Is There a Light at the End of the Tunnel? The Outlook for Cybersecurity Insurance and Transit in 2024
This White Paper reviews the most recent changes in the cyber risk landscape to public transit agencies, the responses by the insurance market and the transit agencies to these changes, and provides recommendations for how the different segments of the market can work together to manage the risk of cyber attacks. Cybersecurity threats are everywhere, and no business is immune. While the volume of cyberattacks has increased exponentially, the bigger concern for most transit agencies is that the number of successful attacks and the average cost to recover from them has increased as well. Many transit operators have taken steps to shore up their cyber resiliency while others continue to assume that they will not be targeted. Insurance companies have limited coverage, adjusted the cost of coverage, tightened underwriting, and even exited the market. Regulators have responded with increased education, resources, and the imposition of basic cybersecurity requirements.
