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I see a trojan horse with Federal Cyber regulation and a win-win for both Federal Contractors and the Insurance Industry Mariam Baksh. The interim Financial Ruling for the DoDs Cyber security programme (CMMC) will encompass FAR regulations for the protection of Federal Contract Information (FCI) – CMMC Level 1, for DoD contractors and subcontractors. Setting a direction of travel for other agencies to follow suit adopting a universal, robust cyber security standard.
Whilst the standard may end up as a requirement for Federal contractors through regulation, as it is for DoD contractors and requirements projects e.g. STARS III. It will facilitate contractors build their cyber security capabilities and posture. Creating an unintended benefit to the insurance industry, which is struggling to balance cyber underwriting and cyber claims (https://lnkd.in/duzr_cV)
It could be a win-win for both groups. A government led cyber initiative leading to better cyber security for Federal contractors and the protection of Federal data on one hand. On the other an industry benchmark for the insurance industry to assess their clients cyber posture. One underwritten by the US Government.
#insurance #cyberdefense #cyberinsurance #dod #cyber #cyberrisk #cmmc #cio #cisa
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