Skip to main content

SaCI: A Blockchain-Based Cyber Insurance Approach for the Deployment and Management of a Contract Coverage

  • Conference paper
  • First Online:
Economics of Grids, Clouds, Systems, and Services (GECON 2021)

Abstract

The cyber insurance market is still in its infancy but growing fast. Novel models and standards for this particular insurance market are essential due to the use of modern IT (Information Technology) and since insurance providers need to create suitable models for customers.

In this work, a refreshing approach SaCI for the deployment and management of contract coverage is introduced. SaCI translates relevant information of a cyber insurance contract to Smart Contracts (SC) running on the Blockchain (BC). Thus, SaCI (i) allows for recording agreements in an immutable way, (ii) simplifies interactions between stakeholders (e.g., customers and insurers), and (iii) ensures a trustworthy and transparent process during the life-cycle of the contract. A case study is provided to show evidence of the feasibility of the approach, which is backed by a cost analysis and discussion regarding especially the application of BCs.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Subscribe and save

Springer+ Basic
$34.99 /Month
  • Get 10 units per month
  • Download Article/Chapter or eBook
  • 1 Unit = 1 Article or 1 Chapter
  • Cancel anytime
Subscribe now

Buy Now

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Similar content being viewed by others

References

  1. Aziz, B., Suhardi, K: A systematic literature review of cyber insurance challenges. In: International Conference on Information Technology Systems and Innovation (ICITSI 2020), Padang, Indonesia, pp. 357–363 (2020)

    Google Scholar 

  2. Farao, A., et al.: SECONDO: a platform for cybersecurity investments and cyber insurance decisions. In: Gritzalis, S., Weippl, E.R., Kotsis, G., Tjoa, A.M., Khalil, I. (eds.) TrustBus 2020. LNCS, vol. 12395, pp. 65–74. Springer, Cham (2020). https://doi.org/10.1007/978-3-030-58986-8_5

    Chapter  Google Scholar 

  3. Franco, M.F., Scheid, E.J., Granville, L.Z., Stiller, B.: BRAIN: blockchain-based reverse auction for infrastructure supply in virtual network functions-as-a-service. In: IFIP Networking 2019 (Networking 2019), Warsaw, Poland, pp. 1–9, May 2019

    Google Scholar 

  4. Gatteschi, V., Lamberti, F., Demartini, C., Pranteda, C., Santamaría, V.: Blockchain and smart contracts for insurance: is the technology mature enough? Future Internet 10(2), 20 (2018)

    Article  Google Scholar 

  5. Kenneally, E.: Ransomware: a Darwinian opportunity for cyber insurance. Conn. Ins. J. Fall Symp. Edn. 28(1), 1–13 (2020)

    Google Scholar 

  6. Kshetri, N.: The economics of cyber-insurance. IT Prof. 20(6), 9–14 (2018)

    Article  Google Scholar 

  7. Kshetri, N.: The evolution of cyber-insurance industry and market: an institutional analysis. Telecommun. Policy 44(8), 102007 (2020)

    Article  Google Scholar 

  8. Lepoint, T., Ciocarlie, G., Eldefrawy, K.: Blockcis-a blockchain-based cyber insurance system. In: IEEE International Conference on Cloud Engineering (IC2E 2018), Orlando, USA, pp. 378–384 (2018)

    Google Scholar 

  9. Morgan, S.: Cybercrime To Cost The World \(\$\)10.5 Trillion Annually By 2025, November 2020. https://cybersecurityventures.com/hackerpocalypse-cybercrime-report-2016/. Accessed June 2021

  10. Nam, S.O.: How much are insurance consumers willing to pay for blockchain and smart contracts? A contingent valuation study. Sustainability 10(4332), 1–11 (2018)

    Google Scholar 

  11. Noah Berni, M.F.: SaCI - Prototype and Source-Code, January 2021. https://gitlab.ifi.uzh.ch/franco/saci. Accessed June 2021

  12. Pal, R., Golubchik, L., Psounis, K., Hui, P.: Will cyber-insurance improve network security? A market analysis. In: IEEE Conference on Computer Communications (INFOCOM 2014), Toronto, Canada, pp. 235–243 (2014)

    Google Scholar 

  13. Rajeevan, A.: Tokens, Gas and Gas limit in Ethereum, February 2019. https://arunrajeevan.medium.com/tokens-gas-and-gas-limit-in-ethereum-f07790f56d8f. Accessed June 2021

  14. Rodrigues, B., Franco, M., Parangi, G., Stiller, B.: SEConomy: a framework for the economic assessment of cybersecurity. In: Djemame, K., Altmann, J., Bañares, J.Á., Agmon Ben-Yehuda, O., Naldi, M. (eds.) GECON 2019. LNCS, vol. 11819, pp. 154–166. Springer, Cham (2019). https://doi.org/10.1007/978-3-030-36027-6_13

    Chapter  Google Scholar 

  15. Scheid, E.J., Rodrigues, B.B., Killer, C., Franco, M.F., Rafati, S., Stiller, B.: Blockchains and distributed ledgers uncovered: clarifications, achievements, and open issues. In: Goedicke, M., Neuhold, E., Rannenberg, K. (eds.) Advancing Research in Information and Communication Technology. IAICT, vol. 600, pp. 289–317. Springer, Cham (2021). https://doi.org/10.1007/978-3-030-81701-5_12https://www.springer.com/gp/book/9783030817008

    Chapter  Google Scholar 

  16. Wargin, J.: Insurance Company Technology Trends Transforming the Industry in 2021, January 2021. https://www.duckcreek.com/blog/insurance-technology-trends/. Accessed June 2021

  17. Xu, J., Wu, Y., Luo, X., Yang, D.: Improving the efficiency of blockchain applications with smart contract based cyber-insurance. In: IEEE International Conference on Communications (ICC 2020), Dublin, Ireland, pp. 1–7 (2020)

    Google Scholar 

Download references

Acknowledgements

This paper was supported partially by (a) the University of Zürich UZH, Switzerland and (b) the European Union’s Horizon 2020 Research and Innovation Program under Grant Agreement No. 830927, the CONCORDIA Project.

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Muriel Franco .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2021 Springer Nature Switzerland AG

About this paper

Check for updates. Verify currency and authenticity via CrossMark

Cite this paper

Franco, M., Berni, N., Scheid, E., Killer, C., Rodrigues, B., Stiller, B. (2021). SaCI: A Blockchain-Based Cyber Insurance Approach for the Deployment and Management of a Contract Coverage. In: Tserpes, K., et al. Economics of Grids, Clouds, Systems, and Services. GECON 2021. Lecture Notes in Computer Science(), vol 13072. Springer, Cham. https://doi.org/10.1007/978-3-030-92916-9_7

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-92916-9_7

  • Published:

  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-92915-2

  • Online ISBN: 978-3-030-92916-9

  • eBook Packages: Computer ScienceComputer Science (R0)

Publish with us

Policies and ethics