Insurance taskforce seeks federal backstop for catastrophic cyber loss

The cyber insurance industry has grown exponentially in the past decade. As more and more businesses – of all sizes and in every sector – purchase cyber policies, the cyber insurance industry gains stronger and more actionable data insights. One group trying to turn these insights into action is the Insurance Industry Cybercrime Task Force (IICTF), a specialized think tank sponsored by NetDiligence. The IICTF was formed in 2018 to help cyber insurers share their valuable underwriting and claims experience with law enforcement, legislators, and business leaders in order to boost national efforts to stop cybercrime. The mission of the IICTF is to collect, organize and report on cybercrime activity; publish a biannual briefing on cybercrime trends; present findings to a range of audiences including law enforcement, legislators and business leaders via conferences and industry meetings; and advocate for cybersecurity best practices – all from the vantage point of the cyber risk insurance industry.