Security Experts:

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 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.

Related: As Ransomware Rages, Debate Heats Up on Response

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

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