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 federal government has saved $4 billion through the Campaign to Cut Waste so far, putting it on track to meet its goal of $8 billion by the end of fiscal year 2013, Office of Management and Budget Acting Director Jeff Zients said.
The reductions come from finding efficiencies in things like printing, fleet management and travel, Zients said.
"Perhaps just as important as the savings themselves is the fact that they are indicative of innovative management practices Federal agencies are implementing to get the most out of every dollar,” Zients said. “We are spending less money, and we’re spending it smarter in order to get the most bang for our buck.”
Zients pointed to the Department of Agriculture, which consolidated its cell phone contracts as an example of an agency cost saving in smart ways.
An analysis of USDA’s cellular inventory showed that USDA had over 700 plans and approximately 36,000 lines of service. The number of plans has been reduced and about 1,700 unused and obsolete lines have been discontinued, resulting in savings of approximately $4.7 million this year, Zients said.
“The Federal government is dotted with numerous examples just like these, where agencies are spending less and spending smarter,” Zients said. “And we anticipate more savings and more examples next quarter. President Obama and Vice President Biden have been clear: We must and will continue to improve our operations and ensure we provide efficient and effective services to the American people.”