The role of the insurance industry in driving improvements in cyber security has been identified as mutually beneficial for both insurers and policy-makers. To date, there has been no consideration of the roles governments and the insurance industry should pursue in support of this public–private partnership. This paper rectifies this omission and presents a framework to help underpin such a partnership, giving particular consideration to possible government interventions that might affect the cyber insurance market. We have undertaken a qualitative analysis of reports published by policy-making institutions and organisations working in the cyber insurance domain; we have also conducted interviews with cyber insurance professionals. Together, these constitute a stakeholder analysis upon which we build our framework. In addition, we present a research roadmap to demonstrate how the ideas described might be taken forward.

https://tandfonline.com/doi/pdf/10.1080/23738871.2017.1360927

Policy measures and cyber insurance: a framework

Cyber-attacks pose a growing threat to global commerce that is increasingly reliant on digital technology to conduct business. Traditional risk assessment and underwriting practices face serious sh...

A quantitative bow-tie cyber risk classification and assessment framework

Cyber insurance is a key component in risk management, intended to transfer risks and support business recovery in the event of a cyber incident. As cyber insurance is still a new concept in practice and research, there are many unanswered questions regarding the data and economic models that drive it, the coverage options and pricing of premiums, and its more procedural policy-related aspects. This paper aims to address some of these questions by focusing on the key types of data which are used by cyber-insurance practitioners, particularly for decision-making in the insurance underwriting and claim processes. We further explore practitioners’ perceptions of the challenges they face in gathering and using data, and identify gaps where further data is required. We draw our conclusions from a qualitative study by conducting a focus group with a range of cyber-insurance professionals (including underwriters, actuaries, claims specialists, breach responders, and cyber operations specialists) and provide valuable contributions to existing knowledge. These insights include examples of key data types which contribute to the calculation of premiums and decisions on claims, the identification of challenges and gaps at various stages of data gathering, and initial perspectives on the development of a pre-competitive dataset for the cyber insurance industry. We believe an improved understanding of data gathering and usage in cyber insurance, and of the current challenges faced, can be invaluable for informing future research and practice.

/pdf/the-data-that-drives-cyber-insurance-a-study-into-the-3wa1ri7lt7.pdf

The Data that Drives Cyber Insurance: A Study into the Underwriting and Claims Processes

Since 1997, with the first Internet security liability policy (Granato and Polacek, 2019), the cyber insurance market has evolved. But despite the importance of cyber insurance as one of the tools for organizations to manage their cyber risks, there are still problems relating to this market which have persisted over the years, mainly in aspects of the lack of information and knowledge that affect market maturity and the willingness to use it. These problems have been addressed by academic research. This study seeks to examine Israel's policy on cyber insurance based upon official policy documents and academic papers on Israeli cyberspace, while emphasizing that in Israel, as in other countries, cyber insurance is still in the process of implementation. The conclusion of the study is that the Israeli cyber insurance market is in its early development and action must be taken to make the relevant information accessible and to create activities of guidance and regulation by relevant government agencies. However, the study indicates that the relevant agencies do understand the importance of this market and its current problem, and already initiated several initiatives to develop and promote the cyber insurance market in Israel.

Cyber Insurance Market in Israel – What is the Official Policy?

With the growing prevalence of cyber threats and cyber attacks enterprises have to manage their cyber risks. There are several risk strategies for cyber risk mitigation. One of them is to transfer the cyber risk to insurance companies through the so called “cyber insurance”. Cyber insurance is an insurance package used to protect companies and individuals from Internet risks, Internet of things risks, and risks associated with information technology infrastructure and activities. It is estimated that approximately 85% to 90% of the cyber insurance market is located in the United States while the European market is estimated to account for approximately 5% to 9%. With the exception of the Baltic countries, smaller countries have problems raising cyber risk awareness within their countries. This paper describes the results of our survey on availability of cyber insurance products in Slovenia. Results show that currently only a few insurance companies even offer cyber insurance products. On the other hand, the survey shows that regulators did not issue any guidelines to insurance companies to develop such insurance products. The aim of this paper is to raise awareness about the potential of cyber insurance products among scholars, insurance stakeholders, regulators, and also among potential clients.

/pdf/state-of-the-cyber-insurance-products-within-slovenian-4xb9gqu38x.pdf

State of the cyber insurance products within Slovenian insurance companies

The aim of this ENISA report is to raise awareness for the most impact to market advances, by shortly identifying the most significant cyber insurance developments for the past four years – during 2012 to 2016 – and to capture the good practices and challenges during the early stages of the cyber insurance lifecycle, i.e. before an actual policy is signed, laying the ground for future work in the area.

Cyber Insurance: recent advances, good practices & challenges

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Cyber Insurance: recent advances, good practices & challenges