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Minutes for HB2209 - Committee on Financial Institutions and Insurance
Short Title
Authorizing the state board of regents to purchase cybersecurity insurance.
Minutes Content for Wed, Mar 13, 2019
Chairman Olson opened the hearing on the bill and called for a Revisor of Statutes overview on the bill. Eileen Ma provided the overview.
Chairman Olson called for proponent testimony.
Proponent Blake Flanders explained that the Board of Regents information technology systems receive at the very least multiple intrusions every day. He indicated that while the institutions have the statutory authority to purchase cybersecurity insurance coverage, the Board of Regents doe not.
In response to questions and comments from the committee the following points where offered:
- The cost of the insurance has not been determined.
- It is possible for the state to legislate an exemption of liability instead of incurring the cost of the insurance.
Chairman Olson asserted that cybersecurity is one of the most important issues in business day.
Seeing no additional testimony Chairman Olson closed the hearing on the bill.
