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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

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

Resources featuring our cyber risk management experts:

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.

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

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

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

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Mike Volk
Cyber Specialist
Risk Solutions Group

 

Areas of Risk Management

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