PSA Perspective Blog | Contact Us | (800) 677-7887 |

Cyber Risk Management

Cybersecurity is challenging, especially in today’s fast moving world, where exposures continue to rapidly evolve and cannot be mitigated by technology alone. At PSA we believe managing cyber risks is an organizational priority that requires a dynamic, holistic and strategic approach with active participation from every level of the organization. This makes operations more resilient, and allows for faster response and recovery when the inevitable cyber-attack or breach does happen.

The PSA difference: Dynamic Security

Cybersecurity is unattainable. Even having cyber insurance and the most advanced technology often does not guarantee to protect your organization from being attacked.

As a founding member of Cyber Association of Maryland, Inc (CAMI), we have designed a proprietary dynamic security approach that sets us apart from competition. We view insurance as a backstop – our goal is to continuously raise your awareness about emerging cyber threats and solutions as well as provide more than a policy by partnering with our clients to improve their enterprise risk resiliency in the cyber age. Our seasoned experts help design a holistic strategy combining risk management best practices, technology and insurance. And when you do get attacked, you can rely on PSA to help you navigate through the difficult times.

You can achieve dynamic security through our proprietary process, the Enterprise Risk Resiliency Loop, which adjusts to your changing needs:

  1. Snapshot– Conducting a streamlined initial review of your cyber exposures in the context of your industry and business operation; reviewing your current policy and providing cyber insurance quotes;
  2. Plan– Taking a deeper look into your cyber exposures with an exclusive industry validated tool that places a dollar value on your unique cyber risk (we are one of 4 brokers in the nation to offer this tool); determining your cyber resiliency goals and prioritizing mitigation strategies that align with your long- and short-term organizational needs and budgetary requirements by:
    • Guiding you through the insurer selection process and placing coverage;
    • Providing a customized cyber risk resiliency report based on information we collect about your organization, exposures and controls.
  3. Collaborate– Providing access to and facilitating engagement with vetted third party cyber technology and service provider partners to help accomplish your most important cybersecurity improvement goals; establishing an intimate understanding of your needs for when a cyber incident happens, so your team is ready to respond immediately.
  4. …and we loop around to re-evaluate your exposures and strategies

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

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 & 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

cybersecurity_logo

PSA is a founding member and Premier Sponsor of the Cyber Association of Maryland, Inc (CAMI)

Resources featuring our cyber risk management experts:

Read “It Could Happen To You, Too” article by Mike Volk, starting on page 50 in the I-95 Business Journal.

Watch Mike Volk, PSA’s cyber expert on Channel 8 News.

 

Watch Mike on WBFF FOX45 News.

Click the WBAL logo below to listen to Mike Volk on WBAL Radio on Cyber Monday, November 28, 2016.

wbal_newsradio_1090

Download the Elevating Cybersecurity to an Organizational Risk Management Function article published in the US Cybersecurity Magazine

psa_4uscyfa16_article-compressed_page_1

Download the Buying Into the Brave New World of Cyber Insurance article published in the Daily Record’s Cyber Report 2016

cyberreport2016web-compressed_page_1

Click here to read an article by Baltimore Business Journal about PSA’s launch of a cybersecurity practice. 

Image result for baltimore business journal logo

 

Mike Volk
Cyber Specialist
Risk Solutions Group

 

Areas of Risk Management

Recent Blog Posts
Executive Order on ACA

Oct
17th
Executive Branch Takes Action on the ACA (Benefit Minute)

In the last week, the Trump administration has taken action to make changes to certain aspects of the Affordable Care Act (ACA).  This action includes two new interim final regulations that scale back the ACA’s contraceptive coverage mandate, an Executive Order related to association health plans (AHP), health reimbursement arrangements (HRA) and short-term limited-duration insurance, […]

Oct
11th
A day in the life of a PSA intern

This year, we have officially kicked off a summer internship program for the future generation of insurance professionals, which we’ve featured in an earlier post Growing Your Next Insurance Partner.

Sep
27th
Recent Court Cases Impacting Employee Benefits (Benefit Minute)

This issue of the Benefit Minute summarizes recent judicial activity which may affect employers and their benefit plans.

Sep
21st
Growing Your Next Insurance Partner – the PSA Intern Program

How long have you known your insurance agent? 10 years? 20? 30? For many people, you’ve known your agent a long time and see him or her as an integral part of protecting you, your family, your company, and ultimately, your ability to thrive.