The Source for Cyber Insurance News, Insights and Data
“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 … Read more
“Among other steps, Kentucky’s law requires insurers to ‘identify reasonably foreseeable internal or external threats that could result in unauthorized access, transmission, disclosure, misuse, alteration, or destruction of nonpublic information, including the security of information systems and nonpublic information that are accessible to, or held by, third-party service providers,’ the law reads.” Source: Kentucky Becomes … Read more
“Polk County won’t be adopting a special cyber insurance plan out of concern that doing so could increase risks of being hacked, county administrator John Norris told supervisors in a memo this month.” Source: Polk County rejects cyber insurance following review – Axios Des Moines
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more
You’ve got a month-and-a-half to suggest “any potential changes to the [Terrorism Risk Insurance Act] or [Terrorism Risk Insurance Program] that would encourage the take up of insurance for cyber-related losses arising from acts of terrorism as defined under TRIA, including but not limited to the modification of the lines of insurance covered by … Read more