The report’s Executive summary highlights two potential private-public sector
solutions proposed by Innovation Insurance Group President Ty Sagalow. The report consists of 50 pages and hundreds of observations by 60 participants, including Innovation Insurance Group proposed federal reinsurance and “Cyber Safety Act” law, with key observations highlighted.
Among the key observations were:
- Cyber insurance is a potentially “effective, market-driven way of increasing cybersecurity” yet,
- Certain risks are currently, or perhaps permanently, uninsurable such as attacks on the infrastructure and cyber-war and that therefore
- The establishment of a federal reinsurance entity and the passage of a “Cyber Safety Act” law modeled against the anti-terrorism Safety Act legislation passed by Congress in 2002 might be considered.
The Workshop was not a forum in which the federal government expressed official, or even unofficial, views but instead they played “host” to a number of private and public sector individuals who discussed cyber-insurance, including the possible role of the federal government.