A leading insurer told a Senate Homeland Security and Government Affairs Subcommittee that senior executives across the country were fearful of the ability to respond to a major cyber terrorism incident.

Karl Brondell of State Farm Insurance Companies cited over 160 CEOs of leading US firms which make up the Business Roundtable who say they are confident they have the preparations in place.

Brondell, a strategic consultant in State Farm's Strategic Resources Department, said: "Progress has been made over the past decade on technical issues, such as establishing computer security readiness teams in government and gaining a better understanding of cyber risks.

"However, other issues have not been addressed, such as strategic management and governance issues around reconstituting the economy and shoring up market confidence after a wide-scale Internet failure."