Seminars offered for National Cybersecurity Month

Cybersecurity breaches are increasingly common, affecting large companies such as Target and Equifax. But Valent Group, the risk consulting and insurance division of EBSCO Industries (EBSCO), wants companies to be aware that the threat of a breach for small to mid-size businesses is just as great and to be prepared for such an event. Since October is National Cybersecurity Awareness Month, Valent Group is bringing specific attention to the fact that too many Alabama companies are either underinsured, or not insured at all.

According to the Data Breach Investigations Report, Verizon found that 58 percent of all cyberattacks target small businesses. And for those that sustain a breach, 60 percent of small companies are unable to sustain their business for more than six months after the attack.

“Half of all U.S. businesses have had some type of event, breach or hack over the last three years,” said Mike Roman, vice president of Property and Casualty for Valent Group. “At some point, it’s likely that if you are a small to mid-size business, you too are going to experience a breach that will cost a significant amount of money, time and resources.”

In addition to those factors, Roman indicates that a company’s reputation, brand and revenue may also be affected going forward.

According to the Department of Homeland Security, 96 percent of cyber security breaches could have been avoided with simple or intermediate controls.

“It can be as easy as strengthening passwords, installing anti-virus software and not opening suspicious emails and links,” Roman explained. “It’s also important to make sure your company has the proper insurance coverage to protect itself against losses from cyberattacks.”

Business owners can find assessments to gauge how much insurance they will need on the company’s website at www.valentgroup.com/cyber/, including a cyber benchmarking report and cyber risk-o-meter. Available in early October, Valent Group is also releasing their newest cyber cost calculator that will help companies assess the potential cost if they experience a breach.

“Most companies don’t have the resources either financially or internally to have a cyber response team, which makes having a cyber insurance policy in place extremely critical,” Roman said. “Even if they do have such a team, a company’s insurance policy typically provides a cyber breach coach who will direct the recovery process. Working with the breach coach also helps the company comply with their cyber policy so that the company receives their total cyber benefit package.”

“Simply elevating your employee awareness of the exposure that is out there is key,” he said. “Take some action to start employees thinking about being more careful.”

Roman is a graduate of Virginia Military Institute, was a lieutenant commander in the U.S. Navy as a naval aviator, a former American Airlines pilot and has worked in the risk consulting industry for more

than 15 years. He has earned his Certified Insurance Counselor (CIC) and Certified Risk Manager (CRM) designations.

Roman is available as a speaker on the following topics for any interested groups:

• Attack Back with Cyber Insurance
• How to Defend Your Business Against Cyber Threats
• Keep Cyber Thieves from Ruining Your Bottom Line
• How Your Breach Coach Will Defend Your Business Against Hackers
• Hacked? Why You Should Call Your Insurance Broker FIRST
• Small Business, Big Cyber Trouble
• Cyber Insurance Costs vs. Cyber Breach Costs
• To Pay or Not to Pay? Don’t Let Ransomware Hijack Your Business