“’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, so you’re paying more for less,’ (Executive Director of the Public Technology Institute Alan) Shark says.”
Experts say cyber insurance applications can now include hundreds of questions. Count on requirements for MFA, backups disconnected from the internet and other foundational security requirements.
Here’s a useful report on the municipal cyber insurance market.
Source: Pros & Cons of Cyber Insurance for Municipalities | StateTech Magazine
