Barn Door Meet Horse — Baltimore Spent Over $10 Million Responding To 2019 Ransomware Attack; Had No Cyber Insurance

by

“Instead of paying a $569,000 (cyber insurance) premium to pay the contractors or the ransom, a city pays millions,” says the report, which details some of the expenses after the attack.

Another source reports the attack ended up costing Baltimore $18 million in direct expenses and lost revenue.

Source: As Baltimore rebuilds from 2019 ransomware attack, is $10 million for a cure better than prevention? – Technical.ly

Mark Sauter

Mark Sauter’s insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook “Homeland Security: a Complete Guide,” Sauter was also a consultant to one of the world’s largest software companies and served as a US Army Special Forces and infantry officer.

See also  New Quoting Platform from World's Largest Public Insurance Company Sure to Accelerate Growth of Stand-alone Cyber Policies 
×