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Treasury Department Solicits Comments on Potential Federal Cyber Insurance Program

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The Department of the Treasury’s Federal Insurance Office is soliciting public feedback on how to assess federal insurance response to catastrophic cyber incidents affecting critical infrastructure.

In a notice posted on the Federal Register, FIO said it wants to determine the potential structure and scope of coverage of such an insurance response in accordance with a recommendation made by the Government Accountability Office in June.

GAO recommended that FIO and the Cybersecurity and Infrastructure Security Agency jointly assess if a federal response is warranted to address financial losses from catastrophic cyber incidents.

FIO seeks to know what types of cyber incidents can be considered catastrophic; how to predict, measure and assess a cyber incident’s financial impact; what structures should be considered for a federal insurance response; and what measures must be adopted to prevent cyberattacks.

Comments are due Nov. 14.