Cyber Insurance: take your time and investigate

Cyber InsuranceCyber Insurance

Last month we discussed the fact that YOU WILL be hacked at some time in future (even if you have already been victimized).  We shared some tips that can help mitigate the damage. In this month’s newsletter, we want to talk about Cyber Insurance.

Like any insurance policy, it is extremely important to understand what you are buying, and what the insurance company is covering.  More importantly, you need to spot what “gotcha’s” or “trapdoors” the insurance company has placed in the contract.

Deloitte recently penned an article about Cyber Insurance.   “Many corporate buyers appear to be losing sleep over the lack of clarity and certainty in cyber insurance coverage…”  Never have words been so prophetic.

At issue are the uncertainty of cyber risks.  Offset by the fact that cyber insurance is the next big money maker for the insurance industry.  Add to that mix the fact that “Standard property and casualty coverages—including directors and officers, professional liability and business interruption—are often “silent” on cyber risks, not explicitly stating whether or not policyholders are insured for such emerging risks.” Continue reading »

July 2017 Newsletter – CyberSecurity

July 2017 Newsletter

To those of us who live in the good ol’ US of A, happy 241 years old, and welcome to our July Newsletter.

For our July Newsletter I wanted to talk about CyberCrime and Security.  Today there is a new way Newsletter Happy 4th of July to steal information from you, VISHING.  Read more about it further down the newsletter.

Additionally I just attended a seminar on CyberSecurity given by David P. Weber, JD, CFE.  Mr. Weber was the former Assistant Inspector General for Investigations at the U.S. Securities and Exchange Commission, and now is a Professor and Academic Director for the Fraud Management Programs at the University of Maryland Robert H Smith School of Business.

His watch words was a modification of  Ben Franklin; which is apropos since this is the July issue; that there are now three certainties of life:  Death, Taxes and being a victim of CyberTheft.

More about that later…


SBA * Consulting LTD


Note:  Wayne Spivak, President of SBA * Consulting has been quoted in the Bloomberg BNA three times in the last six weeks:

Rule Affects Public Companies with Private Company Investments
Companies Filing IPOs Shouldn’t Underestimate Accounting Challenge
Companies Confused About Upfront Fees for Cloud Services Rule

You will be hacked!


You can spend the money now and both prepare for, protect yourself against, and mitigate the outcome or wait until the inevitable happens and suffer far greater consequences.

With the recent 47 state consent decree between the States and Target a new “norm” or benchmark has been created on what companies need to do to show they prepared.

Failure to show that you lived up to this “norm” will have grave consequences, from insurance companies outright refusing claims to affirmative defense by plaintiff’s when they bring suit in a court of law. And you know you will be sued! Continue reading »

Startups need a CFO from the inception

A recent report from the Financial Executives International’s Financial Executives Research Foundation has some interesting highlights.  The report outlines those startups that bring on a CFO sooner than later do better.

Startups and the CFO

CFO for Startups“For a startup company the CFO is probably going to sit at the intersection of finance and strategy as well as, depending on the company, risk management and operations,” said FERF managing director of research Dave Pelland. “If you think about a startup venture, pretty much regardless of the industry, the CFO should be among the first three or four people hired. The founders will have the initial idea for the company, or the technology they’re trying to develop if it’s a tech startup. As they start to develop their product or service, and to attract outside investment and potentially revenue, a financial executive is going to be valuable in not only managing the finances, but also the company’s strategy and eventually its infrastructure as the company develops.”


CFO service to Startups go further than those Mr. Pelland stated.  Your CFO is the ethical center of your organization.  The cool and calm center of a business by definition is going in a thousand directions.  The CFO creates internal control.  They begin the annual budgeting and  forecasting process.  They acquire and negotiate the leases and purchases that the fledgling business will need to move along the business plan.

Business plans

Speaking of business plans: no business should be operating without a plan.  The CFO is the person who will be the center of much of that plan.  They can be full time, interim or fractional.  Marketing and market research, talent acquisition and requirements, and budgets are part of the plan.  From the business plan comes the pitch decks.  The CFO and CEO will need to sell the company, its idea and value proposition to investors with this deck.

How SBA * Consulting LTD can help the Startup, they young company or even a fully mature company are similar.  In their report, Center Of The Storm: The CFO’s Role In Start-ups And Rapidly Growing Companies the FEI highlighted the same skills our Consultants can bring to bear:

  • CFOs are critical to raising capital, through venture capital funding, private investments or private equity investments

  • Establishing sound reporting systems and tools can allow for improved reporting metrics and communication to investors

  • CFOs are playing an essential role in setting and monitoring company strategy, and maintaining balance between investing in growth, building market share and preserving capital for future opportunities

Why not reach out to us and schedule a free telephone consultation.

Investor shopping; you need a compelling pitch deck

The Business Lifecycle

Businesses are at one point in their life or another looking for new investors.  One can say Investors are always looking for good investments.  Start-up’s usually need capital and are looking for either seed capital or an “A” round financing.

More mature entrepreneurial companies are looking for further financing.  Some are leaning to the IPO process for funding; others may opt for an merger or to be acquired.  Owners of mature companies (or for that matter all firms) are ultimately looking for an exit.

What is the difference in each of their life cycles?  Not much.  Investors, whether they are buying a percentage or the entire company want to know about your company; and they start with the pitch deck.

Investor pitch deck

The pitch deck is usually the only chance you will get to entice the prospective Investor.  We at SBA * Consulting and our strategic partner Management Interactive LLC have seen quite a few pitch decks.  Some extremely well made, informational and having an aesthetic appeal.  Some, not well made giving the reader very limited information.

Your pitch deck needs to provide the reader with enough information to prove your value proposition and request (for funding, or sale).  If you do entice a potential Investor, you’ve made it to round two.

Investor Information Continue reading »

Press Release – Back to the Basics

PRESS RELEASEReleased: April 3rd, 2017

Press Release

Friends and colleagues,

For the last year, I have been a partner at Hardesty LLC. It has been a rewarding experience both personally and professionally. However, it was time to move on.

As of April 1st , I resigned as a partner and will be devoting my skills and energy to my current clients, potential clients and my businesses.

SBA * Consulting ( has a new website and we have brought in Oswaldo Salazar, EA ( to focus on the small business segment. To this end, we have focused more resources on our Xero accounting system practice. We will also be setting up a division to do virtual bookkeeping for those small and nascent companies.

We still are committed to the mid-market and providing CxO’s (albeit mostly CFO’s) to companies that need interim, part-time our outsourced experienced CFO’s. We also can assist in a large range of projects that require the same skill sets, but as a consultant to the CFO other C-Suite members.

Many of you know that I am a partner at Management Interactive LLC (MI) ( whose website is being created as you read this letter. As a symbiotic company, MI assists smaller companies with preparing for investors, going after capital investment and exits.

Part of this requires assistance with business planning, budgeting, and implementation of accounting systems and policies. Implementing these systems not only will help the business to grow, but pass muster on due diligence. I think you can see the crossover symbiotic nature of the relationship.

I look forward to connecting with you and appreciate any leads as we work worldwide and remotely.


Wayne Spivak

 Growth is Good


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