Business Insurance

Senate places a focus on cyber insurance coverage

A subcommittee is currently looking into the protection that is required for consumers through those policies.

U.S. Senator Jerry Moran (R-Kansas), the chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security recently held an “Examining the Evolving Cyber Insurance Marketplace” hearing to place the focus on the issue of data breaches.

This hearing looked into the market selling policies that are meant to provide consumers with protection against cyber attacks.

It examined the rapidly growing cyber insurance market and heard experts speaking about the various challenges, forms of coverage, and opportunities that are opening up within the industry, as well as the impact that that this is having on cyber security. That hearing followed two others that had previously been held in February on the same subject. Those were entitled ““Building a More Secure Cyber Future: Examining Private Sector Experience with the NIST Framework,” and “Getting It Right on Data Breach and Notification Legislation in the 114thCongress.”

The goal has been to better understand the environment and need with regards to cyber insurance policies.

cyber insurance security mobileThe first hearing last month looked into the partnership between the National Institute of Standards and Technology (NIST) and the private sector with the goal of improving vital cyber security infrastructure. The purpose of the second hearing was to give the committee a larger amount of data in order to improve its ability to develop a federal data breach bill.

The hearings brought in a full range of previous industry experts. These included the e-Management chief executive officer, Ola Sage; Zurich North America Management Solutions Group senior vice president Catherine Mulligan; Lockton Companies cyber security and privacy vice president, Ben Beeson, and the Quinnipiac University School of Law adjunct professor of insurance law Michael Menapace counsel, Wiggin and Dana LLP.

Beeson took a moment to underscore the fact that cyber insurance is not only an important force within the market, but that it can also propel improvements to cyber security for enterprise. That, in turn, will then enhance the protection that is openly and readily available to consumers, and to the entire country.

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