Role of Cyber Insurance in Risk Management, Hearing Before the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies of the Committee on Homeland Security, U.S. House of Representatives, One Hundred Fourteenth Congress, Second Session, March 22, 2016   [open pdf - 4MB]

This testimony compilation is from the March 22, 2016 hearing on "Role of Cyber Insurance in Risk Management" before the U.S. House of Representatives Committee on Homeland Security. From the Opening Statement of John Ratcliffe, "The House Homeland Security Committee, Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies meets today to hear from key stakeholders about the role of cyber insurance in managing risk. Just yesterday the Bipartisan Policy Center came out with a publication on the room for growth in this market and the barriers that it faces. Specifically, we hope to hear about the potential for cyber insurance to be used to drive companies of all sizes to improve their resiliency against cyber attacks and develop a more effective risk management strategy, leading to a safer Internet for all Americans. The cyber insurance market is in its infancy. But it's easy to envision its vast potential. Just as the process of obtaining home insurance can incentivize homeowners to invest in strong locks, smoke detectors, and security alarms, the same could be true for companies seeking to obtain cyber insurance. It is for that reason that I look forward to hearing from the witnesses today on the current state of the cyber insurance market, and what can be done to develop, improve, and expand the availability of cyber insurance in the future." Statements, letters, and materials submitted for the record include those of the following: Matthew McCabe, Adam W. Hamm, Daniel Nutkis, and Tom Finan.

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