Cyber Insurance Laws & Regulations

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

Lawsuit Against KeyBank Harbinger of Emerging Cyber Liability Dynamics

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“If this federal court case proceeds, and gains class-action status that the litigants are seeking, it could further alter already evolving compliance and liability concerns for banks and other U.S. financial institutions that get hacked — putting more responsibility on them to be proactive and thorough in their IT security efforts. The lawsuit might also … Read more

GAO Prods Feds to Assess Their Potential Response to Catastrophic Cyber Attacks 

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According to the report, US FIO and CISA agree with this recommendation: “The Department of the Treasury’s Federal Insurance Office (FIO) and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) both have taken steps to understand the financial implications of growing cybersecurity risks. However, they have not assessed the extent to which … Read more

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

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

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