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Baltimore, which was the victim of a widely publicized ransomware attack earlier this year, is buying $20 million in cyber insurance from Chubb Ltd. and Axa XL.
A Baltimore Department of Finance/Office of Risk Management request for the expenditure was approved by the city’s Board of Estimate on Wednesday, according to a spokesman for Mayor Bernard Young.
The first layer of $10 million in coverage is being provided by Chubb at a cost of $500,103, according to the Board of Estimates expenditure request.
A second $10 million excess layer is being provided by Axa XL, a unit of Axa SA, for a $335,000 premium, according to the request.
The coverage will include cyber incident response coverage including an investigative team; business interruption loss and extra expense coverage, as well as contingent business interruption and expense loss; and digital data recovery and network extortion cover.
The coverage also includes third-party coverage for cyber privacy and network security, payment card loss, regulatory proceedings and electronic social and printed media liability, according to the request.
It said the competitive cover process included 17 insurers.
Baltimore is among several public entities that have been hit with ransomware attacks, with victims ranging from small towns and municipalities to major cities, say experts.
The growing number of ransomware attacks on public entities is leading insurers to more closely scrutinize their policyholders’ cyber risks and could lead to increased rates for the sector, say some observers.