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Got an Opinion on Government Financial Backing for the Cyber Insurance Industry? You’ve Still Got Time to Weigh In

Posted on November 18, 2022 By Mark Sauter

The new deadline to comment on the issue is December 14th.

“Pursuant to a recommendation from the Government Accountability Office, under direction from Congress to investigate the question, the agencies are seeking answers on ‘the extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response,’ according to the notice…

…In their initial Sept. 29 request for comment, Treasury and CISA said they would also consider how the Terrorism Risk Insurance Program, or TRIP, might be adapted to cover cybersecurity incidents, but that their focus would be primarily on non-TRIP approaches at home or abroad.

The TRIP model—established after the terrorist attacks of Sept. 11—essentially insures the insurers, helping them to cover policyholders in the event of qualifying incidents.”

Source: Agencies Push Deadline to Comment on Would-Be Federal Cyber Insurance Program

Cyber Insurance Best Practices, Cyber Insurance Carriers & Brokers, Cyber Insurance Laws & Regulations, Cyber Insurance Threats Tags:Terrorism Risk Insurance Program (TRIP)

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In the wake of the Harrods hack and cyberattacks impacting other retailers, the alarming state of UK cybersecurity will be revealed in 2024. From cyberattacks hitting major UK retailers like Co-op and Harrods to small businesses struggling without protection, the message is clear—cybercrime is a national threat.

New research by Pen Underwriting reveals that while 90% of UK and Irish businesses feel secure, only 47% have dedicated cyber insurance. Even more shocking—only 18% of businesses earning under £1 million are covered. The cost isn’t just financial—real people suffer, like the couple who lost their wedding cake due to a ransomware attack.

Watch now to understand:

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Visit www.cyberinsurancenews.org for the latest cyber insurance and cybersecurity updates.

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Cyber Insurance Compliance Is Reshaping Security in 2025!

Cyber insurance compliance is no longer optional—it's a driving force behind how companies build and execute cybersecurity strategies. In this video, we break down the latest insights from the 2025 State of Pentesting report:

✅ 59% of U.S. businesses now implement new security tools based on insurer recommendations
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💡 Don’t forget to like, subscribe, and hit the bell to stay updated on the latest in cybersecurity and insurance trends!

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In this video, we break down the massive cyber insurance settlements following the CDK Global ransomware attack that rocked the automotive industry. 🚗💻

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🔔 Subscribe for more deep dives into cybersecurity, tech, and industry trends!
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