300% increase in Cyber Insurance Premiums

What’s happening? The Local Government Insurance Trust in Maryland, where local governments purchase insurance including cyber policies, saw a 300% in cyber insurance premiums. Premiums are expected to rise for 2022 also. The Missouri Insurance Trust saw policies drop from $1 million in coverage to $250,000 and premiums increase from $5,000 to $25,000.

Why is this important? In 2021, 90% of local governments report having cyber insurance. That’s up from 78% in 2020

How will this be important? Insurance experts say local governments need to improve local network security to see the market stabilize.

Route Fifty | Cyber Insurance for Local Governments Costs More, Covers Less