Office of the Chief Information Officer (OCIO) 1

Update on FIO/NYU Conference on Catastrophic Cyber Risk 

and a Potential Federal Insurance Response

and FIO’s Catastrophic Cyber Insurance Work

Presentation to the Federal Advisory Committee on Insurance 

December 13, 2023

Federal Insurance Office
Background

 To briefly recap, we previously briefed FACI on FIO’s catastrophic cyber insurance 

work:

 In September 2022, on FIO’s just-published Request for Comments on a 

Potential Federal Insurance Response to Catastrophic Cyber Incidents, and 

 In March 2023, on our high-level Summary of Comments received, as well as on 

the just-published Administration’s National Cybersecurity Strategy, including its 

Strategic Objective 3.6 stating that “The Administration will assess the need for 

and possible structures of a Federal insurance response to catastrophic cyber 

events that would support the existing cyber insurance market.”

 Subsequently, the Administration published in July 2023 the Implementation Plan for 

the National Cybersecurity Strategy. 

• Initiative Number 3.6.1, “Assess the need for a Federal insurance response to a 

catastrophic cyber event,” designates Treasury as the Responsible Agency, and 

states that “The Department of the Treasury’s Federal Insurance Office, in 

coordination with CISA and ONCD, will assess the need for a Federal insurance 

response to catastrophic cyber events that would support the existing cyber 

insurance market.”

• The Implementation Plan states as the completion date for this Initiative 1Q 

FY24, or the end of CY 2023

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November 17 FIO-NYU Conference on 

Catastrophic Cyber Risk and a Potential Federal Insurance Response (1)

 To help bring together industry and government participants in the initial stage of FIO’s 

catastrophic cyber insurance assessment – whether some kind of federal insurance 

response to catastrophic insurance response is needed – FIO and NYU’s Volatility and 

Risk Institute co-hosted a conference in New York on November 17th, with this agenda:

 Welcoming remarks by Richard Berner, Co-Director, Volatility and Risk Institute, 

NYU Stern and FIO Director Steven Seitz

 Opening keynote by Nitin Natarajan, Deputy Director, Cybersecurity and 

Infrastructure Security Agency (CISA)

 C-Suite Fireside Chat on Insuring Catastrophic Cyber Risk as a Generational 

Risk and Opportunity

 John Doyle, CEO, Marsh McLennan (moderator)

 Albert Benchimol, former CEO, AXIS Capital

 John Keogh, President and COO, Chubb

 Martin South, President and CEO, Marsh

 Jim Williamson, Group COO and Head of Reinsurance, Everest Global

 Panel on Catastrophic Cyber Risk and the Cyber Insurance Market

 Pascal Millaire, CEO, CyberCube (moderator)

 Tracie Grella, Global Head of Cyber Insurance, AIG

 Monique Ferraro, Cyber Counsel, HSB, a Munich Re company

 Darren Pain, Director, Cyber, The Geneva Association

 Bob Wice, Head of Underwriting Management Cyber Risks, Beazley

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November 17 FIO-NYU Conference on 

Catastrophic Cyber Risk and a Potential Federal Insurance Response (2)

 Nov. 17 conference agenda (cont.)

 Remarks by Drenan Dudley, Deputy National Cyber Director, Office of the 

National Cyber Director (ONCD)

 Panel on Catastrophic Cyber Risk as Viewed by the Policyholder

 Christian Hoffman, Global Cyber Leader, Aon (moderator)

 Philippe Cotelle, VP and Chair of the Digital Committee, Federation of European Risk

 Management Associations (FERMA); and Head of Insurance Risk Management, Airbus

 Defence & Space

 William Hillman, Chief Underwriting Officer and incoming President and CEO,

 Associated Electric & Gas Insurance Services (AEGIS)

 Kristen Peed, Treasurer, RIMS, and Director of Corporate Risk Management, CBIZ

 Monica Shokrai, Head of Business Risk and Insurance, Google Cloud

 Closing Keynote by Graham Steele, Assistant Secretary for Financial Institutions, 

U.S. Department of the Treasury, who noted that further exploration of the proper 

federal insurance response to catastrophic cyber risk is warranted and should be 

undertaken.

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FIO’s Next Steps on Catastrophic Cyber Insurance Assessment

 Treasury will host another conference during the week of April 22 at U.S. Treasury 

exploring in more detail the issues raised at the November conference, including the 

potential forms that a federal insurance response to catastrophic cyber risk might take, 

including a public-private partnership or other collaborative mechanism. This 

conference, which FIO will organize, will also draw on the expertise of industry and 

other cyber insurance stakeholders.

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