In 2016, TML recognized its Members’ growing cyber liability exposure. Starting that year, complimentary coverage was provided to all Members with either General Liability or Real & Personal Property Coverage. Later, as the exposure increased, the Pool began charging a minimal amount for the coverage. Future cybercriminal activity is impossible to predict, which means neither the Pool nor any other insurer can rely on past patterns and trends to predict future losses. That’s why the Board of Trustees recently approved the Pool’s formation of a new Cyber Fund and updated Cyber Liability and Data Breach Response Coverage effective October 1, 2024, for those Members who opt-in and sign the Cyber Liability Interlocal Agreement.

There is no cost to opt-in to the newly-created Cyber Fund.

The Pool’s coverage provides, among other things:

• Breach response, which includes access to computer experts, public relations specialists, attorneys, negotiators, and others with experience responding to cyberattacks – these experts help you lessen the damage from an attack.
• Network business interruption, which can help cover the loss of income and extra expenses (for a limited period) caused by an attack.
• Cyber extortion, which can help with ransom payments to recover data.
• Data recovery costs, which can help with costs to restore data that was damaged, corrupted, and/or deleted.
• Fraud protection, which can help (if certain conditions are met) with costs related to – for example – when an employee is tricked into sending money to a cybercriminal.

For Council reference, the City's current cyber liability coverage plan is attached.

Continue Cyber Coverage for the City.

Joining the new Cyber Fund provides enhanced protection to the City against cyber attacks/crimes thereby minimizing the financial liability and potential impact to citizens.

Approval of Resolution 24-R-83 authorizing an interlocal agreement with TML to participate in the Cyber Fund.

Approval of Resolution 24-R-83 authorizing an interlocal agreement with TML to participate in the Cyber Fund.