Cyber security insurance will end up costing Pulaski County more than double what was originally thought. Back in August, the county commissioners voted to move forward with a policy from EMC Insurance, at a cost of just over $4,100 a year. But during last week’s meeting, insurance agent Gene Timm explained that the company would not provide standalone coverage.
He said he since went through five different places, and the cheapest one he’s found is Ascent Underwriting, for an annual cost of more than $11,000. Auditor Laura Wheeler asked whether the commissioners should wait until they know what they’re doing with the county’s larger IT situation.
The county’s IT contractor has announced that it will stop providing services to the county in January. Some county council members want the commissioners to once again hire an in-house IT professional. But Council Member Kathi Thompson told the commissioners that she didn’t think the cyber insurance could wait.
In the end, the commissioners voted to immediately get the insurance from Ascent Underwriting. However, Thompson pointed out that the 2020 budget for cyber insurance was based on the initial, lower figure.
