The cyber age is here. In fact, in just a handful of years, the word cyber has become a concept that almost everyone can say something about, even if it is just “in the ballpark.” A simple definition for those who still may be unsure of what ‘cyber’ means is “anything that relates to the realm of computers or computer networks, including information technology, the storing and exchanging of digital information, and virtual reality.” There are other ways to define it, but basically, if something is related to computers and information, chances are it falls under the umbrella of ‘cyber.’
So, we know that a whole lot of information now lives in the cyber world: We do our banking via computers, we apply for driver’s licenses, loans, and jobs via computers. But what do all of these computer or cyber-related tasks have in common? They all require extremely sensitive personal information to be transferred digitally, between computer networks.
We all know that telemarketers use the telephone for scams by tricking unsuspecting people into giving them sensitive information that can be used to steal money the old-fashioned way, like opening credit card accounts in another person’s name. The criminals who do this exclusively via computers are called cyber criminals. And when criminals are in the picture, so must be a safeguard against them. This has led to something called cyber security as well as a related product: cyber insurance.
What is Cyber Insurance?
Just like an insurance policy protects a car or personal property, like a home, against theft or damage, cyber insurance protects businesses against breaches of their digital data. Hackers, the name for cyber criminals who specialize in breaking into computer networks and either stealing information or causing cyber mayhem, can do unlimited financial damage to a company and their clients, customers, subscribers, etc. Cyber insurance policies protect companies, and therefore, the people who do business with them, against theft and financial loss.
According to Ibis World, an aggregator of industry statistics and information, the market size, measured by revenue, of the cyber liability insurance industry is currently $3.2 billion.
Cyber insurance is just one way for businesses and individuals to plan ahead for long-term risks. But there are critical other risks to plan for as well. Life events that leave you or your spouse in need of long-term care, for example. For police personnel and their spouses, the National Association of Police and Firefighters Benefits Association (NPFBA) offers long-term care plans that can help protect your pension in the event that you are injured or become unable to fulfill the duties of your job.
Without a long-term care (LTC) coverage plan, a person or family could be bankrupted if the need for long-term care arises. According to statistics, 7 out of 10 people aged 65 and older will need long-term care at some point in their lifetime! When you consider that police personnel are in one of the riskiest lines of work in the U.S., a long-term care plan is vital when it comes to preserving your pension dollars and assets.
But there is another, equally important benefit to having a long-term care coverage plan in place: peace of mind. If you are the sole provider of income for your family as a police officer, and you become injured or unable to fulfill your duties, your pension is protected with an LTC plan.
Long-term care coverage also provides for home healthcare, residential and/or assisted living care, and 24-hour skilled nursing care when you can no longer manage or live independently or your caregiver is no longer able to care for you.
For more information, contact NPFBA today.