You are here:HomeNews CenterInsurance News2017State May Reward Cyber Insurance

State May Reward Cyber Insurance

A legislative proposal in Massachusetts would give information technology (IT) vendors that purchase cyber insurance preference in state contracts.
October 24, 2017

In Massachusetts, “An Act Relative to Cyber Procurements” a legislative proposal, would give information technology (IT) vendors that purchase cyber insurance preference over those without such insurance when applying for contracts with the state government.

READ: Half of Your Clients Have Suffered a Cyberattack, But Don’t Realize It

Eric Biderman, counsel at law firm Arent Fox, says the move could entice IT vendors to view cyber insurance as an asset, rather than an expense. He says the proposed bill aims to reduce the state’s cyber exposure from third-party vendors, and the state legislature also is considering a bill to form a cybersecurity council that would oversee the resiliency of contractors against cyberattacks.

Filed under: