A.M.BestTV: Cyber Risk Information Sharing Takes Spotlight in Congress

OLDWICK, N.J.--()--This A.M.BestTV episode examines a hearing in Washington, D.C. at which insurance executives addressed U.S. senators concerning their general support of legislation that will reduce barriers to the sharing of cyber risk information. However, although these executives generally support the bill, they did warn that not all exposures can be covered by private insurance.

“The insurance industry believes that cyber insurance is an important market force that can drive and improve cyber security within companies,” said Benjamin Beeson, vice president, cyber security and privacy at Lockton Companies, at the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security hearing. “This kind of insurance will not only improve consumer protection, but will protect the entire nation.”

Nevertheless, Catherine Mulligan, senior vice president, management solutions group at Zurich North America, focused on the limitations of such coverage. “Presently, some minor coverage is available to cover a cyber-attack; nevertheless, it generally excludes bodily injury and property damage. This is because the scope of the exposure is too broad to be covered exclusively by the private sector,” said Mulligan.

Click here to view the entire video program: http://www.ambest.com/v.asp?v=cyber315.

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Contacts

A.M. Best Company, Inc.
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com

Contacts

A.M. Best Company, Inc.
Lee McDonald, 908-439-2200, ext. 5561
Group Vice President, Publication and News Services
lee.mcdonald@ambest.com