Cyber risk and insurance options in the Czech Republic
| Autoři | |
|---|---|
| Rok publikování | 2024 |
| Druh | Další prezentace na konferencích |
| Fakulta / Pracoviště MU | |
| Citace | |
| Popis | The article deals with the analysis of cyber risk insurance in the Czech Republic. Insurance options are limited, and awareness of this insurance product is insufficient. Insufficient information about the insurance product is found not only in the coverage of risks, but also in the security requirements and the claims handling procedure. This paper focuses on the scope of this insurance from an insurance risk perspective to help raise awareness of cyber insurance. Closely related to cyber risk insurance is the extent to which this risk is managed. The product is important not only for companies but also for households, and the extent of coverage varies widely between entities. The aim of the article is to evaluate the current state (2024) of cyber risk insurance in the Czech insurance market. In relation to the objective, the following questions are defined. What is the standard of cyber risk insurance? Which insurance companies offer cyber risk insurance and to what extent? What are the requirements for cyber risk insurance? Cyber risk insurance is explored through qualitative research. The scope of coverage offered to citizens and companies in the Czech Republic is analysed and compared, using information from insurance policies, annual reports, and websites. The conclusions and results of this article shall become part of the outputs of the research project SGS/2024 titled "Impact of COVID-19 and digitalization on selected areas of banks and insurance companies.” The published results of various scientific studies point to the specificities of cyber risk and its intense evolution. They also highlight the lack of information on cyber risk insurance in terms of the scope of coverage and the claims process. There is also insufficient information on the security against this risk required by insurance companies. But the problem is much broader than that. Insurers are struggling with the lack of data to model and price cyber risk. There is a strong asymmetry of information between insurers and policyholders. |