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Industry groups suggest any FIO response to cyber risk needs consideration

January 6, 2023

A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.”

The industry groups involved in the formation of the letter include the American Property Casualty Insurance Association (APCIA), The Council of Insurance Agents and Brokers, CyberAcuView, and The Wholesale & Specialty Insurance Association.

APCIA’s senior vice president of federal government relations, Nat Wienecke, suggests that the APCIA shares FIO’s objectives to examine catastrophic cyber risk for critical infrastructure, however, it strongly believes consideration of a federal insurance program may be premature.

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