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Cyber risk and the changing role of insurance

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  • Mark Camillo

Abstract

A brief look at how the cyber risk landscape is evolving and what this means from a risk and insurance perspective, particularly as businesses accept they cannot hope to prevent all cyber intrusions regardless of the sophistication of their IT security. While cyber insurance is currently a stand-alone product, we are moving to a future where all classes of risk and insurance will be touched by cyber. Meanwhile, the rapid pace of technological change, increasing connectivity through the internet of Things and the changing MO of cyberattackers introduce new vulnerabilities and increase the potential for systemic and risk aggregation complexities that will need to be measured and monitored by insurers. As cyber underwriters scrutinise the IT security of firms seeking insurance, they also have an important and growing role as a de facto regulator. They are setting the bar for the cyber hygiene standards necessary in order to qualify for insurance, and in so doing, encouraging organisations large and small to implement systems and processes that will mitigate cyber risk.

Suggested Citation

  • Mark Camillo, 2017. "Cyber risk and the changing role of insurance," Journal of Cyber Policy, Taylor & Francis Journals, vol. 2(1), pages 53-63, January.
    • Handle: RePEc:taf:rcybxx:v:2:y:2017:i:1:p:53-63
    DOI: 10.1080/23738871.2017.1296878
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    Citations

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    Cited by:

    1. Xiaoying Xie & Charles Lee & Martin Eling, 0. "Cyber insurance offering and performance: an analysis of the U.S. cyber insurance market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 0, pages 1-47.
    2. Caroline Hillairet & Olivier Lopez, 2021. "Propagation of cyber incidents in an insurance portfolio: counting processes combined with compartmental epidemiological models," Post-Print hal-02564462, HAL.
    3. Oravec, Jo Ann, 2017. "Kill switches, remote deletion, and intelligent agents: Framing everyday household cybersecurity in the internet of things," Technology in Society, Elsevier, vol. 51(C), pages 189-198.
    4. Tonn, Gina & Reilly, Allison & Czajkowski, Jeffrey & Ghaedi, Hamed & Kunreuther, Howard, 2021. "U.S. transportation infrastructure resilience: Influences of insurance, incentives, and public assistance," Transport Policy, Elsevier, vol. 100(C), pages 108-119.
    5. Caroline Hillairet & Olivier Lopez, 2020. "Propagation of cyber incidents in an insurance portfolio: counting processes combined with compartmental epidemiological models," Working Papers hal-02564462, HAL.
    6. Yeftanus Antonio & Sapto Wahyu Indratno & Rinovia Simanjuntak, 2021. "Cyber Insurance Ratemaking: A Graph Mining Approach," Risks, MDPI, vol. 9(12), pages 1-34, December.
    7. Malavasi, Matteo & Peters, Gareth W. & Shevchenko, Pavel V. & Trück, Stefan & Jang, Jiwook & Sofronov, Georgy, 2022. "Cyber risk frequency, severity and insurance viability," Insurance: Mathematics and Economics, Elsevier, vol. 106(C), pages 90-114.
    8. Jannusch, Tim & David-Spickermann, Florian & Shannon, Darren & Ressel, Juliane & Völler, Michaele & Murphy, Finbarr & Furxhi, Irini & Cunneen, Martin & Mullins, Martin, 2021. "Surveillance and privacy – Beyond the panopticon. An exploration of 720-degree observation in level 3 and 4 vehicle automation," Technology in Society, Elsevier, vol. 66(C).
    9. Matteo Malavasi & Gareth W. Peters & Pavel V. Shevchenko & Stefan Truck & Jiwook Jang & Georgy Sofronov, 2021. "Cyber Risk Frequency, Severity and Insurance Viability," Papers 2111.03366, arXiv.org, revised Mar 2022.
    10. Patrick L. Brockett & Linda L. Golden & Stephan Zaparolli & Jack M. Lum, 2019. "Kidnap and ransom insurance: A strategically useful, often undiscussed, marketplace tool for international operations," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 22(4), pages 421-440, December.
    11. Dirk Wrede & Tino Stegen & Johann-Matthias Schulenburg, 2020. "Affirmative and silent cyber coverage in traditional insurance policies: Qualitative content analysis of selected insurance products from the German insurance market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(4), pages 657-689, October.
    12. Ma, Boyuan & Chu, Tingjin & Jin, Zhuo, 2022. "Frequency and severity estimation of cyber attacks using spatial clustering analysis," Insurance: Mathematics and Economics, Elsevier, vol. 106(C), pages 33-45.
    13. Xiaoying Xie & Charles Lee & Martin Eling, 2020. "Cyber insurance offering and performance: an analysis of the U.S. cyber insurance market," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 45(4), pages 690-736, October.

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