Cyber Insurance for Government

Insurers: Heal Thyselves. Kentucky Is 21st State to Adopt Model Cyber Security Law for Insurers

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“Among other steps, Kentucky’s law requires insurers to ‘identify reasonably foreseeable internal or external threats that could result in unauthorized access, transmission, disclosure, misuse, alteration, or destruction of nonpublic information, including the security of information systems and nonpublic information that are accessible to, or held by, third-party service providers,’ the law reads.” Source: Kentucky Becomes … Read more

Cyber Insurance for Municipalities — Just as Challenging as Corporate Policies, If Not More So 

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“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more

Got Ideas On Changes To TRIA That Could Help The Cyber Insurance Industry? The Treasury Department Is Interested. 

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  You’ve got a month-and-a-half to suggest “any potential changes to the [Terrorism Risk Insurance Act] or [Terrorism Risk Insurance Program] that would encourage the take up of insurance for cyber-related losses arising from acts of terrorism as defined under TRIA, including but not limited to the modification of the lines of insurance covered by … Read more

Good News: Gov Agencies Getting Cyber Insurance. Bad News: It’s a Nightmare. 

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“Adam Frumkin, chief information officer at the Franklin County, Ohio, Data Center and his team answered almost 500 questions in a back-and-forth with a cyber insurance provider last year. In the end, they got coverage – but for half the amount at double the cost.” Source: Agencies confront rising cyber insurance rates – GCN

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