Baltimore Buys $20 Million in Cyber Cover
The city of Baltimore has purchased $20 million in cyber insurance from Chubb and Axa XL in the wake of a ransomware attack in May that caused $5.3 million in damages to municipal technology platforms. A.M. Best reports that the city approved a pair of coverage plans after reviewing bids from 17 carriers.
In May, hackers penetrated the city’s technological infrastructure, encrypted city files using ransomware software, and demanded payment for their release. Baltimore Mayor Bernard C. “Jack” Young refused. “That is not how the city of Baltimore operates,” Young said in a posting on the municipal website. “We do not reward criminal behavior.”