We’re happy to welcome Brad Kirk to our Specialty Deposits group as Vice President/Relationship Manager. Brad will work from our Orange office and will be responsible for cultivating and maintaining specialty deposit client relationships. He will focus primarily on clients within the title insurance, independent escrow and property management industries.
Brad has extensive work experience with specialty deposit clients, which are those clients who act in a fiduciary capacity, holding funds for a period but not owning those funds. As a result, they have complex cash management requirements.
“Specialty deposit clients rely upon some of our more sophisticated treasury products like automated clearing house (ACH) bank transfer network, mobile banking, fraud prevention and wire transfers,” said Brad. “I’ve been working with title insurance firms since 2001, so I’m very familiar with the business and banking needs of these and similar firms.”
Brad previously worked in a similar capacity for City National Bank in Irvine, California and for MUFG Union Bank, also in Irvine, before that. He also worked as a Major Account Executive for Ellie Mae, a provider of enterprise level, on-demand, automated solutions for the residential mortgage industry.
“I’m looking forward to working with Brad to continue developing Grandpoint’s specialty deposits business,” said Scott Armstrong, Senior Vice President and Specialty Deposits Manager for Grandpoint Bank. “Brad is very involved with the industries he serves, and has a deep network of contacts in the title, escrow and property management industries.”
Brad is a member of Orange County Escrow Association, Los Angeles Escrow Association, Escrow Associates of San Gabriel Valley, California Land Title Association, American Land Title Association and California Escrow Association. He is also a member of Escrow Institute of California and serves on its event planning committee.
With over 700 independent escrow companies in California, primarily in Southern California, Brad has his work cut out for him. After 17 years working with this industry, however, he has the tools to succeed.
“One of the reasons I look forward to my work is that the people in the industries I work with are wonderful,” said Brad. “It can be tough to convince a company to move its deposits, but it all comes down to relationships. The people I interact with through industry events and meetings know I understand their business.”
Outside of work, you might spot Brad on the baseball field. He coaches Little League and serves on the Little League board as a Commissioner of a AA division. His motivation to coach comes partly from his kids. One of his sons plays Little League, while the other prefers flag football.
Brad also supports kids in our community through Keegan’s Kids, a charitable organization focused on pediatric melanoma. He’s helped the organization fundraise, market its message and generate ideas for how to fight melanoma.
Brad is the kind of consummate professional and community advocate we look for when we grow our team. If your business needs specialty deposit services, please don’t hesitate to reach out to Brad.
Since 2013, cyber criminals have attacked over 22,000 businesses via business email scams with losses totaling over $3.1 billion. Businesses of any size are vulnerable. In the L.A. area, losses due to business email compromise alone total $14.6 million per month. Experts estimate that 80% of cyber attacks are avoidable through basic cyber hygiene. By implementing a variety of safety and prevention measures, you can significantly reduce the chances of your business suffering losses due to cyber crime.
To help businesses understand the risks and the ways they can help protect themselves from this growing threat, we recently hosted a series of cyber security seminars in Los Angeles and Orange County. We want to share a few of the key takeaways from our panel of experts in law enforcement, information security and insurance. Here’s what we learned from Howard Miller, CRM, CIC, of L/B/W Insurance and Financial Services, Kimberly Pease, CISSP, of Citadel Information Group, Michael Sohn of the FBI’s Los Angeles Cyber Crime Outreach and Stan Stahl of Secure The Village.
- Employee training throughout your organization is critical. Make sure you have clear policies about cyber security and that they are clearly communicated to your staff, contractors and anyone else who has the ability to expose your company to risk. Educate all of your employees about the risks of clicking on links in emails and sharing business information via phone or email with people they don’t know or trust.
- Limit access to software to employees who really need it and make sure that each employee has their own log-in (don’t have employees share log-ins) so you can track activity back to a specific person.
- Keep software updated regularly. Cyber thieves exploit vulnerabilities in older versions of software.
- Use two-factor authentication to access your internet email and other sensitive applications such as online banking. Two-factor authentication requires you to use a one-time password in addition to your regular password, making it more difficult for hackers to hack.
- Make sure your back-up files are capturing all of your critical data and that your employees are following your prescribed protocol for backing up their files. Also make sure you are backing up your files in a different physical location so you can use them in the event of a natural disaster.
- Look at your third party vendor contracts to understand what cyber risk you might assume through your relationship with that vendor, particularly with cloud providers who typically accept little, if any, liability associated with cyber crime.
- Take information security as seriously as operations and finance.
- Create a VPN (virtual private network) to secure communications to your business network that are initiated by authorized employees using devices outside of your network.
- Secure your wi-fi with a password and encryption.
- Use different passwords for different sites and make them long and complex.
- Check any existing cyber security insurance you may have to look for gaps or exclusions in the coverage. Business interruption is typically limited to physical causes so most insurance won’t cover business interruption due to a cyber attack.
- Before your business is targeted by cyber criminals, establish a relationship with your local FBI office. They’re the lead federal agency for investigating these kinds of attacks.
For banking (online as well as offline), the following recommendations were made:
- Use dual control for all ACH and wire transfers. Dual control means that another person or account has to authorize a transfer in addition to the person who initiates it.
- Never trust wire instructions or other funds transfer instructions sent via email. Always call the person or company to verify the instructions.
- Set up alerts that automatically notify you about log-ins, password changes, transfers, etc. This way if an unauthorized change is made, you know and can respond quickly.
- Use Trusteer Rapport software (available free) to provide a secure web channel between your computer and the bank’s online banking site.
- Use our ACH Fraud Protection Service, which enables business clients to review ACH transactions before they are complete and to choose to pay or return each item.
- Use ACH blocks or restrictions, if you know you won’t be using these electronic payments, or if you want to limit ACH withdrawals to only specific vendors.
To address the risks of funds transfer fraud and cyber deception, our bank has also introduced a new way for our business banking clients to protect themselves through a first-of-its-kind cyber insurance group policy. The policy provides gap insurance, since most cyber crime insurance policies don’t cover losses for money sent out of a business banking account “voluntarily;” that is, when someone in your firm is tricked into sending funds to a cyber criminal posing as a trusted colleague or vendor. For more information on this policy, please visit grandpointinsurance.com.
Insurance Products are:
Insurance Products are offered through Grandpoint Insurance Services, Inc., a non-bank insurance agency affiliate of Grandpoint Bank, and facilitated through LBW Insurance & Financial Services, Inc., an unaffiliated insurance agency.