The Office of the National Cyber Director has been noted by its head Harry Coker Jr. to be collaborating with the Cybersecurity and Infrastructure Security Agency (CISA) and the Treasury Department's federal insurance office in establishing a federal cyber insurance policy for catastrophic cyber incidents, which was initially mentioned in the National Cybersecurity Strategy, reports The Record, a news site by cybersecurity firm Recorded Future.
Such a policy, which is expected to be issued by year-end, seeks to address concerns surrounding actuaries, said Coker at this year's Black Hat USA conference. "We're working through one of the challenges, which is around the actuaries. Do we have sufficient data to make the cyber insurance market more mature? That's an area that we're focused on," Coker added.
Additional details regarding the effort remain under wraps but an ONCD spokesperson noted ongoing partnerships between the agencies, the insurance sector, and policyholder community in crafting the policy.
