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Cyber Insurers Warn Catastrophic Hacks Will Require Government Help

A cyberattack that disrupts everyday life in the U.S. will likely cost more than the insurance industry can afford to cover, requiring government intervention, insurers and brokers said. The idea of a federal backstop to help insurers cope in the event of a catastrophic cyberattack has been examined by the government in recent years, but has gained momentum with tandem efforts at the Treasury Department, the Office of the National Cyber Director and the Cybersecurity and Infrastructure Security Agency over the past year. Government officials and the insurance industry plan to meet in April to work out exactly what such a program would look like.

This Cyber News was published on www.wsj.com. Publication date: Thu, 30 Nov 2023 23:19:27 +0000


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