When it comes to cybersecurity, the U.S. federal government recognizes the carrot is more effective than the stick. Instead of using regulations to increase data security and protect personal information within private organizations, the White House is enlisting the insurance industry to offer incentives for adopting security best practices.
In March 2016, the U.S. House Homeland Security Cybersecurity Subcommittee held a hearing to explore possible market-driven cyber insurance incentives. The idea, said Rep. John Ratcliffe, chairman of the subcommittee, is to enable “all boats to rise, thereby advancing the security of the nation.”
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