Cybersecurity insurance, Risk Assessments/Management

Cyberinsurance procurement poses challenges for US businesses

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Increasingly prevalent cybersecurity threats were noted by U.S. businesses to be accompanied by mounting difficulties in securing cyberinsurance policies during a hearing before the House Homeland Security Committee's Cybersecurity and Infrastructure Protection Subcommittee, reports CyberScoop.

Cyberinsurance policies for natural gas utilities have not only been limited, with significant variations in exclusion terms, but also challenging to understand, said American Gas Association Vice President of Security and Operations Kimberly Denbow during the subcommittee hearing. "Owner-operators would benefit from standardized cyber insurance policy language definitions and applications that are simpler and more streamlined," Denbow added. On the other hand, growing concerns regarding cyberinsurance coverage for damages associated with ongoing conflict were regarded by Guy Carpenter & Company Managing Director of Cyber Broking Matthew McCabe to have complicated cyberattack modeling. "Lack of models to accurately assess risk and lack of consistency in terminology and coverage have created a lot of friction in the cyber insurance market. These dynamics have created a perfect storm, demand for cyber insurance has increased, premiums have gone up and some insurers are reluctant to write policies." noted Rep. Eric Swalwell, D-Calif.

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