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The bill increases transparency, outreach, and voluntary guidance to help businesses and consumers better understand and shop for cyber insurance, but because its tools are temporary and nonbinding it may produce limited lasting change while imposing modest costs.
Small businesses, homeowners, nonprofits, and other policy buyers get clearer, consumer-friendly explanations, case studies, and free guidance to compare cyber insurance products and understand coverage gaps, making it easier to choose appropriate policies.
Insurers, state regulators, and policymakers receive recommendations to improve actuarial data and information-sharing, which could enable more accurate pricing and broader availability of cyber insurance.
Small businesses, utilities, and health systems could see lower premiums and fewer incidents over time if identified risk-reduction measures are adopted and lead to reduced cyber risk.
Small businesses, homeowners, and nonprofits may see little actual improvement because the working group's recommendations and NTIA guidance are voluntary and nonbinding, so insurers and regulators can ignore them.
The working group is temporary and sunsets after producing a single report, reducing the likelihood of sustained follow-through or long-term reforms based on its recommendations.
The legislation does not create new regulatory authority to mandate coverage or pricing changes, so it cannot force insurers or regulators to adopt consumer-protective reforms.
Introduced January 24, 2025 by John Wright Hickenlooper · Last progress January 24, 2025
Creates a federal interagency working group to study cyber insurance practices, produce nonbinding recommendations, and promote voluntary, public guidance for insurers, brokers, and customers. The group must convene quickly, consult industry and regulators, deliver a report with recommendations within about a year, and then NTIA must publish and promote practical resources based on those recommendations.