Help Our Community Rebuild: Support the Boulder County Wildfire Fund

On December 30th, 2021 the most destructive wildfire in Colorado state’s history, the Marshall fire, destroyed nearly 1,000 homes and burned more than 6,200 acres in Boulder County, home to OIA’s headquarters and many staff members. Our deepest condolences go out to all of those affected.

Like many of you, we are eager to help those impacted by the wildfire. Join us in supporting Community Foundation’s Boulder County Wildfire Fund. As Boulder County’s trusted philanthropic partner for over 30 years, Community Foundation Boulder County is working closely with government and nonprofit partners to coordinate, align resources and fill gaps to support those most impacted by the wildfires. We chose to support the Community Foundation’s fund because it is community-led, centrally located, and has already stepped in to provide immediate support.

Due to the generosity of tens of thousands of donors to the Wildfire Fund, Boulder County will distribute up to $5M in financial assistance to those whose homes have been destroyed or damaged and an additional $500K to support the needs of evacuees from the fund. Learn more about the fundraiser and donate today.

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

 

 

THRIVING PEOPLE AND THRIVING BUSINESS: OUTDOOR COMPANIES LEADING WITH INCLUSIVE AND REPRESENTATIVE MARKETING

Moderator: Miho Aida, NatureBridge

Presenters: Janice Tennant, Merrell; Mirna Valerio, Merrell Brand Advocate; Allison Miles, Ruffwear; Vasu Sojitra, The North Face Athlete

Description: Diversity and inclusion should not be performative buzzwords. Hear from brands that are doing the work to rethink their marketing strategies, build authentic relationships and incorporate strong representation in their advertising. These industry voices will explore best practices in diversity and inclusive marketing, give insights into steps their companies are taking and discuss the future of marketing within the outdoor industry.

THRIVING PEOPLE, THRIVING PLANET AND THRIVING BUSINESSES: BIDEN, CONGRESS AND THE OUTDOOR RECREATION ECONOMY

Presenters: George Cooper, Forbes-Tate; Rich Harper, Outdoor Industry Association; Taldi Harrison, REI; Amy Horton, Outdoor Industry Association; Mike Ratchford, W.L. Gore & Associates; Senator Martin Heinrich (D-N.M.); Jeannie Renne-Malone, VF Corporation

Description: The 2020 general election was one of the most consequential in U.S. history for the outdoor recreation economy. And outdoor voters responded in record numbers in support of all aspects of our policy priorities. With a new administration and Congress, we now have the opportunity to build on the success of the Great American Outdoors Act and help tackle climate change, protect our public lands and waters, expand access to the outdoors for all Americans and help our industry recover from the COVID-19 pandemic with new investments in green infrastructure and close-to-home recreation and a balanced trade agenda. Join us for an exciting conversation on what lies ahead for the outdoor recreation economy and how we can play a meaningful role.

FAQ: 2020 BUREAU OF ECONOMIC ANALYSIS REPORT ON OUTDOOR RECREATION RELEASED

Outdoor Recreation Is an Economic Force; Accounts for Over 2 Percent of U.S. Gross Domestic Product

November 20, 2020

How is the Bureau of Economic Analysis (BEA) study different from the OIA economic study?
The featured BEA measures include gross output, a measure of outdoor recreation goods and services produced by domestic industries; and value added, a measure of the contribution of outdoor recreation industries to gross domestic product (the primary measure of economic activity in the nation). OIA’s study measures consumer spending on all gear-related expenses and associated travel for outdoor recreation, including spending on imported products.

How does the $842B nominal gross output ($788B real gross output*) contribution line up with the OIA’s $887 billion consumer spending on outdoor recreation?
Both are true, they just measure different economic contributors. The BEA satellite account measures gross output while OIA’s study measures consumer spending on all gear-related expenses and associated travel for outdoor recreation.

It is important to note; the BEA estimate only includes the wholesale and retail mark-ups applied to imported products while the OIA’s figures report all consumer spending.

* Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Chained-dollar (Real) estimates are calculated by taking the current-dollar level of a series in the base period and multiplying it by the change in the chained-type quantity index number for the series since the base period. Chained dollar estimates correctly show growth rates for a series but are not additive in periods other than the base period.

What is the methodology of the OIA Outdoor Recreation Economy Report?
BEA’s analysis for the time period 2012-2019 was just released on November 10. We have not had an opportunity to review the methodology at this point, but what we do know is that our economic report is based on consumer spending, while the BEA’s numbers are focused on measuring gross output and value added.

Essentially, our economic report – which is basic economic input-output modeling – starts with the consumer and works down to the manufacturing/imports point. The BEA goes the opposite direction, starting with production in manufacturing and other industries and works up to the consumer. This approach uses different data sets and methods which accounts for differences, too.

What is the difference between gross output and value added (or GDP)?
Gross output (GO) is the measure of total economic activity in the production of goods and services. It is a much broader measure of the economy than gross domestic product (GDP), which measures final output (finished goods and services).