Abstract
Cyber insurance is a necessity in the context of the digital transformation of society. We live in a world where the chains of usual operation, in general, and those of development and research in informatics must face the associated risks. Prevention and recovery processes are complemented by mitigation processes, which suppose, among others, complex cyber insurances, which involve a priori analyses and evaluations, before concluding the insurance policy and post-factum, after the occurrence of the insured risk.
The study seeks to substantiate the need to develop clear procedures, with levels and stages defined as much detailed as possible, formulating and assuming policies, supporting regulations, sectoral strategies to increase the level of maturity of consumers, individuals, institutions, and private legal entities, regarding protection against cyber threats. The study has identified the need for cooperation between insurers (and re-insurers alike) to provide appropriate types of coverage and exclusions, while splitting the risk among them.
We also intend to introduce in the article the schematic presentation of a reporting system to the state authority of attacks and losses generated by cyber risks, including those directed against critical infrastructures. This type of reporting can ensure transparency for the insurers about the entities they intend to ensure. Nevertheless, given the sensitive information it entails, the implementation details should be carefully thought out.
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Acknowledgments
This paperwork was carried out under the auspices of the Center for Research on Socio-Economic Dynamics in Sustainable Development (CC-DiSEDD), Danubius University of Galati, Romania.
This work was supported by a grant of the Romanian Ministry of Education and Research, CNCS—UEFISCDI, project number PN-III-P4-ID-PCE-2020-2174, within PNCDI III.
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Rangu, C.M., Pană, N., Șcheau, M.C. (2023). Cyber Risk Insurance Framework Considerations. In: Achim, M.V. (eds) Economic and Financial Crime, Sustainability and Good Governance. Contributions to Finance and Accounting. Springer, Cham. https://doi.org/10.1007/978-3-031-34082-6_15
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