U.S. Government Accountability Office Urges Cyber Insurance: Action Needed to Assess Potential Federal Response to Catastrophic Attacks
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Cyber insurance can help offset costs of some common cyber risks, like data breaches or ransomware. But cyber risks are growing and cyberattacks targeting critical infrastructure — like utilities or financial services — could affect entire systems and result in catastrophic financial loss.
Insurers and the government's terrorism risk insurance may not be able to cover such losses. For example, the government's insurance may only cover cyberattacks if they can be considered "terrorism" under its defined criteria.
We recommended that Treasury and Homeland Security jointly assess if a federal response is needed to address the situation.
More information found here.
