ПАНДЕМІЯ COVID-19 ЯК КЛЮЧОВИЙ ФАКТОР РОЗВИТКУ СТРАХУВАННЯ ВІД DDOS-АТАК

Abstract

The COVID-19 pandemic was a turning point for all participants in economic relations. The insurance market has faced new challenges related to the format of cooperation with clients changing, as well as the transformation of clients’ business. Remote work has identified threats that can not only stop the industry but also destroy it. One of the examples of such threats is DDoS-attacks, targeted at stopping the computer systems of the victims of the attack. In 2021, the share of organizations that suffered losses after DDoS-attack increased to 86.2 %, 9 pp more than before the COVID-19 pandemic. IT administrators sometimes don’t notice the consequences of attacks, so they can’t assess the state of their business entirely. Cybersecurity experts should be involved in this monitoring, but often they only restore IT systems, without compensation. The set of services in cyber-insurance policy consists of: monitoring the client’s IT systems, providing recommendations for its improvement, assistance in case of DDOS-attack, payment of compensation, and restoration of reputation. Therefore, DDoS-attacks insurance has become more popular during the COVID-19 pandemic. The volume of the cyber-insurance market grew by 39 % in 2020 and reached $7 billion vs 2018. The primary insurers in this area are media and publications, as all their activities are built on Internet-based systems. The article examines the transformation of the cyber insurance market in the world before and after the beginning of the COVID-19 pandemic. The state and prospects of DDoS-attacks insurance are considered, and the necessity of developing of this type of insurance in Ukraine is proved. Recommendations are provided for the introduction of cyber DDoS-attacks insurance products in the portfolio of Ukrainian insurance companies in the context of the Digital Strategy of Ukraine 2030.