The Obama administration is floating the idea that the nation’s critical infrastructure operators would more likely adopt voluntary IT security best practices if the government engages the insurance industry to help develop the standards and procedures in its cybersecurity framework.

“The goal of this collaboration would be to build underwriting practices that promote the adoption of cyber-risk reducing measures and risk-based pricing and foster a competitive cyber-insurance market,” says Michael Daniel, the White House cybersecurity coordinator.

The departments of Homeland Security, Commerce and Treasury have identified eight incentives the federal government could use to encourage the nation’s critical infrastructure owners to adopt voluntarily the cybersecurity framework being developed under the auspices of the National Institute of Standards and Technology.

SOURCE: govinfosecurity.com