The U.S. should consider a cyber insurance “backstop” in line with the Terrorism Risk Insurance Act (TRIA) passed after the 9/11 terrorist attacks, according to former Department of Homeland Security Secretary Michael Chertoff.
Chertoff said such a move would help companies faced with uncertain costs related to cyberattacks that are ultimately categorized as “Acts of War” and therefore uncovered by most commercial insurance policies.
Chertoff, who has served as executive chairman of consulting firm The Chertoff Group , which he co-founded in 2009, discussed the need for a “carefully considered” federal solution to the cyber insurance conundrum. He joined Kate Fazzini and Alex Shulman-Peleg, Ph.D. on The Cyberwar Podcast Jan. 22.
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