Cyber Insurance for Government

Report from Oregon: Cyber Insurance Rates Soar for Towns & Cities 

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(TV station) KGW asked 20 of the largest cities in Oregon for a copy of their cyber insurance policies. Eighteen cities had coverage. Two did not — McMinnville and Redmond. KGW’s review found that in many cases cyber insurance costs have skyrocketed due to the surging attacks. In Portland, annual premiums jumped from $220,000 last … Read more

Schools Slammed By Cyber Attacks, Struggle to Qualify for Affordable Cyber Insurance 

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“The 2022 ‘Cyber Market Conditions’ report indicates school districts may face a 100 to 300 percent increase in the cost of premiums if they don’t have ‘best in class’ security controls in place…In 2021, ransomware attacks cost U.S. schools $3.65 billion in downtime and recovery. That doesn’t include the additional cost to districts that paid multimillion-dollar ransoms.” Source: … Read more

Most School Districts Lack Even a Single Dedicated Cyber Security Employee and Colleges Are Losing Theirs to Outside Recruitment: Report 

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“Limited funds leaves (sic) K-12 districts struggling to make some cybersecurity investments or pay competitive cybersecurity salaries, (Amy) McLaughlin said. CoSN’s (K-12 professional association) most recent survey found a quarter of district respondents had a dedicated cybersecurity employee. Others might add cybersecurity to a staff members’ other duties or get part-time help from a virtual … Read more

Hacker Group Cites Target’s Cyber Insurance Limits in Ransom Demand 

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“The Hive group claims to have breached the system and then obtained details of its cyber insurance policy to use in negotiations. ‘We are very well informed and precise in our operations, so we know that Wootton have cyber insurance that reaches £500k,’ the group wrote in the message to students and parents.” Source: Ransomware … Read more

Risk Matrices Don’t Work, Says Report from the Government Finance Officers Association

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“Another reason that risk matrices can be counterproductive is they act as an ‘analysis placebo,’ where decision-makers think they understand the risk because they have subjectively characterized the risk as ‘high,’ ‘low,’ etc. But, because the risk matrix is not based on hard data about the chance of loss and the potential magnitude of loss, … Read more