A reintroduced Senate bill is addressing a timely topic. The bill aims to make it a crime, punishable by up to five years in prison, if companies knowingly conceal a data breach. After a year of high-profile cyber attacks, like the Equifax breach, and news that Uber concealed a breach impacting 57 million users for a year, Sen. Bill Nelson, is reviving a previously unsuccessful bill called the "Data Security and Breach Notification Act."
The growing threat of hackers and cybercriminals targeting government agencies has led a number of states to purchase cyber insurance to protect themselves - and their constituents.
As massive data breaches like Yahoo and Equifax dominate news headlines, a growing number of businesses have rushed to purchase cyber insurance policies. Last year, insurers wrote $1.35 billion in premiums, a 35% jump from 2015, according to Fitch Ratings.
Now, US states have begun following suit. In a survey of state CIOs, 38% reported having some type of cyber insurance this year, compared to 20% in 2015.
Data breaches and hacks of U.S. government networks, once novel and unheard of outside of spy movies, have become a common ‘breaking news’ story over the past few years. So it makes sense that a recently released report ranked U.S. state and federal governments at 16 out of 18 in a ranking of industries, ahead of only telecommunications and education.