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County staff weigh cyber insurance options and multifactor authentication trade-offs
Summary
Insurance brokers presented three cyber coverage options to the board: ICAP (pool placement with Tokyo reinsurance), Tokyo reinsurance placement, and a CFC third-party carrier. Commissioners asked for a side-by-side scenario showing coverages, sublimits and MFA effects before a purchase decision.
County insurance representatives presented cyber insurance options at the March 18 Jackson County advisers meeting and discussed how coverage sublimits and internal controls, notably multifactor authentication (MFA), affect protection and premiums.
Jennifer Mashandy of Engel Insurance and Megan (identified in the meeting as director of ICAP) described three options: an ICAP pool placement with a $2 million limit (previously underwritten with Tokyo layered as reinsurer) at roughly $15,000 per year as presented, a Tokyo-linked placement similar in layer and price, and a CFC market option offering $2 million at $9,980 or $3 million at $12,530. Speakers repeatedly cautioned that quoted premiums are only one factor;…
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