National Cyber ​​​​Insurance Mulled by Treasury Amid Risk Population

The Ministry of Finance is seeking information on the establishment of a national insurance program to counter serious cyber attacks, as worried that private insurance might not be enough.

The department’s Federal Insurance Office said Thursday seeks general information on cyber security issues regarding cyber attacks and whether affordable cyber insurance is available for businesses. There is a time on the 14th of Nov.

The office said it is looking for feedback according to the Government Accountability Office report in Junewhich asked the Departments of Finance and Homeland Security to work together on cyber threats.

A study by the Ministry of Homeland Security in 2020, based on data provided by Lloyd’s of London, the US may suffer between $ 2.8 billion and $ 1 million in losses from one attack serious on the internet, said FIO.

The FIO is asking organizations to indicate whether the insurance company offers adequate coverage for catastrophic accidents and “what reasons” are used by the insured to refuse insurance.

“Insurers have an important role to play in strengthening cyber hygiene and building resilience,” FIO Director Steven E. Seitz said in Thursday’s announcement. .

“Through certification and pricing, insurers can encourage or require policyholders to implement strong cybersecurity standards and regulations,” he added.

The FIO also wants information about what kind of information companies are willing to share and what digital practices they think are most effective. to deal with serious cyber threats. It asked for general opinions on how the national government should encourage businesses to step up to technology and how a national insurance program will affect the ability of cyber insurance.

The online insurance market recorded $4 billion in direct payments in 2020, according to the FIO announcement. Insurance companies such as Lloyd’s and Chubb Ltd. they have provided different policy language to avoid or incur additional charges for online harassment.

Last month, Lloyd’s required All insurance companies selling from its marketplace will stop offering coverage for government-sponsored cyber attacks starting in March 2023.

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