New Analysis Reveals Strength of the Outdoor Economy

Today, the U.S. Bureau of Economic Analysis (BEA) released new data showcasing the tremendous impact of outdoor recreation on America’s economy. In 2022, the BEA found that outdoor recreation accounted for $1.1 trillion in gross economic output, 2.2% of gross domestic product (GDP), and supported 5 million jobs across the United States.  

“It comes as no surprise that outdoor recreation and the outdoor economy continue to demonstrate outstanding growth, which also supports the historic trends in outdoor participation we have seen in recent years,” said OIA President Kent Ebersole. “The outdoor recreation participant base grew for the eighth consecutive year to a record 168.1 million participants, and new participants are increasingly diverse and looking to businesses to lead on sustainability, equity, and conservation. This new data demonstrates the strength of the outdoor recreation industry and our collective power to drive sustainable economic growth while protecting – and growing access to – the benefits of the outdoors for everyone.”  

BEA launched its outdoor recreation economy project in 2017 to “deepen the public’s understanding of the economic impact of outdoor recreation, inform decision making, and improve governance and long-term management of public lands and waters.” 

Explore the power of the outdoor recreation economy through our interactive map, which now lists state-level participation data alongside jobs, wages, and total economic value.

 

  

 

White Paper: Outdoor Sports Insurance Highlights the Necessity of Network Security

For years, Network Security Insurance (commonly referred to as Cyber Liability Coverage) was widely regarded as a boutique coverage needed only by large corporations who store and process large volumes of consumer credit card information. In the later part of the last decade, however, this perception proved inaccurate when cyber-attacks on small to midsize businesses and retailers increased nearly 600%. Cyber extortion targeting small businesses now reigns supreme.

The good news is, Outdoor Sports Insurance has access to a wide array of insurance markets that write cyber policies specifically for the small business owner. These policies are both comprehensive in protection and breach response services, and affordable in premium.

Wrapped together with policies that cover the risks associated with hiking, camping, paddling or any outdoor activity, Outdoor Sports Insurance knows the market and has the products to fit any OIA member.

By definition, a “cyber attack”, or “security breach”, refers to unauthorized access to the IT infrastructure of a company by a third party (hacker) with the intent to corrupt, steal, or destroy data. The types of attacks hackers employ to achieve these ends runs a wide spectrum; Denial of Service (DoS), Phishing attacks, Password attacks and cross-site scripting attacks are just a few of the more common means by which hackers wreak havoc on a company’s network (and subsequently the daily operation of the business itself).

The most common attack, and by far the most damaging in terms of financial impact to victims, is the ransomware attack, commonly referred to as, “cyber extortion.” When a company has been hit with a ransomware attack, malicious software infiltrates a portion, or all, of the company’s IT mainframe. As malware increases in sophistication and complexity, so, too, do the extortion demands made upon the targeted companies. Between 2019 and 2020 alone, the number of companies that reported paying a ransomware extortion demand increased more than 300%.

According to a NetDiligence 2020 Cyber Claims study, the total cost of a network breach ranges anywhere from $1,000, to more than $120 million. The average cost to businesses with less than 200 employees is estimated to be $200K – $750K. Between 2018 and 2020, it is estimated that 45% of cyber-attacks targeted businesses with less than 200 employees. Less than 25% of those businesses carried the proper network security coverage, and even fewer had a formal incident response plan in place. Of the businesses impacted that did not carry the proper protection, more than 60% were out of business within 6 months.

Outdoor Sports Insurance works across multiple carriers to make sure all OIA businesses can find the right policy with the appropriate coverage at an affordable premium. In addition to the coverage itself, Outdoor Sports Insurance supplements the policies with risk management services and third party resources curated to ensure policy holders are equipped with the tools to mitigate the threat of an attack, and expedite the response time should an attack occur.

Included in the coverage portfolio, policy holders have access to a 24/7 cyber response hotline, educational tools to help network users identify threats and phishing campaigns, recommendations for protective software implementations, and best practices for user protocol of a business’s IT property and systems.

OIA has assembled best-in-class services provider partners to offer OIA special preferred pricing on goods and services in marketing, sales, sustainability, supply chain, finance, operations, research, rep associations, and trade shows. Outdoor Sports Insurance is one of those provider partners. Learn more about the OSI partner benefit for OIA members here. In order to receive the discounted pricing offered, you must mention and confirm your OIA membership to the service provider.

Rob Martin and Tori Hoeschler from Outdoor Sports Insurance recently sat down with Rick Saez from The Outdoor Biz Podcast to chat skiing, outdoor adventure, and risk management. Learn about how Outdoor Sports Insurance, protects businesses from inherent risks to areas of exposure that are less obvious, including how small and mid-sized businesses are increasingly becoming targets of cyberattacks. Also hear about how proper waivers and training can save a shop, and how Outdoor Sports Insurance can help you with all of it.

To learn more about cybersecurity offerings from Outdoor Sports Insurance, please contact the team at outdoorsportsins.com, or email OSI@horizonagency.com. And check out this Outdoor Biz podcast featuring Rob Martin and Tori Hoeschler from OSI

 

 

Support Colorado Outdoor Equity Grant Program

We urge you to express your support for a bill to create an Outdoor Equity Grant Program in Colorado: HB21-1318. If enacted, the program will connect more Colorado youth and their families to the benefits of our state’s public lands and will be funded by portions of lottery money that are currently allocated to the state’s general fund.

The bill just passed the state House and will be making its way through the state Senate soon, so please contact your state senator and urge them to co-sponsor and vote YES on HB21-1318.

If you are not based in Colorado, please share this with your networks in Colorado.

A Washington Town Hall on Trade for Outdoor Companies

When: Wednesday, May 5

OIA Director of Government Affairs Rich Harper will lead a discussion with OIA’s outside trade counsels, Ron Sorini and Andrew Samet, on the wide range of issues that impact global supply chains of critical importance to outdoor companies. Sorini, Samet & Associates has represented OIA for over 15 years, helping our membership navigate a myriad of issues, from punitive tariffs on products sourced from China to securing duty-free treatment for travel goods in the Generalized System of Preferences (GSP).

These are among the topics that Rich, Ron and Andrew will discuss:

  • China tariffs: how long they might continue and prospects for a new exclusion process
  • What the focus in Washington on forced labor means for the industry
  • Implications of the Biden administration’s Build Back Better plan for the industry
  • Shipping challenges for outdoor companies
  • The prospects for new tariffs or free trade stemming from the Section 301 investigations with Vietnam
  • The future of critical trade programs such as GSP and miscellaneous tariff bills (MTBs)
  • Your questions

Audio Outdoorist: Climate Klatch — Episode 2

Welcome to a new Audio Outdoorist series we’re calling the Climate Klatch. A klatch is an informal gathering, usually involving conversations and coffee. In this series, we’ll deliver monthly conversations about climate action. Our goal is to keep you in the know on what’s happening in the outdoor industry and the broader world around the ever-evolving topic. These are meant to be high-level, bite-size insights and updates. Listen while you sip your morning jo, on your commute to work — if you’re still doing that these days — or while you’re getting ready in the morning or taking a short break midday.

In the second episode of our new series that’s all about climate action, Amy Horton, OIA senior director of sustainable business innovation, and Greg Gausewitz, product sustainability manager for REI, chat about the recent release of REI’s updated Impact Standards and how the retailer hopes the new sustainability and DEI standards will drive meaningful shifts among outdoor brands. He previews what REI vendor meetings will look like now that the new standards are out, and he explains why the OIA Climate Action Corps is a great way for brands — whether they sell to REI or not — to affordably and authentically forge a path toward climate positive