Bill 119 s 245, also known as the "Cyber Insurance Working Group Act," aims to address the growing importance of cyber insurance in today's digital age. The bill mandates that the Assistant Secretary of Commerce for Communications and Information establish a working group specifically focused on cyber insurance. This working group will be responsible for researching and developing informative resources for both issuers and customers of cyber insurance.
The main goal of this bill is to increase awareness and understanding of cyber insurance among businesses and individuals. With cyber attacks becoming more prevalent and sophisticated, having adequate insurance coverage is crucial for protecting against financial losses and reputational damage.
By creating a working group dedicated to cyber insurance, the bill seeks to promote collaboration and information sharing among industry stakeholders. This will help ensure that both issuers and customers have access to the most up-to-date and relevant resources to make informed decisions about their cyber insurance needs.
Overall, Bill 119 s 245 is a proactive measure to address the evolving landscape of cyber threats and the importance of cyber insurance in mitigating risks. It underscores the government's commitment to promoting cybersecurity and resilience in the digital economy.