Analysis of Cyber Insurance Potential in Indonesia

Abstract

. In the digital era, one cannot deny that the virtual world has been vital in all activities. This makes owners of companies vulnerable to cybercriminals in terms of the personal data security of both customers or consumers. This necessitates cyber insurance products designed to protect vulnerable parties. In 2017, some insurance companies in Japan and America had the most revenue for cyber insurance. However, in Indonesia, cyber insurance has not attracted much interest, and only a few studies have been conducted on the topic. Therefore, this paper intends to examine the potential and constraints of cyber insurance development in Indonesia. Based on the SWOT analysis results, the presence of cyber insurance in Indonesia is under Quadrant 4. One of the major strategies that can be used to further the importance of cyber insurance is literacy and education among IT-based companies.