“The rise of high-profile ransomware incidents in the public finance sector beginning in 2018 led entities to turn to cyber insurance as a means of risk transfer. With ransom demands generally in the five-digit range, affordable and easy-to-obtain cyber insurance helped reduce financial risk.
However, with soaring ransom demands and recovery costs, insurers have adjusted premiums and prerequisites. With some ransomware demands climbing to six and seven digits, PF entities are getting priced out of quality and comprehensive commercial cyber insurance policies.”
Source: Rising Insurance Costs Add to Public Finance Sector’s Cyber Pressures