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White House announces cybersecurity reform.
The White House is developing a new policy in the field of cyber insurance, aimed at protecting against catastrophic cyber incidents. The new policy must be submitted by the end of the year. This was stated at the Black Hat 2024 conference by National Director for Cybersecurity Harry Coker.
The new policy aims to manage risks, not avoid them. This is necessary to stabilize insurance markets and increase the level of cybersecurity in the country. The US government wants to prepare for possible cyber incidents in advance, so as not to develop emergency measures in a hurry when a disaster has already occurred. Such training should increase the economy's resilience and market confidence.
One of the main challenges remains the lack of data for risk assessment, which is faced by actuaries-specialists who assess the level of protection of companies for insurance policies. Coker noted that now the work is focused on this issue.
Although the details of the new policy have not yet been disclosed, ONCD representatives have confirmed that the current insurance market is not sufficiently prepared for catastrophic cyber incidents. Agencies are considering various measures that could improve national cybersecurity and ensure market stability.
The cyber insurance market has long been controversial. Experts believe that insurance payments can contribute to an increase in the number of ransomware attacks. Some hackers even set the ransom amount based on the victims insurance policies. In addition, legal disputes continue about the role of cyber insurance in the event of State-sponsored attacks.
Source
The White House is developing a new policy in the field of cyber insurance, aimed at protecting against catastrophic cyber incidents. The new policy must be submitted by the end of the year. This was stated at the Black Hat 2024 conference by National Director for Cybersecurity Harry Coker.
The new policy aims to manage risks, not avoid them. This is necessary to stabilize insurance markets and increase the level of cybersecurity in the country. The US government wants to prepare for possible cyber incidents in advance, so as not to develop emergency measures in a hurry when a disaster has already occurred. Such training should increase the economy's resilience and market confidence.
One of the main challenges remains the lack of data for risk assessment, which is faced by actuaries-specialists who assess the level of protection of companies for insurance policies. Coker noted that now the work is focused on this issue.
Although the details of the new policy have not yet been disclosed, ONCD representatives have confirmed that the current insurance market is not sufficiently prepared for catastrophic cyber incidents. Agencies are considering various measures that could improve national cybersecurity and ensure market stability.
The cyber insurance market has long been controversial. Experts believe that insurance payments can contribute to an increase in the number of ransomware attacks. Some hackers even set the ransom amount based on the victims insurance policies. In addition, legal disputes continue about the role of cyber insurance in the event of State-sponsored attacks.
Source
