Options
What Do We Know About Cyber Risk and Cyber Insurance?
Journal
Journal of Risk Finance
ISSN
1526-5943
Type
journal article
Date Issued
2016
Author(s)
Abstract (De)
Purpose
This paper aims to provide an overview of the main research topics in the emerging fields of cyber risk and cyber risk insurance. The paper also illustrates future research directions, from both academic and practical points of view.
Design/methodology/approach
The authors conduct a literature review on cyber risk and cyber risk insurance using a standardized search and identification process that has been used in various academic articles. Based upon this selection process, a database of 209 papers is created. The main research results findings are extracted and organized in seven clusters.
Findings
The results illustrate the immense difficulties to insure cyber risk, especially due to a lack of data and modelling approaches, the risk of change and incalculable accumulation risks. The authors discuss various ways to overcome these insurability limitations, such as mandatory reporting requirements, pooling of data or public–private partnerships in which the government covers parts of the risk.
Originality/value
Despite its increasing relevance for businesses at present, research on cyber risk is limited. Many papers can be found in the IT domain, but relatively little research has been done in the business and economics literature. The authors illustrate where research stands currently and outline directions for future research.
This paper aims to provide an overview of the main research topics in the emerging fields of cyber risk and cyber risk insurance. The paper also illustrates future research directions, from both academic and practical points of view.
Design/methodology/approach
The authors conduct a literature review on cyber risk and cyber risk insurance using a standardized search and identification process that has been used in various academic articles. Based upon this selection process, a database of 209 papers is created. The main research results findings are extracted and organized in seven clusters.
Findings
The results illustrate the immense difficulties to insure cyber risk, especially due to a lack of data and modelling approaches, the risk of change and incalculable accumulation risks. The authors discuss various ways to overcome these insurability limitations, such as mandatory reporting requirements, pooling of data or public–private partnerships in which the government covers parts of the risk.
Originality/value
Despite its increasing relevance for businesses at present, research on cyber risk is limited. Many papers can be found in the IT domain, but relatively little research has been done in the business and economics literature. The authors illustrate where research stands currently and outline directions for future research.
Language
English
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Emerald Group Publishing Limited
Volume
17
Number
5
Start page
474
End page
491
Subject(s)
Division(s)
Eprints ID
254641
