Cyberinsurance Thaw Hinges On Data-Sharing Bills

Law360, Los Angeles (April 24, 2015, 7:15 PM EDT) -- Cybersecurity information-sharing legislation headed for consideration in the Senate would be a boon for the insurance industry if passed into law, as increased data sharing should trim liabilities for policyholders and allow insurers to offer more comprehensive — and cheaper — cyber-specific coverage to companies that have been reluctant to pay the high cost.

The House of Representatives this week overwhelmingly passed H.R. 1560, the Protecting Cyber Networks Act, and H.R. 1731, the National Cybersecurity Protection Advancement Act of 2015. The bills, which will be combined and sent as a package to the Senate, would create liability protections for companies that...

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