Comparativism of cyber risks insurance products

Sholoiko Antonina
Doctor of Economics, Associate Professor, Associate Professor of the Department of Insurance, Banking and Risk-management, Taras Shevchenko National University of Kyiv, Kyiv, E-mail:sholoiko@ukr.net, ORCID ID: https://orcid.org/0000-0003-1239-4281

Cite this article:

Sholoiko A. (2023) Comparativism of cyber risks insurance products. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Komparatyvizm produktiv zi strakhuvannia kiberryzykiv; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 11-12 (312-313), pp. 149-158.

Abstract

To make an effective decision as for purchasing of an insurance service, a potential policyholder needs to have complete information about the insurance product, in particular, cyber risk insurance. At the same time, the official websites of insurers or insurance intermediaries usually provide some general information about the insurance products. This often ultimately leads to misunderstandings, conflicts and disputes in the process of settlement of insurance claims. The purpose of the article is to carry out a comparative characteristic of cyber risk insurance products in order to identify the level of information of potential consumers of insurance services in Ukraine and abroad. This goal was achieved through the following tasks: to carry out a comparative characteristic of cyber risk insurance products in Ukraine; carry out a comparative analysis of cyber risk insurance products abroad; compare the set of features of insurance product comparison with the list of features on domestic comparison websites. The realization of the set of tasks was carried out on the basis of the application of the Draft of Resolution of the Board of the National Bank of Ukraine "Regulations on disclosure of information and placement of an information document about a standard insurance product on the websites of insurers and insurance intermediaries". It is also appropriate to use it for conducting a comparative analysis of cyber risk insurance products to reveal the level of awareness regarding non-standard insurance products. During comparing cyber risk insurance products for business entities in Ukraine and abroad was determined that approximately the same amount of information is provided by insurers on their official websites, namely information about the object of insurance, insurable cyber risks and limits of liability of the insurer This is due to the fact that more detailed characteristics of the insurance product are agreed during the underwriting process and familiarization with the situation and needs of a specific potential policyholder. The comparison websites mainly present standard insurance products and, accordingly, the amount of information about such products is somewhat wider. Prospects of further research are to develop a standard cyber risk insurance product for individuals, as the digitalization of the economy and the number of cyber attacks are constantly growing.

Keywords

cyber insurance, cyber security, cyber attack, insurance service, insurance product, insurance program.

JEL classification: O310; G320; DOI: https://doi.org/10.32680/2409-9260-2023-11-12-312-313-149-158

UD classification: 336:368

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