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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

Posted on October 7, 2022October 7, 2022 By Mark Sauter

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 to play in strengthening cyber hygiene and building resiliency. FIO has also increased its data collection in this area with regard to the Terrorism Risk Insurance Program (TRIP) and has supported the development of Treasury’s counter-ransomware strategy.

The Government Accountability Office (GAO) released a report in June 2022 recommending that FIO and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA) conduct a joint
assessment to determine ‘‘the extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response.’’ Both FIO and CISA have agreed to conduct the recommended assessment. FIO is also coordinating with the White House
Office of the National Cyber Director on these issues.

DATES: Submit comments on or before.
November 14, 2022.
ADDRESSES: Submit comments
electronically through the Federal
eRulemaking Portal at http://
www.regulations.gov, in accordance
with the instructions on that site, or by
mail to the Federal Insurance Office,
Attn: Richard Ifft, Room 1410 MT,
Department of the Treasury, 1500
Pennsylvania Avenue NW, Washington,
DC 20220

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