Excerpt from a Virginia Pilot article where Sera-Brynn’s CEO, Rob Hegedus, discusses Cyber Insurance.
Compromised iPads. Scheming employees. Those are just two of countless ways a company could be hacked. How is a CEO supposed to sleep?
Enter Sera-Brynn, a cyber-risk management firm based in Suffolk. The 4-year-old company leads clients through three stages in their quest for digital peace of mind: compliance, insurance and incident response.
Businesses and organizations face costly lawsuits when they lose third-party data. Rob Hegedus, Sera-Brynn’s CEO, said the best firewall against being sued is following industry standards before an attack. After an attack, Sera-Brynn helps with things like containing and cleaning up the damage – serving as a go-between with law enforcement and regulators – and public relations.
As Hegedus describes it, though, it’s step two – insurance – that is poised to most alter how business is done in the age of cyberattacks.
Hegedus predicted the insurance industry will become the biggest driver of cybersecurity by dictating what measures companies must take if they want coverage. And that coverage will be crucial because it is becoming increasingly accepted that if hackers want in, they will find a way, he said.
The average business owner “is not going to build walls,” Hegedus said, “they’re going to buy insurance.”
Hegedus said Sera-Brynn is helping shape that landscape by teaming with insurance providers to develop policies. The company also runs cybersecurity risk assessments, something that Hegedus says will be a mandatory part of selling a business in three or four years.
Sera-Brynn has averaged about 200 percent growth year over year since its inception, Hegedus said, and it’s been drawing big-time attention for its work. TowneBank is an investor. In February, the firm was ranked 16th on a list of 500 cybersecurity companies to watch in 2015, compiled by Cybersecurity Ventures of Menlo Park, Calif.