Earlier this month Heather Engel, Executive Vice-President of Sera-Brynn, spoke at the USA Risk Group’s 10th Annual Executive Conference in Charlotte, N.C.
USA Risk is considered the nation’s leading independent provider of risk management. The firm develops innovative alternative risk solutions enabling clients to maintain affordable and flexible insurance coverage, improve cash flow and control expenses.
In her discussion, Engel focused on “10 Cybersecurity Concerns and Practical Solutions,” which aimed to help business leaders understand the threats from cyber thieves and how they can protect their companies and organizations, as well as the role insurance plays in a cybersecurity program.
“Hacking is the modern day mafia,” said Engel. “These are people who sit in a cubicle much like the one you or I sit in. They have lunch breaks, they clock in, they clock out.”
Whether it’s stealing credit card data, medical records, bank account information or developing malware, today’s cyber mafia are operating in large, organized syndicates around the world.
During her presentation, Engel cited an estimated $445 billion worldwide financial loss in the global economy from cyber crime, costing an estimated 350,000 jobs in the U.S. and Europe.
“Cybersecurity is no longer just the IT guys’ problem,” she said. “Most of my clients are CFOs, COOs and CEOs because they recognize that cybersecurity is now a function of overall risk management.”