Treasury Seeks Feedback on ‘Catastrophic’ Cyber Insurance Options – MeriTalk

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The Treasury Department’s Federal Insurance Office (FIO) is on the lookout for suggestions via a request for data (RFI) on whether or not or not the Federal authorities ought to supply insurance for “catastrophic” cyber incidents.

The RFI is available in response to a suggestion by the Government Accountability Office (GAO) that FIO and the Cybersecurity and Infrastructure Security Agency (CISA) work collectively to find out the extent to which the dangers to U.S. vital infrastructure from cyberattacks warrant a Federal insurance response.

FIO and CISA have each agreed to conduct the evaluation and are additionally coordinating with the Office of the National Cyber Director on the mission.

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“Consistent with the U.S. Government Accountability Office’s recommendation, we look forward to receiving stakeholder input from this request for information on a potential Federal insurance response to catastrophic cyber incidents,” U.S. Assistant Secretary for the Treasury for Financial Institutions Graham Steele stated in a press launch.

Through the RFI, FIO hopes to assemble feedback on the dangers of cyber incidents to U.S. vital infrastructure and present non-public market insurance safety for these dangers. Additionally, FIO needs to know if a Federal insurance response is required, and if that’s the case, how the response needs to be structured.

FIO stated it has elevated its knowledge assortment on this space with regard to the Terrorism Risk Insurance Program (TRIP). The company plans to have a look at Federal insurance responses exterior of TRIP, however can even take into account “how potential responses could interact with, or be part of, TRIP.”

“State and Federal governments have responded in a variety of ways to situations in which the private market is unable to provide sufficient or affordable insurance, and FIO seeks input on a wide range of options and potential response structures,” the RFI says.

Comments are due by Nov. 14.



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