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Securing Cyber Insurance Remains a Challenge for US Businesses

Business insurance

Securing Cyber Insurance Remains a Challenge for US Businesses

U.S. natural gas businesses are facing challenges in securing cybersecurity insurance amid growth in critical infrastructure attacks, according to Kimberly Denbow, the vice president of security and operations at the American Gas Association. 

Speaking at a hearing organized by the House’s Cybersecurity and Infrastructure Protection Subcommittee, Rep. Eric Swalwell, D-Calif., discussed how the lack of models to evaluate risks and the inconsistency in used terminologies are contributing to the “perfect storm” affecting the market. Due to the increasing demand, many natural gas businesses are calling on the federal government to implement a so-called “backstop” to address the problem, CyberScoop reported.

However, Matthew McCabe, managing director of cyber broking at Guy Carpenter & Company, said that a “backdrop” could end up in scenarios where insurance companies are left with a risk on their books, with the companies not knowing how the government will help them.

In recent months, the country has seen a growing number of cyber operations targeting the U.S. critical infrastructure sector. In March, Andrew Scott, associate director for China operations at the Cybersecurity and Infrastructure Security Agency, said that Chinese state-sponsored bad actors have already positioned themselves on networks and systems across the U.S. and are just waiting for the right moment to attack.

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Category: Cybersecurity