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 Government Accountability Office faces a $27.3 million reduction under sequestration, dropping its funding level to $514.4 million, according to a report from the agency.
The cuts would drop the agency’s staffing level to 2,875 full time equivalent employees, which will represent a drop of 472 FTEs – or more than 14 percent – over the past three years.
“It is imperative that GAO rebuild its staff capacity to a level that will enable us to optimize the benefits we yield for Congress and the nation,” the report said. “Given the size of the federal budget and the multi-year actions needed to address the seriousness of the government's fiscal condition, investing resources to restore some of GAO's staff capacity would be a prudent and wise investment that will produce positive outcomes for the Congress and our country.”
The agency said the additional staffing reductions would adversely impact GAO's ability to:
In its report, GAO said it has given the United States government $55.8 billion in financial benefits – a return of $105 for every dollar invested in the agency – over the past fiscal year. Since 2002, GAO said, the agency’s work has resulted in $500 billion in financial benefits for the American public.