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Cyber insurance in the spotlight: Senate mulling federal data breach protections

Worried about increasing cyber risks, the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security is on the job.

By Rosalie L. Donlon | Updated on March 20, 2015

U.S. Sen. Jerry Moran (R-Kan.), chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security, held a hearing March 19 titled “Examining the Evolving Cyber Insurance Marketplace.” The hearing explored the growing cybersecurity risk insurance market and heard from experts about coverage, challenges, and opportunities in the industry and the impact on cybersecurity.

The March 19 event followed two previous hearings that were held last month on the same topic. The first one, “Building a More Secure Cyber Future: Examining Private Sector Experience with the NIST Framework,” examined the federal National Institute of Standards and Technology (NIST)’s partnership with the private sector to improve critical infrastructure cybersecurity. (NIST’s continuing role in cybersecurity was defined in the Cybersecurity Enhancement Act of 2014.) The second hearing, “Getting It Right on Data Breach and Notification Legislation in the 114thCongress,” provided the Committee with more information to assist its efforts in drafting a federal data breach bill.

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