simplify the ever-evolving threat landscape by focusing on likely threats and bridging the growing gap between the technical task of cyber defense and the leadership function of cyber risk management.

PSA’s dedicated cyber experts keep their fingers on the pulse of the fast-paced cybersecurity ecosystem and its latest developments. Our role as a leading voice and active member of the cyber community allows us to quickly become apprised of new threats as we continually monitor your threat profile. As one of the founding members of the Cybersecurity Association of Maryland, Inc. (CAMI), PSA helps raise awareness of the need for cyber insurance and cyber risk management best practices.

Our proprietary process, the Enterprise Risk Resiliency Loop, achieves dynamic security through cyber risk management best practices, technology and cyber insurance solutions, which continuously adjust as cyber risks evolve. PSA’s cyber experts help you make your operation more resilient—you will be faster to respond and better able to recover from cyber incidents. Here’s how we do it…

Review

Leading Cyber Insurance Expertise. Better Risk Management Solutions.

Kickstart your cyber risk management and resiliency planning with PSA’s proprietary cyber risk review process. We help you build a basic cyber risk profile, identify high level cyber risk exposures and offer realistic suggestions about how you can improve your cybersecurity risk management strategy.

We review your current policy or design tailored coverage if you don’t have one in place. We then explain what your cyber liability insurance covers for your business and discuss options in the context of your cyber risk profile.

Measure

Exclusive Industry-Validated Tool Places a Value on Your Unique Cyber Risk

Unlike traditional risk, cyber risk is difficult to monetize. As a result, most businesses struggle to prioritize cybersecurity investments and identify the scope of cyber liability insurance they should purchase. PSA has helped develop an exclusive industry validated tool, CyVaR, and is one of few cyber insurance brokers in the nation using it to help place a dollar value on your unique cyber risk.

Get to know Mike Volk, the person behind our cybersecurity insurance services and learn more about his background and the latest thinking in cyber insurance.

Candid Conversations with Mike Volk, Our Cyber Risk Management Expert

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Insure

Wider Selection and Unique Cyber Coverage

With our wide network of top insurance carriers, we are also able to offer you access to additional unique, specialized and exclusive coverage and help select the most cost-effective cybersecurity insurance and risk management solution for your organization. Critical coverage we offer includes:

First Party Expenses:

Regulatory Investigations
Fines and Penalties
Data Breach Notification and Response
Crisis Management and Public Relations
Network, Software and Data Restoration
Business Interruption and Other Costs
Cyber Crime and Electronic Theft
Wire Transfer Fraud and Social Engineering

Third Party Liability:

Failure to Prevent a Cyber Incident
Misuse, Disclosure, Loss or Theft of Confidential Data
Content and Media Liability
Defense Against Regulatory Proceedings

Electronic Theft (Cybercrime):

Theft of money or securities through unauthorized access of your system
Funds transfer, ransomware, social engineering fraud and telecommunications theft

You need a robust cyber insurance policy, but equally important is an experienced broker that is on your side to maximize the value and effectiveness of your cybersecurity insurance coverage. PSA’s cyber risk solutions team understands cyber incident response and works with you before, during and after an incident.

Have questions about Cyber Insurance? We have answers and solutions to help manage your cyber risks.

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Collaborate

A Team of Partners

PSA takes the role of partner seriously. We believe cyber insurance and risk management is a team sport and a risk no organization can address alone. As part of our dynamic security approach, we’ll help you navigate through the difficult times when you do experience a cyber-attack. We provide you access to and facilitate engagement with the members of the Enterprise Risk Resiliency Panel (ERRP), which includes vetted breach attorneys, reputation management professionals, cyber risk management consultants and managed security services partners. It is critical you establish a solid rapport with your partners prior to a breach and develop an intimate understanding of your needs for when a cyber incident happens. That way, your team is ready to respond immediately when the time comes. Download our free member guide to find the right partner today.

Respond and Recover

Cyber insurance does more than pay cyber claims. It helps give you a backstop to mitigate the damage of a cyber event and offers a place to turn for help when something goes wrong. PSA’s cyber insurance and risk management team understand cyber incident response and helps you get the most out of your cyber insurance policy by working with you before, during and after an incident.

Tap PSA as a source of knowledge and an ally as you work to protect your organization.

Cyber insurance and risk management resources