On September 10, Deputy Secretary of the Treasury Sarah Bloom Raskin delivered remarks at the Center for Strategic and International Studies Strategic Technologies Program in Washington, D.C. After summarizing threats posed to U.S. companies and strategic interests, citing to notable recent cyberattacks, Raskin laid out the roles governments, the insurance industry, and state insurance regulators can take in responding to cyberattacks.
Raskin noted that governments can facilitate information-sharing related to cyber threats and deter incidents through law enforcement and diplomatic engagement as well as by imposing financial sanctions on wrongdoers overseas. The insurance sector can gauge the risks and costs posed by cyber incidents and provide an important risk mitigation tool by allowing policyholders to transfer some financial exposure associated with cyber events. The insurance qualification and underwriting process also encourages businesses to engage in increased cybersecurity and risk-mitigation activities. Finally, state insurance regulators can assist response by setting standards for cybersecurity and the protection of the sensitive information of policyholders at the entities that they regulate.