AIA Statement on House Homeland Security Committee Hearing on the Role of Cyber Insurance

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Wes McClelland, vice president for federal affairs for the American Insurance Association (AIA), issued the following statement after today’s House of Representatives Homeland Security Committee hearing on cybersecurity.

Wes McClelland, vice president for federal affairs for the American Insurance Association (AIA), issued the following statement after today’s House of Representatives Homeland Security Committee hearing on cybersecurity. Entitled “The Role of Cyber Insurance in Risk Management”, the hearing focused on cyber security best practices, effective risk management using insurance and ways insurance can contribute to a strong national infrastructure against cyber threats.

Mr. McClelland’s statement follows:

“Today’s hearing highlighted that cybersecurity is a dynamic problem requiring flexible solutions to meet the ever changing threat landscape and that cyber insurance can be part of the answer. The cyber insurance market is in the early stages of development, and while it cannot directly stop cyber-attacks, cyber insurance can serve as a useful risk transfer tool, help consumers to evaluate their cyber risks and develop more effective cyber practices. AIA looks forward to working with policymakers on this evolving issue as the cyber market continues to develop and grow.”

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