The US Government Wants To Create Cybersecurity Insurance

The US Government Wants To Create Cybersecurity Insurance

Ever nervous about the looming threat of a devastating cyberattack, the US government is redoubling its efforts to get companies that operate critical infrastructure to buy into its cybersecurity plan. It’s so committed, it may even make sure participants get reimbursed…if they get attacked.

That’s a roundabout way of saying that the government is considering arranging for cybersecurity insurance for power plants, water treatment facilities, and similar infrastructure companies if they adopt the voluntary White House Cybersecurity Framework. The Obama administration drew up these guidelines for companies to improve their cybersecurity back in the fall, and based on the set of potential incentives the White House put forth on Tuesday, enlistment has been slow-going.

In addition to the proposed cybersecurity insurance market, the government could end up offering:

  • Federal infrastructure grants
  • Preferred access to certain government service
  • Limited liability in a range of areas
  • More streamlined regulations
  • Public recognition for having joined the program

In other words, the Obama administration really really wants companies to volunteer for this Cybersecurity Framework. And who could blame them? The consequences of being unprepared for a major cyberattack could be really really serious. The final incentives package will be announced next year; hopefully it’s enough to entice the people who need it most. [White House via The Hill]

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