The Dallas County Board of Supervisors recently approved an increase to their cyber insurance coverage through the Iowa Communities Assurance Pool (ICAP).
After a recent cyber breach for the City of West Des Moines, the Board found it prudent to look into the pricing for additional protection from such attacks. True North Insurance agent Brad Bengtson presented several options to the Supervisors, starting with the simplest: increasing their current coverage with ICAP from a marginal amount to $1 million at a cost of $3,567 per year. He also proposed an option through CFC Underwriting, an agency that specializes in cyber insurance, which would allow the County to be covered for up to $5 million in damage for around $18,000.
Bengtson advised the latter coverage, given the experience CFC has with helping municipalities recover from cyber attacks, and that the total price tag of such an attack could end up being well over $1 million. However, the Supervisors wanted to think more on that option before committing a large chunk of their budget to it, though they did concede that getting covered right away was in their best interest. With that in mind, the Board approved the first option with ICAP, and will look into increasing the coverage in the future. Supervisor Kim Chapman dissented on the vote, as he was in favor of Bengtson’s recommendation.