American Property Casualty Insurance Association
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  • July 26, 2017
  • PCI Applauds House Small Business Committee for Raising Awareness on Role of Cyber Insurance to Protect Businesses
  • WASHINGTON — Robert Gordon, senior vice president, policy research and international at the Property Casualty Insurers Association of America (PCI) issued the following statement applauding today’s House Committee on Small Business hearing entitled “Protecting Small Businesses from Cyber Attacks: The Cybersecurity Insurance Option.”

    “PCI appreciates Chairman Chabot, Ranking Member Velázquez and the members of the Committee on Small Business for holding this important hearing,” said Gordon. “Cyber attacks are not a matter of ‘if’ but rather ‘when.’ This hearing will help educate and raise awareness on the importance of purchasing cyber insurance as a preventive, risk-management tool and critical safety net to protect businesses should a cyber event occur.

     “PCI commends the committee for raising the awareness of the vital need for small businesses to protect their companies with cyber insurance. PCI encourages Congress and the Administration to coordinate cybersecurity policy among federal agencies and designate lead agencies to coordinate discussions where appropriate. It is essential that state insurance regulators are also included and all work together to avoid a conflicting patchwork of state, federal and international standards,” concluded Gordon.

    Eric Cernak, vice president U.S. Cyber and Privacy Risk Practice Leader at Munich Re U.S., testified on behalf of PCI. In the U.S., Munich Re provides cyber and privacy related insurance for small businesses through Hartford Steam Boiler Group. Cernak’s written statement is attached.

  • PCI promotes and protects the viability of a competitive private insurance market for the benefit of consumers and insurers. PCI is composed of nearly 1,000 member companies, representing the broadest cross section of insurers of any national trade association. PCI members write $202 billion in annual premium, 35 percent of the nation's property casualty insurance. Member companies write 42 percent of the U.S. automobile insurance market, 27 percent of the homeowners market, 33 percent of the commercial property and liability market and 34 percent of the private workers compensation market.
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