Preparing for a Large-Scale Cyber Attack

Imagine it: you wake up, the power is out, and there’s no internet. At first, you think it’s probably just a regular old electrical outage. But then you hear your community’s emergency sirens going off. Slowly, word starts to trickle out that a cyber attack has taken down the power grid and other vital systems.

Just like the thought of a global pandemic may have seemed a little farfetched before 2020, the thought now of a cyber attack shutting down part or all of the country might seem like a movie plot. But the experience of countries like Ukraine and Estonia shows that these threats are not only real but entirely possible.

There’s no need to panic, though. Instead, there are a few financial steps you can take now to prepare yourself should this sort of event happen.

Keep some cash on hand

Experts in crisis events recommend keeping between $1,000 and $2,000 in cash on hand. Most of the cash should be in small bills because retailers may be less likely to give out change while also being on the lookout for counterfeit larger bills. Investing in a fireproof and watertight safe to store your money makes sense for these situations.

Remember that prices for everyday items like gas, food, and other necessities will surely skyrocket in an emergency. It’s better to have extra cash instead of not enough.

Now is a necessary time to point out that having all your money at home doesn’t make sense. That would be an incredibly risky tactic, given that deposits at banks and credit unions are insured up to $250,000.

Keep it separate from your regular emergency savings

It might seem prudent to have your cyber emergency fund double as your regular emergency fund for job loss, car repairs, medical expenses, etc. However, there’s no guarantee you won’t need to draw on both these funds at or around the same time. While it can be a challenge to set aside three-to-six months of essential expenses at the same time as a cyber emergency fund, do your best to have at least some money going toward each.

Stock up ahead of time

The prices for necessities—if they’re even available—will be astronomical if a catastrophe hits. In a cyber emergency, ordering online and having things delivered quickly won’t be possible. Here are some of the items to buy ahead of time:

• Nonperishable food
• Water filtration system
• Medications
• Hand crank radio
• Battery powered lights
• Batteries
• Power banks for devices
• First aid kit
• Hygiene products

Consider investing in a generator and extra fuel in case of interruptions in power. A satellite phone can also be useful if cell phone service is disrupted.

Maintain at least half a tank of gas in your car

As you can imagine, gas will be ridiculously priced if a cyber crisis hits. As part of your preparation, you’ll likely want to develop a plan of action for the turbulent time in the days after the cyber incursion. If your plan involves moving to a different location or transporting loved ones, you won’t want to wait in long gas lines to pay an exorbitant amount. If you decide to keep some extra gas on hand in canisters, please take the time to learn how to store it safely.

Keep your records handy

With almost everything happening online these days, you may not have paper records or contact information for many important entities in your life. Records to keep in your safe include:

• All financial account numbers
• Financial institution contact information
• Log-ins and passwords for all important accounts
• Social security card
• Birth certificate
• Physician contact information
• Personal health history and list of medications
• Health insurance account details
• Service providers (to re-establish service when available)

Consider solar panels

Solar energy can make sense for many reasons, whether for tax breaks or just saving in the long term on heating and cooling costs. Cyber threats could be another reason to go solar. A few added panels on your roof could give you a power source separate from the primary grid in an emergency.

Avoid scams

The above list is designed to help you be prepared no matter what happens. You don’t need to pay anyone else to help you prepare. Also, remember that scammers try to take advantage of desperate situations in the hours and days following a crisis. Don’t give out any personal information to anyone you don’t know, and if you’re buying something, do it in an open place with lots of people around.

While the idea of a cyber attack might feel alarming, there will be ways to deal with it, just like there were ways to deal with the pandemic. You don’t have to feel helpless. In fact, you can give yourself extra peace of mind by taking some preparatory steps in the weeks and months ahead.