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National Cyber Insurance Mulled by Treasury Amid Risk Concern

The Treasury Department is seeking feedback on creating a national cyber insurance program to counter catastrophic cyber attacks, concerned that private insurance may not be sufficient.

The department’s Federal Insurance Office said Thursday that it is looking for public comments on cyber security issues concerning cross-sector cyber attacks and whether currently available cyber insurance is affordable for businesses. The public has until Nov. 14 to submit feedback.

The office said it is seeking the feedback in light of the Government Accountability Office’s June report, which asked the Treasury and Homeland Security departments to jointly address catastrophic cyber risks.

A 2020 Department of Homeland Security study estimated, based on data provided by Lloyd’s of London, that the US could suffer between $2.8 billion and $1 trillion in losses from one severe cyber-attack, FIO said.

The FIO is asking organizations to comment on whether the insurance industry is offering adequate coverage for catastrophic cyber incidents and “what rationales” insurers use to deny coverage.

Read more of the article on Bloomberg Law

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