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Cyber Insurance Against Electronic Payment Service Outages

A Document Study of Terms and Conditions from Electronic Payment Service Providers and Insurance Companies

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Security and Trust Management (STM 2018)

Part of the book series: Lecture Notes in Computer Science ((LNSC,volume 11091))

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Abstract

Society is becoming increasingly dependent on IT services. One example is the dependence of retailers on electronic payment services. This article investigates the terms and conditions offered by three electronic payment service providers, finding that they only guarantee best effort availability. As potential mitigation, five cyber insurance policies are studied from the perspective of coverage of electronic payment service outages. It is concluded that cyber insurance does indeed give some protection, but that coverage differs between insurers and between different policy options offered. Thus, a retailer who wishes to purchase cyber insurance should take care to understand what is on offer and actively select appropriate coverage.

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Notes

  1. 1.

    https://www.verifone.com/sv/se/om-verifone-sweden, accessed March 9, 2018.

  2. 2.

    https://investor.nets.eu/nets-as-an-investment, accessed March 9, 2018.

  3. 3.

    https://www.izettle.com/se/pos, accessed March 13, 2018.

  4. 4.

    https://www.verifone.com/sites/default/files/SE_Allmanna%20villkor%20tjanstepaket%20v%202016-11-01%20.pdf, accessed March 6, 2018.

  5. 5.

    https://www.nets.eu/globalassets/documents/sweden/in-swedish/terms-etc/nets_payment-terminals_terms_se_20170401.pdf, accessed March 6, 2018.

  6. 6.

    https://www.izettle.com/se/villkor, accessed March 12, 2018.

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Acknowledgments

This research was supported by the the Swedish Civil Contingencies Agency, MSB (agreement no. 2015-6986). The author would like to thank Bengt Nilervall of the Swedish Trade Federation for sharing electronic payment service provider terms and conditions, Dr. Oliver Lamberty of the Deutsche Rückversicherung AG for sharing the GDV recommendations and the insurance companies for sharing actual insurance policy documents and responding to some additional questions. Furthermore, the paper was improved by the comments of three anonymous reviewers.

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Authors and Affiliations

  1. RISE SICS – Swedish Institute of Computer Science, SE-164 29, Kista, Sweden

    Ulrik Franke

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  1. Ulrik Franke
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Correspondence to Ulrik Franke .

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Editors and Affiliations

  1. Open University of Cyprus, Latsia, Cyprus

    Sokratis K. Katsikas

  2. University of Malaga, Malaga, Spain

    Cristina Alcaraz

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Franke, U. (2018). Cyber Insurance Against Electronic Payment Service Outages. In: Katsikas, S., Alcaraz, C. (eds) Security and Trust Management. STM 2018. Lecture Notes in Computer Science(), vol 11091. Springer, Cham. https://doi.org/10.1007/978-3-030-01141-3_5

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  • DOI: https://doi.org/10.1007/978-3-030-01141-3_5

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-030-01140-6

  • Online ISBN: 978-3-030-01141-3

  • eBook Packages: Computer ScienceComputer Science (R0)

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