China 
Africa 
Explore chapters and articles related to this topic
Importance of providing Incentives and economic Solutions in It Security
Published in Brij B. Gupta, Michael Sheng, Machine Learning for Computer and Cyber Security, 2019
Cyber insurance is an umbrella term which covers first party and third party losses due to a cyber-attack or data breach event. There are many challenges faced by cyber insurance providers, like design of policies that cover every probable risk but at the same time, they tried to ignore some precarious events with high probability by applying some conditions, exceptions or limits. The process involving risk assessment is complex and not defined in such a constantly changing landscape; the translation of identified risks and designed policies into well-formulated premiums which are profitable (not too low as the company faces loss and not too high as then it is not in demand by clients); the moral hazard problem. In this section, we only discuss about the risk assessment factor.
Cloud Computing Agreements
Published in Michael R. Overly, A Guide to IT Contracting, 2021
Cyber liability insurance can protect the customer against a wide range of losses. Most cyber insurance policies will cover damages arising from unauthorized access to a computer system, theft or destruction of data, hacker attacks, denial of service attacks, and malicious code. Some policies also cover privacy risks like security breaches of personal information, may apply to violations of state and federal privacy regulations, and may provide reimbursement for expenses related to the resulting legal and public relations expenses.
Cyberspace and Personal Cyber Insurance: A Systematic Review
Published in Journal of Computer Information Systems, 2023
Richard McGregor, Carmen Reaiche, Stephen Boyle, Graciela Corral de Zubielqui
Until recently, cyber insurance as a product and type of peril was heavily invested within the commercial domain, especially within the United States, which currently holds an estimated 90% of all cyber insurance policies,10 driven predominantly by regulatory obligations designed to mitigate financial losses and property damage instigated by system failure or malicious cyber events. Cover for cyber liability, cyber extortion and business interruption are also primary drivers for procuring cyber insurance, contributing to a market premium of US$7 billion in 2022 and a market segment that enjoys an annual compound growth rate of 15%.11 This market is forecast to hit US$22 billion in premium by 2025.12 According to Lloyd’s in 2017, cyber insurance is the “… fastest growing line of business in the insurance industry”13 p. 492] prompted by the increasing scale of total global economic loss due to cybercrime which was recently estimated by MunichRE at US$6 trillion in 2021.