| Abstract [eng] |
Cyber Risk Insurance Contract Cyber risk insurance is one of the newest kind of insurance, which distinguishes by its object – cyber risks. Cyber risks are the probability of financial damages caused by cyber-attacks in cyber space. Cyber risk insurance contract is used for insured, for a certain amount of pay, to move its risk to the insurer, and manage their cyber risk financial losses. Even though many different methods to manage cyber risks exist, like using firewalls, anti-virus programs, cyber security policies, however regardless newer and better cyber security technology and encryption, because of very specialized cyber-attacks cyber risk is not possible to be fully avoided by any means. When deciding the cyber risk insurance contract matter the biggest problem that insurers face is information asymmetry about cyber risk occurrence probabilities and caused damage. And the biggest problem insureds face is not being able to unambiguously detail insured and not insured events. It is believed, that for the sake of legal clarity, cyber risk insurance contracts must have precisely indicate all insured and not insured events, provided with insured cyber-attack methods and illustrations. The insured, before signing cyber risk insurance contract should estimate what kind of cyber risks he can safeguard by providing cyber security training for his employees and investing in cyber security technology, from what kind of cyber risks the insured cannot take precautions and what kind of cyber risks it is financially advisable to insure. |
