Congressional interest in promoting cyber insurance as a market-based way to manage business and critical infrastructure risks is growing.
That was evident when a subcommittee of the House Homeland Security Committee, which does not oversee insurance issues, convened a hearing on the role of cyber insurance in risk management. At the outset, Rep. John Ratcliffe, R-Texas, said that while the cyber insurance market is in its infancy, “it’s easy to envision its vast potential.”
Rep. Ratcliff, also the chairman of the Cybersecurity, Infrastructure Protection and Security Technologies Subcommittee, said insurers provide incentives to get homeowners to invest in locks, smoke detectors and other loss-control devices. “The same could be true for companies seeking to obtain cyber insurance,” he said.