Insurance executives who attended a White House meeting on cybersecurity Wednesday say the meeting was productive and made them more optimistic about companies' ability to address the problem.
The US government on Wednesday said it would work with industry to hammer out new guidelines to improve security of the supply chain in a meeting set up by President Joe Biden, who appealed to private sector executives to "raise the bar for cybersecurity. "
Greg Hendrik, CEO of Bermuda-based private equity insured and reinsurer Vantage Group Holdings Ltd., said the meeting was "reassuring".
"It was a very rich conversation we had on a number of topics," including the need for an estimated half a million cybersecurity personnel and to do a better job of sharing data, said Hendrik . ] the magic silver bullet ”to resolve the issue of cybersecurity, but the president called for a meeting with business leaders for some of the largest organizations in the country on the issue was important and symbolic.
Mr. Motta said the discussion focused on how insurance "can be used as a positive force" to deal with cybersecurity and does not reflect what he characterized as misleading reports that insurance contributes to ransomware by offering coverage.
Vishaal Hariprasad, CEO of San Francisco-based program manager Resilience Cyber Insurance Solutions, said: "The most important option was how we can stimulate companies to adopt the right standards across the spectrum."
Participant Alan Schnitzer, Chairman and CEO of Travelers Cos. Inc., said in a statement, "In the White House, I highlighted the critical role that the insurance industry plays in strengthening U.S. cybersecurity.
" Insurance companies help organizations manage cyber risk effectively and efficiently, including by conducting cyber risk assessments. provide advice on how to protect cyber defense and provide continuous monitoring of cyber vulnerability. … By working together, the industry can also identify and share trends in the cyber environment and promote the adoption of best practices for cyber security. ”
Mr. Schnitzer said at the meeting he announced Travelers' participation in the National Institute of Standards and Technology's initiative "to develop a new framework for public and private entities to improve security and integrity in the technology supply chain. It is an important step in improving the nation's overall cyber security. . ”