Cyber Risks for Insurance Company
The relevance of the contribution is due to the fact that financial intermediaries are among the most advanced companies using all modern IT-technologies. They are influenced by a high level of competition in this area, as well as by the requirements of the regulator (electronic reporting system, electronic sale of compulsory insurance policies, developed marketplace program). Digitalization, in addition to tangible benefits, comes laden with a number of risks, including the loss of business. The specific nature of the insurer increases the significance of these risks. In this regard, this contribution is aimed at identifying cyber risks for the insurance company as part of its specific business processes. The leading approach to the study of this problem was a systematic approach that allows considering business processes separately and insurance companies’ activity in conjunction with cyber risks arising within each process. The authors systematize the factors causing an increased level of cyber risks for the insurer, carry out risk mapping and cyber risks for insurer’s business processes, and identify business processes that are most at cyber risks. This allows getting the most adequate system for managing both risks in general and information security risks. The materials of the contribution are of practical value for insurance companies, since the consideration of the most dangerous risks for each business process will allow forming a relevant information security in the company.
KeywordsCyber risk Digitalization of business processes Information security Information technology Insurance company Insurer’s business processes Risk mapping
The contribution is performed according to the Russian Government Program of Competitive Growth of Kazan Federal University.
- 1.Allianz Risk Barometer: Top Business Risks For 2018 (2018) Allianze. https://www.agcs.allianz.com/assets/PDFs/Reports/Allianz_Risk_Barometer_2018_EN.pdf. Accessed 15 Mai 2018
- 4.CRO Forum Concept Paper on a Proposed Categorization Methodology for Cyber Risk (2016) https://www.thecroforum.org/2016/06/20/concept-proposal-categorisation-methodology-for-cyber-risk/. Accessed 15 Mai 2018
- 7.Krasnov IZ, Karelin OI (2014) Methods of analysis and risk assessment of the organization. Bull SibGAY 2(54): 37–44. https://elibrary.ru/download/elibrary_21938783_18185861.pdf
- 9.Mustafina AA, Kaigorodova GN, Pyrkova GK, Alyakina DP, Syvorotkina KA (2017) Sanatorium and resort treatment as a factor of economic development in the republic of Tatarstan. Astra Salv 2:267–276. https://astrasalva.files.wordpress.com/2018/01/astra-salvensis-v-2017-supplement-no-2.pdf
- 11.Russian companies lost at least 116 billion rubles from Cyber attacks in 2017 (2017) NAFI. https://nafi.ru/upload/cybersecbusiness.pdf. Accessed 15 Mai 2018
- 13.Sayfudinova NZ, Safiullin MR, Safiullin AR, Zaimullina MR (2016) Modeling of economic development system of the Russian Federation system. J Econ Econ Educ Res 17(2):334–346. https://www.abacademies.org/articles/jeeer-special-issue-2.pdf
- 15.Strupczewski G (2017) Ryzyko cybernetyczne jako wyzwanie dla branży ubezpieczeń w Polsce i na świecie. Finanse 10(1):251–271. http://www.knfpan.pan.pl/images/Fin._110-17_15-G.Strupczewski.pdf
- 18.Velichko NY, Kobersy IS, Radina OI, Khnikina TS, Ivashhenko SA (2017) Sales promotion in the marketing communications. Int J Appl Bus Econ Res 15(13):133–142. https://www.scopus.com/inward/record.uri?eid=2-s2.0-85025430730&partnerID=40&md5=c4525c478a24c2fd3e201ea7cde1d4f1