Facing Cyber Insurance Woes, Local Governments Find Other Options
Local governments are confronting the fierce threat of ransomware and tough decisions about whether to pay. As they try to navigate the challenges, many are finding the growing cost and complexity of qualifying for and retaining cyber insurance is placing comprehensive coverage out of reach.
Roughly half of state and local governments worldwide paid ransomware extortions last year, according to cybersecurity firm Sophos’ State of Ransomware 2022 report. The study polled IT professionals from various sectors in January and February 2022, drawing 500 respondents from the U.S. and 5,100 from other nations.
While that report looked globally, Boston CISO and co-chair of the Coalition of City CISOs Greg McCarthy, told GovTech the rate of payment matches up with his observations of local government.