An interesting response from the U.S Risk Management Professional Society RIMS to the Federal Insurance Office (FIO), supporting a Federal Backstop

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An interesting response from the U.S Risk Management Professional Society RIMS to the Federal Insurance Office (FIO), supporting a Federal Backstop for cyber insurance.

The letter RIMS raises an important consideration for a Federal Cyber Insurance policy, and that any coverage should not discourage organisation from implementing appropriate cyber security control, in order to manage cyber risk. While you may say this is obvious, for any backstop to work it needs to ensure that responsibility for managing cybersecurity still remains with the insured. Not addressing a requirement for organisation to take responsibility for managing cyber would be detrimental to any backstop.

At present in the U.S there are no Federal regulations that require organisations to adopt cybersecurity standards. Cyber legislation is being considered and ONCD has said that cyber regulation is needed.

Ted Dziekanowski Gerry Kennedy

#cybersecurity #cyberriskmanagement #insurancebackstop

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