Full Title: Cybersecurity Insurance Workshop Readout Report
Author(s): N/A
Publisher(s): National Protection and Programs Directorate, U.S. Department of Homeland Security
Publication Date: 11/2012

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Cybersecurity insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, network damage, and cyber extortion. The Department of Commerce Internet Policy Task Force has described cybersecurity insurance as a potentially “effective, market-driven way of increasing cybersecurity” because it may help reduce the number of successful cyber attacks by promoting widespread adoption of preventative measures, encouraging the implementation of best practices by basing premiums on an insured’s level of self-protection, and limiting the level of losses that companies face following a cyber attack. Given this hope, many carriers and companies would like the cybersecurity insurance market to expand into new cyber risk areas to cover currently uninsurable risks such as cyber-related critical infrastructure failures, reputational damage, and the value of lost intellectual property and other proprietary data.