Survey: U.S. insurers earned $1B in cyber premiums last year
August 26, 2016
U.S. insurers took in almost $1 billion in premiums last year for writing cybersecurity policies, according to new figures from credit analysts at Fitch Ratings.
David Stegon was a staff reporter for FedScoop and StateScoop from 2011-2014.
The General Services Administration expects to save more than $11 million in taxpayer dollars through a new set of policies to cut travel and conference costs following the 2010 Western Conference Spending scandal.
According to GSA, a financial audit showed that since April of this year the initial set of policies implemented by Acting Administrator Dan Tangherlini has been cause for the reduction in meeting, conference, training and travel costs.
“Four months ago we began a rigorous top to bottom review of all agency operations. We've made significant cuts in travel and conference spending and these savings are just the beginning,” Tangherlini said. "We are deepening our commitment to promoting efficiency, driving steeper bargains, delivering better value, and creating greater opportunities for savings here at GSA and across the government."
To date, GSA has cancelled 47 conferences. Tangherlini has consolidated oversight of conference and travel expenses in the new Office of Administrative Services.
Recently, Tangherlini also cut $500,000 in executive bonuses and instituted a hiring freeze across the agency through the end of the fiscal year while his review of all agency operations is underway.