Cyber insurance is a rapidly developing area which draws more and more attention of practitioners and researchers. Insurance, an alternative way to deal with residual risks, was only recently applied to the cyber world. The immature cyber insurance market faces a number of unique challenges on the way of its development. In this paper we summarize the basic knowledge about cyber insurance available so far from both market and scientific perspectives. We provide a common background explaining basic terms and formalization of the area. We discuss the issues which make this type of insurance unique and show how different technologies are affected by these issues. We compare the available scientific approaches to analysis of cyber insurance market and summarize their findings with a common view. Finally, we propose directions for further advances in the research on cyber insurance
Airmic. (2012). Airmic Review of Recent Developments in the Cyber Insurance Market.
Betterley, R. (2012). The Betterley Report: Cyber/Privacy Insurance Markey Survey. The Betterley Reportt.
Bradford, J. (2015) network security & cyber risk management: The fourth annual survey of enterprise-wide cyber risk management practices in Europe, Advisen Ltd.
Baranoff, Etti, Brockett, Patrick Lee, and Kahane, Yehudda (2009). Risk Management for Enterprises and Individuals. Flat World Knowledge Inc., Chapter 8.2.
Böhme, R. Towards Insurable Network Architectures. it - Information Technology, 52, 5 (2010), 290± 293.
Christian C. (2014): Cyber Insurance Basics: an Installment in the Building Blocks Series of Insurance Content Kindle Edition
Ehrlich, I., Becker, G., (1972) Market Insurance, Self-Insurance, and Self-Protection, Journal of Political Economy, 80: 623-648
Godinho M. (2013): Cyber Insurance and Claims Investigation Kindle Edition.
Gladishevskaya A. (2017): Cyber Insurance: a New Instrument for Risk Management. Available at: http://forbes.net.ua/opinions/1426423-kiber-strahovanie-novyj-instrument-risk-menedzhmenta
Johnson, B. Laszka, A Grossklags, J. (2014) The complexity of estimating systematic risk in networks, in: Proceedings of the 27th IEEE Computer Security Foundations Symposium, CSF, 2014
Heal, G., & Kunreuther, H. (2003). Interdependent security. Journal of Risk and Uncertainty, 26(2±3), 231±249
Marsh. (2013). Benchmarking Trends: More Companies Purchasing Cyber Insurance.
Morgan, S. (2015) CyberSecurity Market Reaches; Forbes.
Martinelli, F., Yautsiukhin, A. (2016) Security by insurance for services, in: Proceedings of the 1st International Workshop on Cyber Resilience Economics,
Pal, R. Hui, P. (2017) The impact of secure oss on Internet security: What cyber insurers need to know, Tech. Rep, 2012, arXiv:1202.088, CoRR, available at https://arxiv.org/abs/1202.0885 on 03/01/2017
PartnerRe and Advisen (October 2016) 201 Survey of Cyber Insurance Market Trends.
Schutzer, D. (2015). An Assessment of Cyber Insurance. CTO Corner. Retrieved from http://fsroundtable.org/cto-corner-assessment-cyber-insurance/
Price Waterhouse Coopers. (2015). Insurance 2020 & beyond: Reaping the dividends of cyber resilience. Retrieved from http://www.pwccn.com/home/eng/insurance_2020_sep2015.html
JSC Insurance Company “Aldagi” (2017) available at http://aldagi.ge/ge/
JSC Insurance Company “Unisoni” (2017) available at https://unison.ge/ka
Online Newspaper “Banks and Finances” N 513, October 16, 2017. p.14.
Content Analysis of cyber insurance policies (2017); avaible at https://www.rand.org/content/dam/rand/pubs/working_papers/WR1200/WR1208/RAND_WR1208.pdf
Cyber insurance survey (2017): avaible at https://www.iit.cnr.it/sites/default/files/MARO-17-CSR.pdf
Data Breach, Privacy, and Cyber Insurance: How Insurance Companies Act as “Compliance Managers” for Businesses available at https://www.law.uci.edu/faculty/full-time/talesh/Talesh-2017-Law%20and%20Social_Inquiry%20Cyber%20
Insurance.pdfBusiness Media Georgia (2019); available at: http://www.bm.ge/ka/article/shss-saqartveloshi-kompiuteruli-danashauli-151-it-gaizarda/28190/
Ministry Interanl Affairs (2018); availble at https://police.ge/files/proeqtebi_reporma%20photos/organizebuli-danashauli/kiberdanashauli-informacia-moqalaqeebistvis.pdf
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Copyright (c) 2020 Scientific Journal of Bielsko-Biala School of Finance and Law