[Yes, we didn’t know that’s North Dakota’s office nickname.]
How to help state/local governments improve their cybersecurity when cyber employees are scarce, threats many and insurance expensive?
An innovative approach is being run in North Dakota, where the state offers SOC and managed security services and users can obtain a 4% discount on cyber insurance.
“’The cost of cyber insurance has doubled or tripled over just the past year or two. But agencies can get our expertise and our tools for free while also reducing their insurance costs through our delivery of these SOC capabilities,'(North Dakota CISO Michael) Gregg says. ‘They lower their overall costs over time.'”
The article cites an estimate that 80% of “state and government” agencies have obtained insurance for ransomware and the process resulted in improved security systems for most of them.
Agencies can ensure appropriate coverage with thorough documentation of assets and defenses.
Source: State and Local Governments Fortify Defenses to Reduce Cyber Insurance Costs