Ontario Town Invests $15,000 in Cyber Insurance

A new business line is being created within the insurance industry related to the costs of recovery related to cyber attacks. Consider that it cost over $2.5 million dollars for the city of Atlanta to recover from their cyber attack in 2018.

The Center for Strategic International Studies lists 112 major incidents perpetrated against governments, utilities, military, and large corporate entities since August of 2018. The majority of them have been recorded in 2019 so this problem is accelerating.

In April, 2019, hackers stole roughly $498,000 from the City of Tallahassee, FL. Other U.S. cities attacked in the past year include Lake City and Riviera Beach in Florida, the city of Baltimore and the city of Albany, New York. City and local government attacks often ask for tens or hundreds of thousands of dollars. Most cities and local governments are not yet prepared. The idea of cyber-insurance for cities sounds like a good idea for me.

From my perspective though, it underlines the importance of robust DNS management at the root level for generic and country code Top Level Domains. We need to make sure our roots are signed and educate registrars, and end users on the importance of a secure website.

Read the article… | Source: Insurance Business Canada | Date Posted: 8/13/2019

References:
https://www.wired.com/story/atlanta-spent-26m-recover-from-ransomware-scare/
https://www.csis.org/programs/technology-policy-program/significant-cyber-incidents
https://www.msspalert.com/cybersecurity-breaches-and-attacks/ransomware/attack-list-cities-government-agencies/

About Joe Alagna

Joe Alagna is a Director of Business Development at the leading Registry Service Provider, Afilias. He is an expert in all aspects of the domain name business, including domain name investing, new gTLDs, registrars, and registries. Before the domain name business, he negotiated national accounts contracts for AT&T Wireless. Joe can be reached by phone at +1 (909) 606-9175 or via email using the contact form on this site.
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