Charleston, S.C. — At a time when the vast majority of small companies of less than 1,000 employees have had known data breaches, it’s important for insurers to know how to manage, mitigate and finance cyber liability.
That’s the message CEO Rob Hegedus and EVP Heather Engel of leading Virginia cybersecurity firm Sera-Brynn will carryThursday morning to the 17th Annual South Carolina Captive Insurance Association Executive Educational Conference.
Sera-Brynn ranks no. 1 in Virginia, no. 7 in the U.S. and no. 10 globally according to the Cybersecurity Ventures 500 list of the world’s hottest cybersecurity firms. Sera-Brynn’s cyber risk management model entails auditing, advisory services and assistance.
The presentation by Hegedus and Engel is titled, “Cyber Risk: How to Manage, Mitigate, and Finance Cyber Liability.” Key points in their presentation include surprising statistics such as 85 percent of small companies of less than 1,000 employees have had known data breaches, according to a 2015 Duke University study.
Other highlighted statistics include:
—Extremely effective hacking tools are cheap or free and are easy to obtain and use;
—The average time a cybersecurity breach goes unnoticed is eight months;
—People are always the weakest link.
While the projected costs of data breaches are expected to top $1 trillion next year, Hegedus and Engel will outline steps to take to enhance cyber risk management for insurers. A key takeaway from the presentation will be that it’s not possible to manage risk through technology and hardware alone.
About Sera-Brynn: Headquartered in Suffolk, Va., Sera-Brynn is a global Cyber Risk Management firm with an international client base. The company is dedicated to helping clients secure their computing environments, pre- and post-breach, and meet applicable mandatory industry and government compliance requirements. Sera-Brynn is the only Payment Card Industry Qualified Security Assessor in North America directly partnered with a multi-billion dollar financial institution, and the firm works closely with the insurance industry, legal offices nationwide, crisis management firms, financial institutions and law enforcement at all levels to provide the most comprehensive protection to its clients.
Sera-Brynn’s clients include Fortune 1000 companies, healthcare, financial institutions, insurance carriers and re-insurers, higher education, municipalities and state governments, manufacturers, law offices, large retail establishments, technology enterprises, accounting firms, national non-profits, and international joint ventures.