Understanding Taxonomy of Cyber Risks for Cybersecurity Insurance of Financial Industry in Cloud Computing

Abstract

The dramatical development of Web-based technology has been empowering enormous change in various domains. Cloud-based solutions have remarkably widened business models with multiple value creation channels. The financial industry is a major beneficiary of leveraging these emerging new technologies, such as big data and cloud-related services. This great changing trend has also led to a great concern in cybersecurity. Under this background, cybersecurity insurance is a growing domain in the financial industry. However, cybersecurity insurance industry also encounters a variety of cyber concerns while the Web-based approaches are applied. This paper focuses on this issue and review a broad scope of materials to gain a deep understanding of taxonomy of cyber security risks for cybersecurity insurance. The findings of this work can guide the cybersecurity insurance practitioners to avoid as much risk as possible as well as create potential solutions to the possible risks.