Cyberattacks are a clear and present danger for local governments. The potential extreme consequences of a cyberattack have caused many local governments to turn to cyber insurance. Given the potential losses from an attack, transferring the risk of an attack to the insurance market could be an attractive proposition. However, cyber insurance is a relatively new type of insurance instrument compared to traditional insurances, like property and liability insurance. Also, the cost of a policy or the availability can change dramatically in a short time. In fact, as of this writing, many governments have experienced rapidly increasing premium costs. This research report will help local governments approach cyber insurance in a risk-savvy manner and make smart decisions about how to invest in protection against cybercrime.

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