Mike Roman, our senior risk consultant and vice president of property & casualty operations, once again appeared in the Birmingham Business Journal (BBJ) providing “Insights into Cybersecurity.” The article features Mike alongside several other experts, including:
- a security architect from C Spire,
- a member of the Cyber Security Management Advisory Board for Auburn University’s Harbert College of Business,
- the practice leader of Warren Averett’s Risk and Controls the Risk, Security and Technology division and
- the Chief Privacy Officer for Burr & Forman, LLP.
With 15 years of experience overseeing risk management programs for a range of clients, including Fortune 1000 publicly traded companies, Mike offers insights into finding the right cyber liability coverage and mitigating cyber risks and vulnerabilities in companies’ cybersecurity programs.
What Should I Do?
“The biggest thing is to take some action,” Mike says. “So many companies out there are doing nothing. Take some steps, even if it’s baby steps. But do something.” In particular, Mike advises clients to thoroughly educate their employees on cybersecurity practices, formalize a plan to monitor and identify breaches and invest in a cyber insurance policy.
“Cyber insurance, unfortunately, is often overlooked and not purchased. Many businesses think they won’t experience an event because they have a firewall and antivirus software,” says Mike. “One of the statistics I saw recently is that half of all U.S. businesses have had some type of event or breach or hack over the last three years. so at some point, it’s very likely that you’re going to experience a breach.”
Cyber insurance also offers resources beyond just dollars to pay for notifications or data ransoms, including a cyber-breach coach.
“With a cyber insurance policy, the cyber-breach coach already has the forensics, legal and other vendors for identity-theft monitoring, credit monitoring and notification services. They already have all this organized. So when you’re panicking as a company because you just had an event, it’s no problem. Just pick up the phone and you’ll be connected with the breach coach. They’ve been through a thousand claims. they know what you’re going through, and they’ll be able to help.”
Read more of Mike’s insights in his 2018 appearance in the BBJ’s “Insights into Cybersecurity.”
For more resources, check out our Cyber Center.