Abstract:

Cyber risks—loss exposure associated with the use of electronic equipment, information technology, and computers—are among the biggest threats facing businesses and consumers. Unfortunately, prevailing research suggests that private organizations are not significantly changing their behavior in response. Many have formal cybersecurity policies in place, but most believe they are insufficiently prepared for a data breach, have not devoted adequate resources to protect consumers’ information from data breaches, and fail to perform sufficient risk assessments.

In response to vague and fragmented privacy laws and a lack of strong government oversight, insurers offer cyber insurance and risk-management services to their customers that convey legitimacy but fall short of improving the robustness of organizations. And federal and state regulators and industry-based rating agencies have deferred to cyber insurers, without evidence that these tools actually improve security. To address these shortfalls, Prof. Shauhin Talesh offers, and the panel discusses, policy recommendations for how insurers and governments can work together to improve cybersecurity and foster greater algorithmic justice.

This talk is hosted by the Penn Carey Law School and the Center for Technology, Innovation & Competition.

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