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Dubai News Club > Tech > Businesses risk “catastrophic financial loss” from cyberattacks, US watchdog warns
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Businesses risk “catastrophic financial loss” from cyberattacks, US watchdog warns

Press Room
Last updated: 2022/06/23
Press Room
Published: June 23, 2022
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Businesses risk “catastrophic financial loss” from cyberattacks, US watchdog warns
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A government watchdog has warned that private insurance companies are increasingly backing out of covering damages from major cyberattacks — leaving American businesses facing “catastrophic financial loss” unless another insurance model can be found.

The growing challenge of covering cyber risk is outlined in a new report from the Government Accountability Office (GAO), which calls for a government assessment of whether a federal cyber insurance option is needed.

The report draws on…

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