Tom Finan, a senior cybersecurity strategist and counsel at the Department of Homeland Security, said that insufficient risk data has prevented insurance companies from determining cyber insurance rates, Fedscoop reported Friday.
“Unlike fire insurance, insurers just don’t have access to over 100 years of cyber loss data that they could use to build policies,” Finan said at a cyber forum Thursday.
He added multiple sectors are willing to contribute to a proposed repository for private companies to analyze and exchange information about cyber attacks.
Security and risk management professionals also seek access to such a database so they can understand the frequency and impact of breaches and develop new technology offerings, the report said.
A DHS working group has been working with industry over the past two years in an effort to help insurers update cyber liability programs, the publication reports.