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.

Related: As Ransomware Rages, Debate Heats Up on Response

Advertisement. Scroll to continue reading.

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

Written By

Click to comment

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.

SecurityWeek’s Threat Detection and Incident Response Summit brings together security practitioners from around the world to share war stories on breaches, APT attacks and threat intelligence.

Register

Securityweek’s CISO Forum will address issues and challenges that are top of mind for today’s security leaders and what the future looks like as chief defenders of the enterprise.

Register

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Cybercrime

The changing nature of what we still generally call ransomware will continue through 2023, driven by three primary conditions.

Cybercrime

Luxury retailer Neiman Marcus Group informed some customers last week that their online accounts had been breached by hackers.

Cybercrime

As it evolves, web3 will contain and increase all the security issues of web2 – and perhaps add a few more.

Cybercrime

A recently disclosed vBulletin vulnerability, which had a zero-day status for roughly two days last week, was exploited in a hacker attack targeting the...

Cybercrime

Satellite TV giant Dish Network confirmed that a recent outage was the result of a cyberattack and admitted that data was stolen.

CISO Strategy

SecurityWeek spoke with more than 300 cybersecurity experts to see what is bubbling beneath the surface, and examine how those evolving threats will present...

Cybercrime

Zendesk is informing customers about a data breach that started with an SMS phishing campaign targeting the company’s employees.