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PIA National Meets With Department of Homeland Security on Cyber Insurance

PIA National President John G. Lee, Immediate Past President Andrew C. Harris and PIA representative to ACORD Keith Savino met in Washington, D.C. on April 7, 2014, with officials of the Department of Homeland Security’s National Protection and Programs Directorate to discuss cyber insurance issues...
April 9, 2014

PIA National President John G. Lee, Immediate Past President Andrew C. Harris and PIA representative to ACORD Keith Savino met in Washington, D.C. on April 7, 2014, with officials of the Department of Homeland Security’s (DHS’s) National Protection and Programs Directorate (NPPD) to discuss cyber insurance issues. The PIA agents were participants in an insurance industry working session convened by DHS entitled, “Insurance for Cyber-Related Critical Infrastructure Loss: Key Issues.”

Since October 2012, DHS has held three public workshops to examine the current state of the cybersecurity insurance market. NPPD has specifically sought to understand the market’s ability to offer relevant cyber risk coverage at reasonable prices in return for an insured’s adoption of cyber risk management procedures and controls that improve its risk posture.

DHS hopes that a fuller understanding—from broker, underwriter and reinsurer perspectives—will lead to a sustained dialogue between carriers and potential insureds about how to best harness the incentivizing effect of private insurance contracts to promote more informed and effective cybersecurity practice by all. We will have a report on the results of this meeting in next week’s PIA National Newsline.

Is Cyber Insurance the Simple Answer? (PIA Connection March 2014)