Saying a prayer and keeping fingers crossed never seems to work for me....
There is some talk that grounding the mast may be a two sided coin, in that it encourages your boat to be struck. But I think the difference it makes is really not high, if even significant (again, I have not seen any experimental evidence). What there is plenty of evidence for, is that if you are struck, your odds of living and sailing home are a lot higher with a good grounding system. For those of you on fresh water, the plate needs to be a lot larger, but the principle is the same.
There is no cheap way of doing that - jumper cables on the shroud encourage the strike to go where you do not want it to go, the shroud, which can make the mast drop; plus the cables may disintegrate before all the charge is in the water, negating their use completely. The amount of charge in a strike can vary widely, such systems may handle a small strike without major damage, but I would not trust the shroud afterwards. Engines in Ericsons are generally not under the mast, and most likely the electrical systems required to run will be destroyed if it is part of the path to ground.
I have no commercial interest in
www.strikeshield.com, but if you are not willing to install the cable and plate in the boat, they have the best alternative I have seen. Not cheap. In San Diego bay a complete waste of money; in Pensacola bay, very good value for money (I once watched from my boat as a tree was struck less than 100 yds away, then a transformer 200 yds away a few seconds later).
Gareth
Freyja E35 #241 1972