WASHINGTON — Nat Wienecke, senior vice president, federal government relations, at the Property Casualty Insurers Association of America (PCI) issued the following statement today praising the House Committee on Homeland Security Subcommittee on Cybersecurity, Infrastructure Protection and Security Technologies hearing entitled “The Role of Cyber Insurance in Risk Management.”
“PCI applauds the Committee on Homeland Security Subcommittee for holding this important hearing.
“The demand for cyber insurance is high and growing in light of a number of high profile data breaches. While insurers continue to offer coverage for data breach incidents, they are also offering new types of cyber coverage to better protect our nation’s businesses, as well as to help increase protections against cyber vulnerabilities.
“In order for insurers to quickly and effectively meet the needs of the consumers, improvements must be made in the process to approve new cyber policy forms and development of data security standards. State and federal regulatory coordination and harmonization among cyber security requirements are in the best interest of the consumers and the insurers. PCI will continue to work with the industry, policymakers, and regulators to develop clear, consistent, and uniform data security and breach standards so that the insurance industry may continue to evolve to meet consumers’ cyber insurance needs.”
PCI submitted testimony to the House Committee on Homeland Security Subcommittee. The testimony is attached.