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

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Economics of Grids, Clouds, Systems, and Services (GECON 2021)


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.

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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.

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Correspondence to Muriel Franco .

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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.

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