Bridging the cyber protection gap: An investigation into the efficacy of the German cyber insurance market

IF 1.1 Q3 BUSINESS, FINANCE

Risk Management and Insurance Review Pub Date : 2024-03-08 DOI:10.1111/rmir.12261

Frank Cremer, Barry Sheehan, Michael Fortmann, Martin Mullins, Finbarr Murphy, Stefan Materne

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引用次数: 0

Abstract

Cybersecurity requires an effective risk transfer regime and a well‐functioning insurance market to improve stakeholder resilience. However, rapid cyber threat adaptation, limited data availability, and inadequate risk understanding pose significant challenges for the insurance industry and its customers. This research uses a mixed methods approach to analyze the inclusions, exclusions, and suitability of current cyber policies in the German cyber insurance market. The study analyzes 41 cyber insurance policies, representing about 80% of the German cyber insurance market. This examination is supported by semistructured interviews with 23 cyber insurance experts. The authors find that there are no standardized cyber policy wordings, and insurers use different terms and definitions in their insurance policies. Specifically, the results show a significant lack of clarity around coverages and exclusions. This research contributes to the cybersecurity risk management community and will enable businesses, insurance companies, and policymakers to better understand, measure, and manage cyber risk.

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缩小网络保护差距：德国网络保险市场效率调查

网络安全需要有效的风险转移机制和运作良好的保险市场，以提高利益相关方的抗风险能力。然而，网络威胁的快速适应性、有限的数据可用性以及对风险的不充分了解给保险业及其客户带来了巨大挑战。本研究采用混合方法，分析了德国网络保险市场中当前网络保险的承保范围、除外责任和适用性。研究分析了 41 份网络保险单，约占德国网络保险市场的 80%。对 23 位网络保险专家进行了半结构化访谈，为研究提供了支持。作者发现，没有标准化的网络保单措辞，保险公司在保单中使用不同的术语和定义。具体而言，研究结果表明，承保范围和除外责任严重不明确。这项研究为网络安全风险管理界做出了贡献，将帮助企业、保险公司和政策制定者更好地理解、衡量和管理网络风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Risk Management and Insurance Review Economics, Econometrics and Finance-Finance

CiteScore

1.90

自引率

0.00%

发文量

期刊介绍： Risk Management and Insurance Review publishes respected, accessible, and high-quality applied research, and well-reasoned opinion and discussion in the field of risk and insurance. The Review"s "Feature Articles" section includes original research involving applications and applied techniques. The "Perspectives" section contains articles providing new insights on the research literature, business practice, and public policy. The "Educational Insights" section provides a repository of high-caliber model lectures in risk and insurance, along with articles discussing and evaluating instructional techniques.