White House proposes formation of a cybersecurity insurance market

Back in February, President Obama signed an executive order aimed at beefing up cybersecurity measures and established a 240 day deadline for the administration to hammer out the details. Today, the White House took to its blog to put forth a rather loosely defined set of incentives designed to convince private companies to adopt the voluntary aspects of its so-called "Cybersecurity Framework." At the top of the list is a proposed cybersecurity insurance market, which calls for the adoption of risk-reducing measures and risk-based pricing models. Beyond those broad brushstrokes, the White House has provided few details, stating that specifics would be developed in the coming months. Also included in the incentives are federal grants for companies taking part in the program, preferential treatment for some existing government services, liability limitations and public recognition. Essentially, the blog post acts mainly as a preview for the Voluntary Program set to launch in early 2014. The details are more than a bit fuzzy at the moment, but we'll keep you updated as we learn more.

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Via: The Verge

Source: White House

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