Federal guidance on cyber insurance policies is the focus of a new bipartisan Senate bill introduced on Feb. 21 that aims to protect businesses and consumers against cyberattacks. (PoliticoPro
, Feb. 21)
- The Insure Cybersecurity Act will direct the National Telecommunications and Information Administration (NTIA) to mitigate digital risk by developing recommendations for issuers, agents, brokers, and customers to improve communication over cybersecurity insurance coverage levels.
- Co-sponsored by Sens. John Hickenlooper (D-CO) and Shelley Moore Capito (R-WV), the bill also directs a NTIA task force to develop policy recommendations relating to ransomware or ransom payments, and the “terminology used in policies to include or exclude losses” due to cyber terrorism or acts of war.
- Hickenlooper is the new chair of the Commerce Committee’s Subcommittee on Consumer Protection, Product Safety, and Data Security.
- A 2021 Government Accountability Office report found that ambiguity in policy language can result in misunderstandings and litigation between issuers and policyholders—and underestimations of coverage needed to protect against cyber risks.
The Roundtable’s Homeland Security Task Force continues working with the Real Estate Information Sharing and Analysis Center (RE-ISAC
), federal officials, and real estate companies about threats to the business cyber environment with the aim of mitigating cyber intrusions.
# # #