Last week, a group of Big “I” member agents met with officials at the Treasury Department to discuss cybersecurity in the insurance industry. The Office of Critical Infrastructure Protection and Compliance Policy, which advises the Trump Administration on the security and resilience of the financial services sector, organized the meeting.

The meeting was designed to spur discussion about managing cyber risks in the insurance sector, specifically the independent agency channel. The discussion addressed the resiliency of insurance agencies following a cyberattack, best practices for protecting personal information, and the appropriate role of the private sector and federal and state governments in managing cyber risk—including how agent-carrier contracts address cyber issues.

The meeting also focused on concerns related to a widespread cyberattack that affects a certain region or sector and how best to address the interconnectedness of cyber risks.

Of note, the discussion made clear that the diversity in size and structure of independent agencies means there is no one-size-fits-all solution for addressing cyber risk. However, there was broad agreement that increasing proactive risk management as well as relevant education for consumers and small business owners are two necessary steps for improving cyber preparedness in the independent agency channel.

Meanwhile, cybersecurity continues to be a hot discussion topic on Capitol Hill in the wake of the Facebook hearings earlier this year.

The Big “I” has been working closely with the U.S. House of Representatives Financial Services Committee and the Energy and Commerce Committee as both committees work to craft data security legislation. Earlier this week, the Big “I” participated in a listening session with the Energy and Commerce Committee on data security and third-party service providers.

Jennifer Webb is Big “I” federal government affairs counsel.