An official from the Department of Homeland Security’s National Protection and Programs Directorate highlighted the progress in awareness of risk and preparation for cyberattacks, while pointing out that much growth is still needed across multiple sectors.
According to Tom Finan, senior cybersecurity strategist and counsel for DHS’ National Protection and Programs Directorate, insurance providers and cyber security professionals from companies across the industry spectrum have begun to show interest in pooling their information to develop better resources and processes in response to and recovery from cyberattacks.
A major problem in the cyber insurance industry today is a lack of significant available attack and response data that would inform insurers’ claims policy fund allocations, said Finan. He continued by stating that the development of a comprehensive database would be an important step in facilitating the creation of new cyber insurance policies, understanding risks and the impacts of breaches, and allowing a more uniform approach to policy construction across multiple industries.
Currently, most insurers are focused on tailoring claims policies to a specific sector or company. Improved information sharing and procedures brought about by better public-private cooperation with insurers themselves could set the stage for major breakthroughs in the cyber insurance market.