In accordance with towns Board of Estimates agenda, the price of renewing the insurance coverage might be $949,172 Chubbs premium can be about $569,000, with AXA XLs round $380,000.
The agenda revealed that 10 insurance coverage carriers submitted bids for the renewal of the cyber insurance policies, however Baltimore in the end went with the identical insurers it selected final yr.
Baltimore Enterprise Journal reported that the associated fee to resume Baltimores cyber insurance coverage represents a rise of roughly $115,000 in premiums.
The town sustained a debilitating ransomware assault final yr, which later prompted officers to create a cybersecurity-focused council committee.
All of us bear in mind the devastating impression the ransomware assaults had on our metropolis and its our duty to make sure nothing like that ever occurs once more, mentioned Baltimore council president Brandon Scott, who additionally spearheaded the institution of the cybersecurity council committee.
The ransomware incident occurred on Could 07, 2019. Malicious actors managed to contaminate about 10,000 of towns computer systems with the malware RobbinHood. The towns Division of Public Works, the Division of Transportation, and the Baltimore Police Division have been all affected by the ransomware. As well as, the Baltimore Well being Division was additionally impacted, stopping epidemiologists from warning native sufferers of overdose dangers with sure medication.
The attackers demanded metropolis officers pay a ransom of 13 bitcoins in alternate for the discharge of the encrypted programs inside 10 days, however warned that for every day their calls for weren’t met, the ransom worth would enhance. If the ransom was not paid inside 10 days, the hackers threatened to depart the encrypted programs locked for good.
Baltimore in the end declined the ransom, and misplaced $18 million to direct prices and income shortfalls following the assault. The town additionally misplaced all knowledge that it had not backed up previous to the malware an infection.
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