The Treasury Department’s Federal Insurance Office (FIO) is looking for feedback through a request for information (RFI) on whether or not the Federal government should offer insurance for “catastrophic” cyber incidents. […]

Federal cybersecurity leaders argued against the effectiveness of cyber insurance as a way to alleviate financial burdens associated with ransomware attacks during a hearing of the House Homeland Security Committee’s panel on intelligence and counterterrorism on June 28. […]

The Department of the Treasury’s Federal Insurance Office (FIO) published a request for comment today on the Federal Register to help inform a report on the effectiveness of the Terrorism Risk Insurance Program (TRIP) and how to improve the cyber insurance market. […]

The National Defense Authorization Act (NDAA) of 2021 gave the Government Accountability Office (GAO) marching orders to complete a study of the United States cyber insurance market, and GAO’s findings reinforced a recommendation by the National Cyberspace Solarium Commission for Congress to create an agency specifically tasked with collecting better data. […]

Despite the relatively new nature of cyber insurance policies, small businesses are finding value in their offerings, according to witnesses who testified before the House Small Business Committee on July 26. “It affords me the knowledge that if we were hacked, protective steps have been taken to address any potential damages to the company and my employees,”said Robert Luft, president of SureFire Innovations. […]

The fledgling cyber insurance industry may hold the key to improving cybersecurity practices across the nation, according to a panel of experts who testified Tuesday before a House subcommittee. “The expansion of cyber risks and the growth of the cyber insurance market are a tremendous opportunity for the insurance sector to lead in the development […]