As cyber insurance costs rise, states rethink policies

Written by Benjamin Freed

When the Town of Peterborough, New Hampshire, announced earlier this week that it lost $2.3 million to a business email compromise scam, officials also said it was unlikely the 7,000-person community would ever recover that money.

The lost sum, which amounted to nearly 15% of the town’s annual budget, is not expected to be covered by the local government’s insurance policy. While that’s typical for losses due to BEC attacks — which typically are not covered by cyber insurance policies — the news came at a time when a premiums are

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