Cyberterrorism Daunting Challenge for TRIA

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  • Determination of the occurrence and situs of “damage”; and
  • Determination of the nature and situs of “loss.”
  1. Financial vs. Political — The Secretary next gathers information from law enforcement, military, and intelligence agencies as to the motivation behind the cyberattack including an assessment of the credibility of any claims of responsibility. If the motivation is financial, the inquiry stops. If the motivation is political (i.e., directed at public policy or public opinion) further parsing is required. It appears certification cannot be based on an attempt to influence public policy of or public opinion regarding state or local governments, private companies, or non-governmental organizations. Rather, certification is limited to efforts to influence public policy or public opinion on matters of national or international relevance. It is entirely foreseeable that the motivation (even if known) is ambiguous (e.g., anarchists, hacktivists, or revenge-seekers) or mixed (e.g., ransomware producing income designed to evade sanctions).
  • Charles Van H. Gavitt, Board Member and Treasurer of Three Belmont Insurance Company (Vice President of Financial Planning & Analysis for Comcast);
  • Andrew G. Fossett, Board Member and Secretary of Three Belmont Insurance Company (Senior Vice President & Chief Counsel for NBCUniversal); and
  • John P. Giraldo, Board Member of Three Belmont Insurance Company (Executive Vice President and Global Controller for NBCUniversal).
  • The decision the captive would make whether a particular cyberattack is covered by the policy it had negotiated with its corporate parent;
  • The decision the captive would make about how much it owes its corporate parent under the terms of that policy; and
  • The decision the captive would make as to whether (and to what extent) that loss occurred in the United States or outside of the United States.



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Jason Schupp

Jason Schupp

Founder and Managing Member of Centers for Better Insurance, LLC