Cybersecurity Changes Coming in 2023

Cybersecurity is rapidly becoming a leading cause of property damage. Cybersecurity Ventures estimated that by the end of 2021, cybercrime damages would cost the world $6 trillion annually — up $3 trillion from 2015. It’s no wonder cyber insurers are increasing requirements for insureds to qualify for coverage.

“Cyberattacks are the fastest growing crime in the United States, and they’re increasing in size, sophistication and cost — which makes our Property/Casualty members vulnerable,” explains Tim Conlon, PDRMA Property/Casualty Program Director. “Especially since cyber criminals often target governmental agencies.”

PDRMA’s cyber coverage provider has changed its requirements for coverage in 2023. In the past, we had a “blanket” policy that covered all Property/Casualty members. For our 2023 renewal, however, each agency must show it has required security measures in place to qualify for cyber coverage. Multi-factor authentication (MFA) is one of those measures, and we’re helping members with a subsidy program available until Dec. 1, 2022.

What Is MFA?

Multi-factor authentication is a layered approach to securing data and applications. Your system requires users to present two or more types of credentials to verify their identity to log in. MFA improves security, because even if a user compromises one credential, unauthorized users cannot meet the other authentication requirement(s) and are unable to access the physical space, computing device, network or database.

How Does It Work?

To qualify for our MFA licensing and installation reimbursement, you must submit the purchase or vendor receipt with the specific cost of MFA licensing and/or installation clearly identified, especially if you submit a multi-item receipt. Email the receipt to MFA@pdrma.org with the subject line “Your Agency Name — MFA.”

Allison Hanchett, Director of IT, Elmhurst Park District, shares her agency’s reimbursement experience. “It was super easy to set up,” she explains, noting that anyone concerned about how long it takes to submit the reimbursement information can relax. “I was able to pull my invoices, etc., from our finance systems and submit them, so it took me about 10 minutes, total!” She adds that the reimbursement was easy to apply for, “and we are super grateful!” Hanchett urges agencies to improve their cybersecurity and take advantage of the financial assistance PDRMA’s subsidy provides. “Every penny counts, so just do it!”

Greg Gannon, Director of Business Services, Dundee Township Park District, echoes Hanchett’s remarks and experience. “It was very easy to set up our MFA. Our current network firewall already had MFA, so for our agency, it was just a matter of our IT consultants activating MFA on our network,” he says. “It took about two-to-three hours to set up and configure.”

Gannon adds that the reimbursement was extremely easy to apply for — and was most welcome. “My advice to other PDRMA members is to try and implement MFA as soon as possible. With the constant threats of viruses, malware and especially ransomware, MFA is essential to your network security.”

PDRMA will reimburse members up to $1,250 for qualifying MFA costs associated with purchasing, installing or licensing fees for use in the 2022 calendar year. (This includes licensing renewal costs paid in 2021 for 2022 or multi-year licensing contracts covering 2022 on a pro-rated basis.) Submit your reimbursement requests between April 1 and Dec. 1, 2022, when the subsidy ends. We will not accept reimbursement requests after Dec. 1 and will process reimbursement requests the last week of each month, mailing checks to members.

Remember that RSA/SecureID is offering a discount on MFA products to PDRMA members. Contact Sr. Account Executive Jawad Koraiban at 781.515.7724 / 781.702.3465 or mjawad.koraiban@rsa.com and mention your agency is part of the PDRMA/Beazley Group to receive the discount.

For More Information

Check the Cyber Coverage Renewal website page regularly for updated information and available resources.

If you have questions about this subsidy or the new cyber coverage requirements, please email them to cybercoverage@pdrma.org.