As transit agencies face increasing threats from cyberattacks a new white paper has been published detailing the steps that can be taken, both by operators and insurance firms, to manage these risks.
ITS industry stalwart Scott Belcher of the Mineta Transportation Institute and Todd Chollet of Sunstar Insurance Group are the coauthors of the paper entitled Is There a Light at the End of the Tunnel? The Outlook for Cybersecurity Insurance and Transit in 2024.
The paper reviews the changing cyber risk landscape, noting the exponential increase in cyberattacks as well as the rising number of successful breaches and soaring recovery costs for transit agencies that fall victim.
“While cybersecurity threats are everywhere and no business is immune, transit agencies are particularly vulnerable targets,” says Belcher. “Many have taken steps to bolster their cyber resiliency, but others continue to underestimate the likelihood they could be hit.”
The white paper also highlights the risk of insurers becoming more nervous of the cyber market altogether, limiting coverage, raising rates and tightening underwriting standards in response to mounting claims.
Regulators have also reacted, increasing education efforts, providing more resources, and imposing basic cybersecurity requirements on transit agencies.
“This comprehensive look at transit cybersecurity lays out the major challenges and how different stakeholders are adapting,” says Chollet. “By working together, transit providers, insurers, and regulators can better manage this critical risk going forward.”
