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Dynamic Assessment of Cyber Threats in the Field of Insurance

Author

Listed:
  • Lukáš Pavlík

    (Department of Civil Protection, Tomas Bata University in Zlin, Studentské nám. 1532, Mařatice, 686 01 Uherské Hradiště, Czech Republic)

  • Martin Ficek

    (Department of Civil Protection, Tomas Bata University in Zlin, Studentské nám. 1532, Mařatice, 686 01 Uherské Hradiště, Czech Republic)

  • Jakub Rak

    (Department of Civil Protection, Tomas Bata University in Zlin, Studentské nám. 1532, Mařatice, 686 01 Uherské Hradiště, Czech Republic)

Abstract

The area of digital technologies is currently the subject of many cyber threats, the frequency of which is increasing. One of the areas of cyber security is also the creation of models and estimates of the process of cyber threats and their possible financial impacts. However, some studies show that cyber-threat assessment to identify potential financial impacts for organizations is a very challenging process. A relatively large problem here is the detection of scenarios of cyber threats and their expression in time. This paper focuses on the design of an algorithm that can be applied to the field of cyber-threat assessment in order to express the financial impacts. The study is based on an in-depth analysis of the insurance industry. The results obtained in our research show the importance of the time perspective for determining the potential financial impacts of cyber threats for the field of insurance.

Suggested Citation

  • Lukáš Pavlík & Martin Ficek & Jakub Rak, 2022. "Dynamic Assessment of Cyber Threats in the Field of Insurance," Risks, MDPI, vol. 10(12), pages 1-21, November.
    • Handle: RePEc:gam:jrisks:v:10:y:2022:i:12:p:222-:d:980517
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    References listed on IDEAS

    as
    1. Annette Hofmann, 2007. "Internalizing externalities of loss prevention through insurance monopoly: an analysis of interdependent risks," The Geneva Papers on Risk and Insurance Theory, Springer;International Association for the Study of Insurance Economics (The Geneva Association), vol. 32(1), pages 91-111, June.
    2. Daniel Woods & Andrew Simpson, 2017. "Policy measures and cyber insurance: a framework," Journal of Cyber Policy, Taylor & Francis Journals, vol. 2(2), pages 209-226, May.
    3. Kjartan Palsson & Steinn Gudmundsson & Sachin Shetty, 2020. "Analysis of the impact of cyber events for cyber insurance," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(4), pages 564-579, October.
    4. Christian Biener & Martin Eling & Jan Hendrik Wirfs, 2015. "Insurability of Cyber Risk: An Empirical Analysis†," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 40(1), pages 131-158, January.
    5. Eling, Martin & Wirfs, Jan Hendrik, 2016. "Cyber Risk: Too Big to Insure? Risk Transfer Options for a mercurial risk class," I.VW HSG Schriftenreihe, University of St.Gallen, Institute of Insurance Economics (I.VW-HSG), volume 59, number 59.
    Full references (including those not matched with items on IDEAS)

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