“The federal government cannot meet this challenge alone,” President Joe Biden told leaders. “You have the power, the capacity and the responsibility, I believe, to raise the bar in cybersecurity. “
The White House, Big Tech and insurers commit to “raising the bar” in cybersecurity
Here’s what insurance companies said after the meeting about the role of the insurance industry and their own company’s commitment to cybersecurity:
Alan Schnitzer, President and CEO, The Travelers Companies:
“Cyber security is one of the most pressing issues of our time, and we applaud President Biden for bringing together experts and industry leaders to address this growing threat. We are proud to join this critical discussion alongside our partners in government, technology, financial services and education, among others.
“According to the Travelers Risk Index, which surveys American business leaders, cyber risk is the number one concern for businesses of all sizes. At Travelers, we see firsthand the devastating effects a breach can have on a business, and we understand that even small changes can have a big impact on data security. For example, research suggests that implementing affordable mitigation controls, such as multi-factor authentication, could prevent the vast majority of ransomware attacks. Adopting good cyber hygiene practices will make our businesses – and our country – safer.
“At the White House, I emphasized the critical role the insurance industry plays in strengthening cybersecurity in the United States. Insurers help organizations manage cyber risks effectively and efficiently, including performing cyber risk assessments, advising on strengthening cyber defenses, and ensuring ongoing cyber vulnerability monitoring. . After a breach has occurred, insurers provide technical expertise and financial support to facilitate recovery. By working together, the industry can also identify and share trends in the cyber risk environment and promote the adoption of cybersecurity best practices.
“I also announced the participation of Travelers in the National Institute of Standards and Technology initiative to develop a new framework for public and private entities to improve the security and integrity of the chain. technology supply. It is an important step in improving the overall cybersecurity of the country.
“Ultimately, the victims of cybercrime are people – employees, customers and owners of small and large businesses, in every corner of the country. Protecting their interests must be a priority, and I look forward to continuing to work in partnership with the Administration and my colleagues who have gathered today to do just that. From preparedness and prevention to mitigation and recovery, Travelers is committed to helping individuals and businesses navigate safely in the rapidly changing cyber landscape.
Joshua Motta, CEO and Co-Founder of Cyber Insurance and Security Provider Coalition:
Coalition discussed how cyber insurance can help solve the country’s cybersecurity challenges by incentivizing controls that reduce the likelihood or success of a cyber attack and providing a lifeline for organizations that have had to file a claim. Motta said:
“We are honored to work with President Biden, the government and other private sector leaders to address the cybersecurity challenges of our country. As threats from ransomware and other cybercrime accelerate, small and medium businesses cannot be left to fend for themselves. It takes a broad combination of accessible technologies and aligned incentives to keep these businesses safe. “
Coalition has also made a public commitment to offer its policyholder risk management platform, Coalition Control, to any business at no cost, effective immediately. The platform includes continuous monitoring of the attack surface, recommendations on how to close security vulnerabilities, and a downloadable risk assessment to help organizations control their exposure to cyber risks.
Vishaal Hariprasad, CEO, Resilience:
“I share the goal of raising safety standards, but I am also concerned about the loss of protection for victims who would otherwise outsource their crisis to the public, their employees and their customers. When insurance is at its best, it does two things: it pays for covered claims, whether it’s health, auto or cyber insurance; and, it points the way for actions or steps that make bad things less likely to happen – whether it’s quitting smoking, wearing a seat belt, or deploying MFA. Our obligation is to do both.
Resilience has offered four key areas where industry and government can work together:
- Prioritize Cyber Health – Use the Bullies Chair to encourage industry collaboration to raise awareness of its importance to overall safety.
- Encourage more information sharing – both industry to government and government to industry.
- Collaborate with the insurance industry – To set minimum cybersecurity standards for critical infrastructure companies.
- Giving Our Industry Legal Resources – To Tackle Cyber Attackers.
“The insurance industry has historically been able to set up incentives to improve human behavior. We have seen it with fire, auto and health insurance. This is the role that cyber insurance should play in security, ”said Hariprasad.
Resilience has made the following commitment as part of the federal government’s mission to mitigate cyber threats:
“Resilience, a cyber insurance provider, will require policyholders to meet a cybersecurity best practice threshold as a condition for receiving coverage. “
“The insurance industry is uniquely positioned to have a mutual interest in the fight against ransomware. We want our businesses to be stronger, more resilient when it comes to cybersecurity, when they partner with us. If our customers are affected, the insurance pays for this loss. Our client’s cyber risk is our cyber risk.
“Simply put, Resilience believes that putting capital at risk without requiring policyholder action is a kind of moral hazard.
Source: The Use Express News