Report examines cybersecurity in transit

The Mineta Transportation Institute (MTI) at San Jose State University recently published a report on cybersecurity for public transit agencies.

The report, Is There a Light at the End of the Tunnel? The Outlook for Cybersecurity Insurance and Transit in 2024, examines cyber risks and how the insurance market and public agencies respond to, and provides recommendations to help manage the risk of catastrophic loss.

“Public transportation agencies that are not currently taking cybersecurity risks seriously must invest in understanding their exposure and take action to build more resilient cybersecurity programs,” the report said. “This means they must recognize cyber risk as part of their overall enterprise risk management. Fortunately, funds and services are available to help.”

In January, there was 130 percent increase in cyberattacks on companies of all size compared to January 2023.

Since June 2020, the global transit industry has experienced a 186 percent year-over-year increase in weekly ransomware attacks.

In the past few years, attacks have occurred on transit agencies in Canada and in California, Colorado, Kansas, New York, Texas, Washington in the United States.

Cybersecurity insurance underwriting practices have adapted. Changes include detection and escalation, post-breach response, and notification expenses.

The average insurance cost increased between 100 and 200 percent after 2020.