So how important is protecting against cyber attacks? Well, important enough that the US federal government is offering $1 billion to the states to avoid this. So before you decide if you want to spend a couple of hundred bucks for an insurance policy or cyber protection or defense against your company, think about how the federal government thinks it’s worth spending a billion dollars.
How come? Well, this is an addition to after a trillion in infrastructure, the role of the state and local security plan, mitigating hacks against rail system power grids, and making sure that people have access to heat and getting around, looking to strengthen their water from cyber attacks. And if you’re a municipal agency or a utility, you can submit an application for a grant and put that towards a cyber program.
Remember, cyber liability or cyber attacks don’t just impact governments and large private companies. It’s even hitting some wealthy individuals, too. So whether you put in place of strong IT plan or get insurance or a combination of the two, think about where the smart money is going. If the large organizations who know better think about this, like the federal government, know what the risks are. They know what’s out there. They have the CIA FBI, all the different agencies, and the NSA that are keeping track of all the risks. If they think it’s worth spending a billion, then that should tell you something about what you should do on your end.
Looking for more information?
A cyber liability policy can help cover your business and keep you updated with industry tips like this one. Get in touch with us today to learn more about cyber liability insurance coverage, or set up a no-obligation consultation with a commercial lines expert through TelaClient.com.