GAO Warns US Gov't About 'Catastrophic' Cyber Risk

By Josh Liberatore (June 22, 2022, 1:06 PM EDT) — Cyberattacks targeting critical infrastructure may “affect entire systems and result in catastrophic financial loss” beyond what can be covered by private insurance or government backstops, the U.S. Government Accountability Office warned in a report that recommends joint federal action to study growing cyberinsurance risks.

Critical infrastructure systems in the U.S., including utilities, financial services and pipelines, face increasing cybersecurity risks, according to a report on cyberinsurance released Tuesday by the GAO.

The heightened threat to critical infrastructure stems from the increasing interconnectedness of those systems — the effects of cyber incidents can “spill over from the initial target to economically linked firms,”…

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