February 13, 2020
Insurance is used to protect you against something that may eventually happen or something that is inevitable. There is insurance for your health, car, house and even your pets so, it is not too shocking that there is an insurance for your cyber security. This would help compensate as well as assist in the recovery process in the wake of a breach in information. It can reimburse you and members of your household for any losses in certain cyber attacks or if you are a victim of a cyber crime.
Council’s Finance Committee members agreed to recommend that the city of East Liverpool purchase cyber crime insurance from Worldwide Facilities LLC. The insurance would cost $3,762.65 per year. The area have seen a string of cybercrime attacks over the past few years. “Ransomware is often launched from outside the country in a computer virus that freezes the computer system until a ransom is paid.” Their court data was compromised through an encryption and this resorted in a $2,500 pay out in order for the attackers to release the data.
Due to them having consistent attacks it makes sense for them to invest in such defenses because it beats paying a ransom. Everyone should have some sort of protection from cybercrime and if getting insurance for it is the way to go, I see nothing wrong with it. That is what I took away from the article. If you store vital personal information on any sort of electronic product, get an insurance for it. It will probably be more affordable than $3,762.65 since it is a personal product.
Carri Writes 