By Chris Bunbury, eS
Chris Bunbury is an Environmental Strategist and President of Environmental Strategist, Inc. (ESI), located in LeLand, Michigan. He graduated from Michigan State University with a Bachelor of Science degree in Natural Resources. In 1988, he worked in the commercial property and casualty insurance industry as a retail commercial insurance producer. As the environmental insurance industry evolved, it was a natural transition for Chris to move into this evolving field.
Cyber threats and terrorism – two terms that have gained increased traction in recent years. Their frequency, along with the sophistication of attacks, are on an exponential rise. Such an environment paves the way for an urgent need for Environmental Financial Assurance.
Recently, a notable warning emerged about state-linked cyber dangers targeted at water, wastewater, and infrastructure systems. The White House, coupled with the Environmental Protection Agency (EPA), has acknowledged the consequential environmental hazards and pollution liabilities that cyber threats present.
As a result, these bodies call on all states to unite in fortifying defenses around water and infrastructure. This comes in response to the soaring threats from cyber criminals – exemplifying that anyone with Internet access can fall prey to these incidents.
Pollution Liabilities and Cyberattacks
Regular cyber insurance policies, unfortunately, do not normally incorporate cover for pollution liabilities instigated by cyber-attacks. Hence, the need for proactive solutions has become paramount, as highlighted by the Competitive Environmental Intelligence (CEI).
Notably, there is an alternative. Pollution insurance emerges as a formidable choice of coverage, specifically tailor-made to ensure financial safeguards against potential environmental damage stemming from a cyber breach.
Terrorism (TRIA) Coverage
Current conditions in the United States also underline the importance of TRIA coverage. This form of insurance assists in maintaining financial stability easing the recovery phase in the wake of a terrorist-induced upheaval.
It’s Time To Act
The acceleration of both cyber-attacks and terrorism illuminates the emerging need for Environmental Financial Assurance. Pollution insurance has the potential to fill the void left by standard cyber policies. In tandem, TRIA coverage can bolster financial resilience in the disarray following a terrorist attack.
Both private organizations and governments must make environmental protection and financial resilience a top priority, especially in navigating these rapidly developing challenges.
One must recognize that preparedness will largely determine our ability to weather the storm of cyber threats. As it stands, the storm is here, and it’s up to us to invest in the right umbrella – Environmental Financial Assurance is that umbrella.
