Abstract
The aim of the article is to analyze current trends in the development of cyber insurance. The following methods of scientific research were used in the preparation of the article: generalization, correlation analysis, comparative analysis. The authors analyze in detail the main trends in the spread of cybercrime. The correlation analysis between the number of registered cybercrimes in a particular country and its GDP, the number of business entities, indicated the lack of correlation between the studied indicators. It states that the most common types of cybercrime are: hacking, unauthorized access, accidental exposure, insider and physical theft. The sectoral analysis of the distribution of cybercrime has revealed a decrease in the share of financial companies while increasing the share of health care companies. It is noted that cyber insurance is one of the effective preventive measures that minimize the negative effects of cybercrime intervention. The article presents segmentation of the cyber insurance market by geography and size of insurance companies. The results of the analysis showed the dominance of US companies in the cyber insurance market. It is stated that the sectoral distribution of cybersecurity policy purchasers in general follows the trends of the sectoral distribution of cybercrime. The volume of cyber insurance, expenses of insured legal entities is analyzed. The main trends in the development of cyber insurance have been identified. The factors that hold back the development of cyber risk insurance have been identified. The main ones include the following: high level of information entropy in the process of cyber risk assessment, lack of a single standard for filling insurance services in the field of cyber insurance. It is noted that in the medium term the cyber insurance market is prospective for insurance companies. This is caused by the increasing scale of cyber threats and the costs associated with cyberattacks.
Highlights
The development of information technology creates the preconditions for virtualization of all types of business activities
Given the further virtualization of business activity, the relevance of finding tools to minimize the negative effects of cybercrime will increase
Informatization of the economy has led to the emergence and spread of illegal acts in this area
Summary
The development of information technology creates the preconditions for virtualization of all types of business activities. During the 2000s, the use of information technology has come a difficult way from performing functions related, mainly, to communication and computational processes to the use of artificial intelligence in decision-making, modeling. The use of information technology in business helps reduce transaction costs due to the more efficient organization of communication channels and business processes. Along with the obvious positive effect of the information technologies use, there are accompanying negative manifestations. Given the further virtualization of business activity, the relevance of finding tools to minimize the negative effects of cybercrime will increase.
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