ROADMAP FOR THE INTRODUCTION OF CYBER INSURANCE IN UKRAINE
DOI:
https://doi.org/10.31649/ins.2021.1.64.72Keywords:
cyber insurance, cyber risk, cyber attack, cyber protection, cyber insurance roadmap, digital transitionAbstract
The article examines the process of implementing cyber insurance in the world and proposes a Roadmap for implementation in Ukraine. The key goals and objectives facing the insurance market of Ukraine and the regulator in order to achieve this goal are considered. Approximate deadlines for the necessary measures to prepare for the introduction of cyber insurance in the Ukrainian economy are outlined. The key features of regulations in the field of cyber security in the EU and Australia are highlighted and ways to adapt them in Ukraine are proposed. Promising means to increase the security of individuals and legal entities in the digital space on the example of the mechanism of interaction between insurers and expert organizations in Australia. The main vectors of cooperation between insurance companies and expert organizations in the field of cyber security in the Ukrainian and global insurance markets are listed. A system of interaction between the subjects of cyber-insurance relations with the positioning of the insured in the center of relations as a key participant in insurance has been developed, which proves the high customer orientation of this area of insurance business. The current problems of the Ukrainian insurance market are substantiated and the ways of their solution through the mechanism of cyber insurance implementation are offered: modeling of the mechanism of estimation of losses from cyber attacks, monitoring of the current state of insurers, development of ways to minimize cyber incidents. The dynamics of cyber incidents in 2020 is analyzed and the correlation between the occurrence of global lockdowns caused by COVID-19 and the growth in the number of cyber attacks is revealed. Based on the analysis, it is proved that the introduction of cyber insurance in Ukraine is a necessary tool to protect all participants in insurance relations from cyber risks and for the development of the insurance market as a whole
References
Prikazyuk N. V., Gumenyuk L. S. (2020) Peredumovi rozvitku kiber-strahuvannya [Prerequisites for the development of cyber insurance] Investytsiyi: praktyka ta dosvid, vol. 15-16, pp., available at: http://www.investplan.com.ua/pdf/15-16_2020/7.pdf.
List of data breaches in 2020, IT Governance. Available at: https://www.itgovernance.co.uk/infographics/list-of-data-breaches-in-2020.
General Data Protection Regulation (2021). Available at: https://gdpr-info.eu/.
Digital strategy of Ukraine. Available at : https://hromada.gov.ua/template/digitalStrategy.
Reducing the Cyber Risk in 10 Critical Areas. Available at: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/395716/10_steps_ten_critical_areas.pdf.
Shaping Europe’s digital future. Available at: https://digital-strategy.ec.europa.eu/en/policies/cybersecurity-strategy.
The Australian Cyber Security Centre (2021). URL: https://www.cyber.gov.au/.
The Australian Cyber Security Strategy 2020. URL: https://www.homeaffairs.gov.au/cyber-security-subsite/files/cyber-security-strategy-2020.pdf.
CISA (2021). Available at: https://www.cisa.gov/cybersecurity-insurance.
Cyber security as an important component of the entire state protection system. Available at: https://www.mil.gov.ua/ukbs/kiberbezpeka-yak-vazhliva-skladova-vsiei-sistemi-zahistu-derzhavi.html.
