As cyberattacks continue to surge at a rapid pace, the US government is mulling over the creation of counterproductive incentives to help private insurance firms cover some of the costs related to catastrophic cyber incidents under the federal cyber insurance program.
Last month, the Treasury Department and Cybersecurity and Infrastructure Security Agency (CISA) asked the representatives of multiple organizations to contemplate the requirement of a cyber insurance program and, if so, how such a program should be enforced across the country.
Earlier this year in June, the Government Accountability Office (GAO) published a report advising Federal Insurance Office (FIO) and CISA to conduct a joint assessment to examine the federal government’s role in cyber insurance.
The move comes after multiple private insurers were spooked by the possibility of having to cover such large losses and backed out of the market by excluding some of the most high-level cyberattacks from being covered by insurance policies. Currently, the U.S. government does not have a federally backed cyber insurance
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