b'CYBERSECURITY & DATA PRIVACY|CYBERSECURITY INSURANCEindustry stakeholders and state insurance regulators to develop cybersecurity product certifications based on a common lexicon and security standards. This recommendation has already seen some forward progress as the Fiscal Year 2021 National Defense Authorization Act required the General Accountability Office to conduct a study to assess and analyze the state and availability of insurance coverage in the United States for cybersecurity risks.ConclusionAs cybersecurity threats continue to evolve and grow more significant, companies will continue to pursue options to mitigate risk, including through the strategic use of insurance. At the same time, the insurance industry will continue to work to better understand and thus price this risk that companies are seeking to transfer. In the coming years, insureds and insurers will benefit from working collaboratively to address these challenging and important issues in developing an effective market for cyber insurance.146|Global Insurance Industry Year in Review 2021'