24 June 2022

POTENTIAL FED RESPONSE PLAN FOR CYBER-INSURANCE DUE TO INCREASING COSTS: Private Insurers Got Spooked

Cyber threats to critical infrastructure represent a significant economic challenge. Although cyber incident costs are paid in part by the private cyber insurance market, growing cyber threats have created uncertainty in this evolving market.

Businesses risk ‘catastrophic financial loss’ from cyberattacks, US watchdog warns. . . Cyber Insurance: Action Needed to Assess Potential Federal Response to Catastrophic Attacks

 

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Private insurance companies increasingly limit coverage against major cyber threats, per a report from the GAO

By Corin Faife
 
The Further Consolidated Appropriations Act, 2020, includes a provision for GAO to study cyber risks to U.S. critical infrastructure and available insurance for these risks. This report examines the extent to which
(1) cyber risks for critical infrastructure exist;
(2) private insurance covers catastrophic cyber losses and Terrorism Risk Insurance Program -TRIP - provides a backstop for such losses; and (3) cognizant federal agencies have assessed a potential federal response for cyberattacks.

Cyber Insurance: Action Needed to Assess Potential Federal Response to Catastrophic Attacks

GAO-22-104256 Published: Jun 21, 2022. Publicly Released: Jun 21, 2022.

 

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