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The Risk & Insurance Management Society Inc. Monday said it had sent a comment letter to the Federal Insurance Office supporting legislative efforts regarding a federal backstop for large-scale catastrophic cyber incidents that impact infrastructure.
The letter, dated Nov. 14, says the organization’s members “overwhelmingly support a federal cyber insurance backstop.”
“Risk professionals would likely support a well-crafted federal cyber insurance backstop,” RIMS said in its Monday statement but noted issues on scope and controls, and whether any federal cyber insurance response should be included in the Terrorism Risk Insurance Program (TRIP) or executed independently.
RIMS CEO Gary A. LaBranche said in the statement that the group “looks forward to working with federal policymakers to successfully develop a solution.”
“RIMS and its members have a strong interest in addressing catastrophic cyber incidents affecting critical infrastructure because of the direct and indirect effects on member businesses,” the organization said in its letter.
RIMS said government support is needed for a cyber coverage market struggling to meet the needs of policyholders, noting that while 91% of organizations responding to a recent RIMS survey reported that they purchased cyber insurance and 53% of those organizations purchased limits above $10 million, “many respondents could not procure desired limits in the private insurance market, demonstrating that the private market is not providing desired cyber insurance coverage.”
Data from the survey showed that 73% of respondents purchasing limits below $10 million would have purchased limits above $10 million if available for a reasonable premium.