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San Jose State University's Mineta Transportation Institute (MTI) recently released a report on public transportation cybersecurity.
Report: Is there light at the end of the tunnel? ” Cybersecurity Insurance and Transportation Outlook 2024 examines how insurance markets and public authorities are responding to cyber risks and provides recommendations to help manage the risk of catastrophic loss .
“Public transit agencies that currently do not take cybersecurity risks seriously need to invest in understanding their risks and take action to build more resilient cybersecurity programs,” the report says. Says. “This means cyber risk needs to be recognized as part of enterprise-wide risk management. Fortunately, there are funds and services available.”
In January, cyberattacks against businesses of all sizes increased by 130% compared to January 2023.
Since June 2020, the global transportation industry has seen a 186% year-over-year increase in weekly ransomware attacks.
In recent years, attacks have occurred on transportation systems in Canada and the United States in California, Colorado, Kansas, New York, Texas, and Washington.
Cybersecurity insurance underwriting practices have adapted. Changes include detection and escalation, post-breach response, and notification costs.
Since 2020, average insurance costs have increased by 100-200%.
