U.S. Cyberspace Solarium Commission recently released a report announcing the U.S. is currently fronting a “catastrophic cyber-attack” that could result in permanent destruction exceeding that of severe floods, fires and hurricanes the country hasn’t seen yet. Per the report, the country is tackling myriad serious threats from cyber-criminals, including grave infrastructure attacks, IP theft deterring long-term growth, cybercrime and ransomware, espionage for geopolitical benefit and attacks intended to undercut democratic institutions.
“The digital connectivity that has brought economic growth, technological dominance and an improved quality of life to nearly every American has also created a strategic dilemma. The more digital connections people make and data they exchange, the more opportunities adversaries have to destroy private lives, disrupt critical infrastructure and damage our economic and democratic institutions,” the report stated.
As the United States continues to function in the current cyber-landscape demanding a significant level of resilience, data security and reliability, it is clear the U.S. government nor the private sector are presently able to deliver on these needs. What’s more, the U.S. government and the public and private sector are experiencing a serious deficit in technical expertise, dexterity and harmony of effort.
To overcome these obstacles, the commission advises a coated cyber-deterrence method aimed to mold conduct, refute benefits and levy costs. The report instructs the first course of action is for the United States to work hand-in-hand with allies to encourage responsible behavior in cyberspace. The second is to closely work with the private sector to augment security. The third is to maintain the ability to retaliate against foes in the cyber province. The report details six policy pillars and 75 recommendations to help the U.S. succeed in their efforts.
To protect your company against these cyber-threats, it is vital to have cyber insurance as a confident layer of protection. Corporations are immensely vulnerable to data breaches as they safeguard valuable information within their cyber walls, such as financial account information, social security details, and various other sensitive data. Cyber liability insurance delivers a smart, service-based solution to help companies fruitfully manage data breaches while reducing risk for your firm and its plan.
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Don’t face these cyber threats unprotected. If the United States government is taking action, your company should too. You can get assistance at each stage of breach response and incident investigation with cyber liability insurance. With our help, you can determine what information has been compromise and how to effectively respond. Contact us today to learn more about cyber liability insurance and how it can help your company.