Budget Now for Your City’s Cybersecurity

Kentucky cities preparing their budgets need to be sure they provide funding for cybersecurity. Cybercrime continues to increase. The FBI’s Internet Crime Report shows a record-breaking 847,376 complaints in 2021, with potential losses of more than $6.9 billion.

LMG Security, an international cybersecurity consulting firm, recommends cities prioritize cybersecurity spending by focusing on four key factors.

1. Know what you want to protect: Start with a comprehensive inventory of your organization’s data, where it is stored, and who has access.
2. Understand your obligations: A qualified cyber attorney should evaluate your city’s cybersecurity obligations. Research and document your city’s responsibilities and ensure that the oversight process aligns with requirements.
3. Monitor your risk: Obtain a risk assessment report produced by a third party and perform a cybersecurity controls assessment. The assessment evaluates your cybersecurity program and compares it to your goals, helping define a prioritized plan to increase cyber maturity over time. Cities should also select annual security assessments and keep track of cybersecurity incidents.
4. Manage your risk: Create, implement, and maintain a plan for addressing cybersecurity risks and update the plan as often as practical. Assign roles and responsibilities to your staff members. If necessary, outsource to ensure that you have qualified and trained personnel.

No cybersecurity program can address every risk. Cities should prioritize investments to address the most concerning risks and select cyber insurance coverage based on anticipated risks. Incorporate any required technologies or practices into your cybersecurity and incident response programs.

Learn more about LMG Security’s four steps here.

Kentucky League of Cities Insurance Services offers cybersecurity coverage as a value-added benefit for liability customers. KLC also has a $1 million Cybersecurity Preparedness Grant that helps liability policyholders secure their data. Grants can reach up to $15,000, and cities can use the funds for various measures. The grant period runs from Nov. 15, 2022, to June 30, 2023.

Learn more about the cybersecurity grant here.

Related article:

Cybersecurity Budget Tips that Deliver the Most Bang for Your Buck

Source: Some content provided by LMG Security. 

Some of the views, opinions, and advice provided and expressed in this document are those of the author(s) and do not necessarily represent the views or opinions of LMG Security.