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Consider approving the purchase of a Cyber Liability Insurance at a cost $180,015.47 per year for the City of Lawton through the city’s insurance broker INSURICA.
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INITIATOR: Judy Franco, ITS Director
Rebecca Johnson, Finance Director
STAFF INFORMATION SOURCE: Judy Franco, ITS Director
BACKGROUND: By acquiring cyber insurance, the City of Lawton will have a robust safety net in the event of a cyber-attack or data breach. This strategic investment not only provides financial coverage for potential losses but also supports a swift and efficient recovery process. Cyber insurance helps cover expenses related to data recovery, legal fees, and public relations efforts to manage any potential damage to our reputation. This enables us to maintain business continuity and uphold our True North standards, ensuring we remain open for business to provide a safe community for our citizens. By swiftly returning to normal operations, we minimize disruption and ensure long-term stability. City Staff requested quotes from the City’s insurance broker INSURICA and is recommending the $2M dollar coverage policy at a cost of $180,015.47 per year.
EXHIBIT: Cyber Quote Comparison.pdf
AXA Quote.pdf
Excess Cyber Crime Quote.pdf
KEY ISSUES: Does the Council aim to safeguard the City of Lawton against future cyber-attacks?
FUNDING SOURCE: CM Contingency fund
STAFF RECOMMENDED COUNCIL ACTION: Approve the purchase of a Cyber Liability Insurance at a cost $180,015.47 per year for the City of Lawton through the city’s insurance broker INSURICA and authorize the City Manager to execute the purchase.