House Financial Services evaluates potential of cyber insurance to assist with bolstering defenses against ransomware

House Financial Services members sought to understand the role and costs of cyber insurance at a hearing this week on ransomware risks to the financial system.

“Although companies have the option to purchase cybersecurity insurance to cover financial losses to businesses’ interruption costs stemming from ransomware attacks, these policies are becoming increasingly more expensive and harder to maintain,” national security subcommittee ranking member Joyce Beatty (D-OH) said in her opening statement at the April 16 hearing.

Beatty said, “It is...