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Tuesday, March 22, 2016

House Homeland Security Committee Holds Hearing on "the Role of Cyber Insurance in Risk Management"

Today, the House Homeland Security Committee held a hearing entitled: "The Role of Cyber Insurance in Risk Management". The purpose of the hearing was to examine opportunities that have the potential to promote the adoption of cyber best practices, as well as how to make the management of cyber risks through cyber insurance more effective. Representative Ratcliffe opened with comments emphasizing the importance of expanding the cyber marketplace to create a wide array of diverse, affordable products that will also benefit small and medium sized-entities. 

Witnesses included Matthew McCabe, Senior Vice President, March FINPRO, Adam Hamm, North Dakota Insurance Commissioner, Daniel Nutkis, CEO, Health Information Trust Alliance and Tom Finan, CSO, Ark Network Security Solutions. All witnesses discussed and responded to the Committee's questions regarding the value of a data repository, the rising cost of cyber insurance and premiums, and solutions to continue to grow the cyber insurance market to better protect private sector networks.

View Chairman Ratcliffe's testimony.