Insurtech And Its Influence On United States Cybersecurity Laws

Insurtech And Its Influence On United States Cybersecurity Laws

Our regular life, national security, and economic vitality are all dependent on a safe, resilient and stable cyberspace. Cybersecurity along with its varied underlying infrastructures tend to be susceptible to great risk that seems to stem across cyber and physical hazards and threats. Complicated nation-states and cyber actors are found exploiting these vulnerabilities for stealing money and information. This way they are into creating capabilities for destroying, threatening and disrupting the delivery of important services.

Areas Being Governed by the Cybersecurity Laws

Cybersecurity is a major concern for the private and the government sector in the United States of America. It has major implications for economic prosperity, public safety, and government security. States in the UK are addressing this concern through different initiatives like offering extra funds for improvised security measures; increasing penalties on computer crimes’ having the businesses and government agencies into using specific varieties of security measures and addressing the threats to important infrastructure. There are around 42 states that have come up with over 240 resolutions or bills in relation to cyber protection. The most important areas included in the cybersecurity legacy include:

  • Studies, commissions, and task forces
  • Improvising government security measures
  • Targeting different computer crimes
  • Funding for the initiatives and programs aimed towards securing the cyberspace.
  • Promoting workforce, economic development, and training.
  • Limiting public revelation of sensitive security data

Important Federal Cybersecurity Laws in the United States

One of the most important things to be noted about the laws of securing the cyberspace in the United States is that the regulations are comprised of directives from Executive Branch along with legislation from the Congress. This has forced organizations and companies into protecting their information and systems from cyber attacks like phishing; viruses; unauthorized access or stealing of confidential information and intellectual property; DOS or denial of services and attacks on a control system. The three important Federal security laws governing the cyberspace in the United States include:

  • 1999 Gramm-Leach-Bliley Act
  • 1996 Health Insurance Portability and Accountability Act (HIPAA)
  • 2002 Homeland Security Act. This act included the FISMA or Federal Information Security Management Act.

How has Insurtech Influenced the US Cybersecurity Laws?

Cybersecurity Insurtech refers to the effective use of different technological innovations specifically designed for squeezing out efficiency and savings from the present insurance industry. It is a type of cyber insurance plan that offers ample protection for the cyberspace of an organization or a business in the United States. It is not very expensive and thus using it is in no ways a daunting task. The good news in this sector is that the industry for insurance is fast recognizing the problems that exist in writing cyber-related plans. Thus, in a way, it is working on bridging the gap by making use of economic modeling and data analytics for gaining appropriate risk quantification.

The laws governing the security of the cyberspace in the United States mandate that financial organizations, healthcare institutions, and other federal agencies make the right efforts towards protecting their information and systems that require proper security levels.

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