Local governments are paying more for cyber insurance but getting less

Cyber Insurance - Business

A growing number of governments are purchasing the coverage due to the rapidly increasing risk. Though more local governments than ever are now covered by cyber insurance due to the rising risk of cyberattacks and ransomware, the trend is headed in a direction of increased rates for decreasing coverage. Higher premiums, deductibles and security protocol scrutiny are coming with the rising risks. As a result, it is becoming more expensive for municipal governments to be able to obtain cyber insurance against these types of digital attacks. The cost of premiums…

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