With cyber attacks at an all-time high, PSA Insurance & Financial Services (PSA), a Baltimore, Md., headquartered independent firm specializing in risk management, personal insurance and employee benefits, has added an experienced expert to its risk solutions team.
PSA has expanded its cyber risk management expertise by establishing a dedicated specialty practice to be led by cybersecurity expert Mike Volk.
In this role, Volk will oversee the specialty practice, which focuses on cyber education and mitigation.
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, said Craig English, senior vice president of PSA’s Property & Casualty practice, in a company press release.
This move follows changes seen 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.
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.
He will work to bring 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.
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).
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 U.S., making data breaches a high-cost risk for American businesses, according to the release.
The release added that small businesses are at even greater risk, according to Symantec, because 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.
Additionally, a study from Washington, D.C.-based WalletHub ranked Maryland as one of the states with the most identity theft complaints per capita, the release said.
As the threat landscape becomes increasingly complicated and the techniques used by malicious actors evolve, PSA is working to take a holistic and strategic approach to mitigate cyber risks, Volk said in the release.
“It’s impossible to attain true cybersecurity,” he explained. “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 used 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,” Volk said in the release. “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 to make informed decisions about how to manage cyber risk and purchase proper coverage.”
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