ACT-IAC White Paper: Discussion of Role of the Insurance Industry in Federal Cybersecurity
Discussion of Role of the Insurance Industry in Federal Cybersecurity (Executive Report)
Developed by the Cybersecurity Community of Interest
Date Released: February 26, 2018
The risk of cybersecurity is headline news almost every night. Over the past 24 months, the discussion around cybersecurity has changed from a technical problem to be solved to a major risk that needs to be managed. In the United States, no discussion of major risk management can be held without addressing the role of the insurance industry. Cybersecurity is no different. Insurance is embedded in our daily lives when dealing with risk. From the requirement for businesses to hold insurance to the critical role in national safety to recover from major disasters such as hurricanes, epidemics and even war, insurance is a key element of the solution.
So what is the insurance industry’s role in the cybersecurity fight? Who pays for the recovery of a major cyber attack and how does insurance provide needed support? Should Government contractors be required to hold insurance to assure that critical federal programs can survive an attack? Is there enough coverage that critical infrastructure and major business can recover from a cyber attack?
The ACT-IAC Cybersecurity Community of Interest (COI) took up this issue and held discussions with several agencies, industry leaders and insurance companies. The result of this study is found in the following paper.
For questions or access to this document, email Director, Communities of Interest Nancy Delanoche.