The August chapter meeting marked a milestone as being our chapter’s first virtual meeting. It seems fitting that our topic was on cyber security. Gary Sullivan, a long-time Presque Isle CPCU chapter member and Assistant Professor of the F. W. Hirt Erie Insurance Risk Management Program at Mercyhurst University, presented a broad overview of this topic. Cyber risks such as social engineering, malware and ransomware could lead to theft of customer and company confidential information and potential takeover of the command and control functions of our systems. The consequences include response expenses, extortion costs, data compromise liability damages and identity recovery costs. The cost to individuals and businesses is millions of dollars in damages each year.
There is a growing demand for cyber risk management professionals. Gary discussed their training and unique role in the insurance and risk management field. Businesses need a vigilant network security program to address external threats and internal weaknesses in order to safe guard data and electronic media. The insurance industry is creating products to protect policyholders in this dynamic environment. These professionals can also comprehend the extent of these losses to fully satisfy claims.
By random selection, Terry Ferrante is our August door prize winner of a $25 gift card.