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The Role of Law and Government in Cyber Insurance Markets: A Cyber Cyber Insurance Conference

Over the last decade, the prevalence and cost of cyber-attacks on private companies has steadily increased. Private firms that have been victimized by successful cyber-attacks have had reams of confidential data stolen, incurred massive business interruption costs, paid vast sums in cyber-ransoms, and had their brands and public images deeply tarnished. In response, they have increasingly turned to the insurance industry to help cover these costs, leading to the rapid and continuing growth of cyber-insurance markets. As in all insurance markets, the evolution of cyber-insurance markets has been indelibly shaped by the law and a broad range of government initiatives. This conference will examine the past, present, and future of this type of public involvement in cyber insurance markets, focusing on questions such as · When and how do cyber insurers help their policyholders mitigate cyber-risk and to what extent does coverage have the opposite effect of inducing moral hazard or encouraging would-be cyber-attackers? · To what extent have coverage disputes clarified the parameters of coverage for cyber losses in cyber insurance policies and property/casualty insurance policies that are not cyber-specific? · What role can and should government play in fostering more robust and actuarially-sound cyber-insurance markets? · Can and should government initiatives or new laws help cyber insurers to manage the risk of a cyber-catastrophe? To answer these questions, it will bring together a broad range of experts from the academy, industry, and government. The resulting presentations and discussions are intended to provide broad-ranging perspective on the central legal, regulatory, and policy issues that will continue to shape the insurance industry’s role in spreading, allocating, and managing cyber-risk.

Contact: Deborah King, deborah.king@uconn.edu

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