“The cost of cyber liability insurance has surged in recent years. The premium for Minneapolis Public Schools’ policy rose from $42,000 last year to more than $63,000 this year, and the deductible jumped from $50,000 to $100,000.
MPS isn’t the only metro-area school district feeling the pinch. St. Paul Public Schools officials saw their cyber premium go from $60,000 to more than $119,000 this school year. The Anoka Hennepin and Osseo school districts saw increases of more than 10%.”
Meantime, the group that hit the Minneapolis Public Schools system last month has given the system until March 17th to come up with a $1 million ransom payment.
School districts’ cyber liability insurance premiums have skyrocketed in recent years.
Source: Cyberattacks on school districts — like the one in Minneapolis — are on the rise