Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cyber Insurance

Baltimore to Buy $20M in Cyber Insurance Months After Attack

The city of Baltimore is set to purchase $20 million in cyber insurance coverage, five months after an attack hobbled its computer network.

The city’s Board of Estimates on Wednesday approved the purchase of two $10 million policies. The premiums will total $835,000.

The city of Baltimore is set to purchase $20 million in cyber insurance coverage, five months after an attack hobbled its computer network.

The city’s Board of Estimates on Wednesday approved the purchase of two $10 million policies. The premiums will total $835,000.

The move comes after hackers in May demanded about $76,000 in ransom after freezing key computer systems. Online payments, billing systems and email were down, and property transactions came to a stop, exasperating home sellers and real estate professionals.

The city refused to pay the ransom, but recovery has been estimated at about $18 million.

City officials said 17 insurers entered the bidding process. Chubb Insurance and AXA XL Insurance were selected.

The policies have a $1 million deductible. Coverage includes data recovery and investigative efforts.

Advertisement. Scroll to continue reading.

Related: As Ransomware Rages, Debate Heats Up on Response

Related: U.S. Mayors Pledge Not to Give in to Ransomware Demands

Written By

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing for the latest cybersecurity threats, trends, and expert insights.

Click to comment

Trending

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest threats, trends, and technology, along with insightful columns from industry experts.

Learn about Frontier Pace Governance: a practical approach to helping IT operations move at AI speed without sacrificing security, accountability, or operational discipline.

Register

Join as we decipher the world of zero trust and share war stories on securing an organization by eliminating implicit trust and continuously validating every stage of a digital interaction.

Register

People on the Move

Rapid7 has named Rik Ferguson as VP of Security Intelligence.

Cytactic has appointed Tim Brown as CSO.

Scott Simkin has joined Vega as CMO.

More People On The Move

Expert Insights

Daily Briefing Newsletter

Subscribe to the SecurityWeek Email Briefing to stay informed on the latest cybersecurity news, threats, and expert insights. Unsubscribe at any time.