The Source for Cyber Insurance News, Insights and Data
Media discussion of a “cyber TRIP” tends to the bullish. This report, by post-doc cyber insurance researcher Daniel Woods @leltop, surfaces the potential downside of such a plan, from moral hazard to perverse incentives that might reduce improvements in cyber security by the insured. We don’t necessarily buy all the arguments here, but the detailed … Read more
While not everybody is yet entirely convinced the feds should provide a backstop to cyber insurers for catastrophic system-wide attacks, Politico reports the discussion is moving forward. “But policymakers and executive branch officials have plenty left to iron out, said (RAND senior policy researcher Sasha) Romanosky (@SashaRomanosky), and they might opt for something far less … Read more
The Des Moines, Iowa school system has called in its (unnamed) cyber insurer, the FBI and DHS after an apparent ransomware attack, which put 30,000 students out of school for two days. While many students were doubtless thrilled to be at home with no access to online learning, the school district is responding as if … Read more
“Lawmakers also want CISA (Cybersecurity and Infrastructure Security Agency) to report back in 90 days about the feasibility of a public-private ‘cyber insurance and data analysis’ working group and establishing an accreditation program for third-party cybersecurity providers that work with federal agencies, critical infrastructure operators and state and local governments.”
“(David Fringer, the executive director of information technology at Green Hills Area Education Association) said (cyber insurance) costs for the Council Bluffs school system three years ago when he worked there until June 2020 went from near $15,000 to $30,000 and then as high as $50,000 over a few years.” Another local expert noted that … Read more