ITEM TITLE:
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Consider approving an additional $19,111.50 for Excess Cyber Crime coverage.
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INITIATOR: Judy Franco, ITS Director
STAFF INFORMATION SOURCE: Judy Franco, ITS Director
Rebecca Johnson, Finance Director
BACKGROUND: On January 14, 2025, the Council approved $180,015.47 for Cyber Liability Insurance. However, an additional amount of $19,111.50 was overlooked in the total. This extra amount will extend coverage to include cyber crimes such as basic funds transfer fraud; identity theft; hacking; and social engineering, thereby providing us with a higher coverage limit for addressing cyber crimes.
EXHIBIT: Excess Cyber Coverage
KEY ISSUES: Does Council want to approve $19,111.50?
FUNDING SOURCE: CM Contingency fund
STAFF RECOMMENDED COUNCIL ACTION: Approve the $19,111.50 for Excess Cyber Crime Coverage.