After Ransomware Attack, Baltimore To Purchase $20M In Cyber Insurance

As costs from this spring’s ransomware attack on Baltimore continue to come due, city officials will buy $20 million in cyber liability insurance to cover any additional disruptions to city networks over the next year.

The city’s Board of Estimates approved a pair of coverage plans Wednesday, the result of a competitive bidding process involving 17 carriers.

The first plan, for $10 million in liability coverage from Chubb Insurance, will cost $500,103 in premiums. The second, for $10 million in excess coverage, will be provided by AXA XL Insurance for $335,000.

The plans have a $1 million deductible, officials said. It is the first cyber insurance ever purchased by the city.