As costs from this springs 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 citys 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.
