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Sarah Bloom Raskin: Underwriting Process Can Help Businesses Improve Cyber Defense Strategies

Sarah Bloom Raskin
Sarah Bloom Raskin

A senior official at the Treasury Department has discussed ways for the insurance sector to help enterprises bolster their measures against potential cyber attacks, the Washington Post reported Thursday.

Sarah Bloom Raskin, deputy treasury secretary, said she believes the underwriting process that businesses undergo to apply for cyber insurance can help determine the best practices and cyber defense tools that companies lack, Ellen Nakashima writes.

At an event hosted by the Center for Strategic and International Studies, Raskin also cited some questions insurers ask to evaluate how companies value cybersecurity in their risk management platforms.

Raskin singled out questions on the implementation of a multistep identity verification process to access corporate networks and the presence of a response plan to cyber incidents, according to the report.

She noted that companies will work to improve their measures against cyber attacks in order to achieve better insurance rates, Nakashima reports.

“When this happens, it is a game changer. Why… Cybersecurity becomes part of an organization’s DNA,” Raskin said.

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