Cyber Liability
Cyber liability insurance helps protect public entities from the high costs associated with ransomware attacks and data breaches.
In today’s digital world, cyber attacks are becoming more and more prevalent and public entities pose an easy target to threat actors across the globe. Cyber liability insurance is an important tool that public entities can use to help protect themselves from the high costs associated with cyber attacks and data breaches.
Features*
- Admitted policies available (MFA required)
- Full prior acts
- Single retention for each event
- Zero dollar retention when insured uses carrier’s Breach Response Counsel (BRC)
Available Coverages*
- Cyber deception
- Telecommunications fraud
- Network disruption triggers business interruption coverage
- Funds transfer fraud
- Voluntary and intentional shutdown
- Post-breach response
- Damage to computer hardware resulting from a security compromise
*Not all coverages are available from all carriers. Sublimits may apply.
Ransomware Attacks on Municipalities
In 2020 alone, ransomware attacks against U.S. government organizations impacted 71 million people and carried an estimated price tag of $18.88 billion in downtime and recovery costs. Once a ransomware attack occurs and a ransom is demanded, there is no escaping the fiscal costs. The entity is left to either pay the ransom or to pay the recovery cost. In both scenarios, sensitive information will be lost, and the municipality will be compromised.
Preventing a Cyber Attack
Eliminating the risk of a cyber attack entirely is nearly impossible; however, there are things you can do to help make your entity less of a target.
Software Updates
Threat actors will exploit flaws in your system. Network defenders are working hard to fix them as soon as they can, but their work relies on all of us updating our software with their latest fixes.
MFA Security
Multi-Factor Authentication makes it less likely you’ll get hacked. And, many carriers won’t insure you without it.
Data Backup
Consistent and frequent data backups will help you to avoid serious downtime, loss of data and serious financial loss. In fact, data backups may help you avoid paying ransom in the event of a cyber attack.
Ready to Learn More?
When you’re ready to learn more about how PEA can assist with your cyber liability insurance needs, we’re here to help.