Insure Cybersecurity Act of 2023

Senate Bill S 513, the "Insure Cybersecurity Act of 2023," creates a working group within 90 days of enactment to improve clarity around cyber insurance policies for customers and businesses. The group, composed of agencies like CISA, NIST, and Treasury, along with industry stakeholders, will analyze complex policy terms (including ransomware coverage and cyberterrorism exclusions) and develop simpler explanations for customers. After one year, the group will submit recommendations to Congress, leading to publicly available resources on the National Telecommunications and Information Administration website. These resources aim to help insurance buyers and providers understand coverage options without altering existing insurance regulations or mandating adoption.