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Utah Joins Growing Number of States with Cyber Insurance

Utah belongs to more than 12 states that have cyber insurance policies, as online threats become more common in the U.S.

The state has spent $230,000 per year after it bought its first cyber insurance policy in 2015 worth $10 million with a deductible amount of $1 million. The package covers losses and expenses arising from any hacked computer system in the state’s executive branch.

Insurance Coverage

Michael Hussey, Utah’s chief information officer, said that the insurance coverage is “absolutely worth it” despite being expensive. The state decided to buy its first insurance policy after hackers accessed a Department of Health server in 2012. The data breach leaked personal information of 780,000 residents.

As a result, the state had to spend millions of dollars in damage control that included credit monitoring payments, legal expenses and security evaluations of all state servers. Utah expects the insurance coverage to pay for the cost of investigation and data restoration in case of another breach.

As cyber insurance becomes an emerging trend, the need for skilled workers increases at the same time.

Cyber Security Workers

Demand for cybersecurity workers in the U.S. manifested with more than 285,600 job openings for 12 months ending September 2017, according to data from the Computing Technology Industry Association’s (CompTIA) CyberSeek.

The data revealed that most of the opportunities are located in Washington, D.C., Baltimore and San Jose markets.

Todd Thibodeaux, CompTIA president and CEO, said that every job requires “some level of cybersecurity knowledge and skills.” For IT professionals, some ways to improve your credentials include being certified for CompTIA Security+, where practice tests or a training program may help you prepare for this certification’s demands.

Conclusion

It is unsurprising that some states have begun to insure themselves against cyber-attacks, since damages may jeopardize public safety and incur unwanted costs.

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