Cyber Insurance for Government

Got an Opinion on Whether the Feds Should Take a Major Role in Cyber Insurance? You’ve Still Got Time to Weigh In with the Government

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From the Dept. of Treasury — SUMMARY: Over the past several years, the Federal Insurance Office (FIO) in the U.S. Department of the Treasury (Treasury) has continued its ongoing efforts with regard to both cyber insurance and insurer cybersecurity. Cyber insurance is a significant risk transfer mechanism, and the insurance industry has an important role … Read more

Got an Opinion on Whether the Feds Should Have a Cyber Insurance Program? Now’s Your Time to Comment 

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“Should an existing federal insurance program (e.g., NFIP or TRIP) or other U.S. or international public-private insurance mechanisms serve as a model for, or be modified to address, catastrophic cyber incidents?’ the notice asks…The (US Treasury) Department’s Federal Insurance Office—together with the Cybersecurity and Infrastructure Security Agency—is soliciting feedback in preparation for a report to … Read more

Why Did the White House Decide NOT to Ban Ransomware Payments? 

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“’It is so hard and so much more work needs to be done to improve the security of tech, to improve the cybersecurity of systems, that we’d essentially be pressing victims to make their payments go undercover,’ (deputy national security advisor for cyber and emerging technology Anne) Neuberger said.” Source: US government rejects ransom payment … Read more

Report from Oregon: Cyber Insurance Rates Soar for Towns & Cities 

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(TV station) KGW asked 20 of the largest cities in Oregon for a copy of their cyber insurance policies. Eighteen cities had coverage. Two did not — McMinnville and Redmond. KGW’s review found that in many cases cyber insurance costs have skyrocketed due to the surging attacks. In Portland, annual premiums jumped from $220,000 last … Read more

Schools Slammed By Cyber Attacks, Struggle to Qualify for Affordable Cyber Insurance 

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“The 2022 ‘Cyber Market Conditions’ report indicates school districts may face a 100 to 300 percent increase in the cost of premiums if they don’t have ‘best in class’ security controls in place…In 2021, ransomware attacks cost U.S. schools $3.65 billion in downtime and recovery. That doesn’t include the additional cost to districts that paid multimillion-dollar ransoms.” Source: … Read more

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