The Source for Cyber Insurance News, Insights and Data
From a press release from Shelley Moore Capito (R-WV) on the proposed “Insure Cybersecurity Act:” “A new bill by Sens. John Hickenlooper (D-CO) and Shelley Moore Capito (R-WV) would establish a Commerce Department working group to ‘improve communication over cybersecurity insurance coverage levels…’” “The bill requires establishment of the NTIA cyber insurance working group within … Read more
The hints come from an article by the National Security Agency’s (NSA) former general counsel, Glenn S. Gerstell, who’s been involved in development of the plan. He predicts a much more detailed cyber strategy than in past and indicates increased federal involvement is coming, because: “Market forces are not enough.” That includes reliance on cyber … Read more
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
Focus on cybersecurity for the grid was growing even before criminals attacked Washington and North Carolina substations in December. “The Federal Energy Regulatory Commission is considering developing new cybersecurity rules for DERs (Distrubuted Energy Resources) on the bulk electric system and DOE (Department of Energy) is directing millions to support ‘next-generation’ cybersecurity research, development…” “…The … Read more