scholarly journals РОЛЬ КІБЕРСТРАХУВАННЯ В СИСТЕМІ РИЗИК-МЕНЕДЖМЕНТУ БАНКІВСЬКИХ УСТАНОВ

2020 ◽  
pp. 183-196
Author(s):  
Maksym Dubyna ◽  
Iryna Serediuk ◽  
Natalia Bilous
Keyword(s):  
Control Systems ◽  
Internal Control ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Insurance ◽  
Current Trends ◽  
Banking Institutions ◽  
Risk Insurance ◽  
Cyber Risk

Within the article, the role of cyber insurance in the development of risk management systems of banking institutions is researched, namely, the essence of this system is specified, conditions of cyber risks and their potential for threats to banking institutions are identified. Considerable attention is paid to the analysis of the consequences and actions of cyber attacks in the activities of these institutions, the essence of cyber insurance as a method of minimizing losses from such influences is studied, peculiarities of providing cyber risk insurance services by insurance companies to commercial banks are specified. In addition, current trends as for the costs of organizations to take measures to ensure their own cybersecurity and purchase of appropriate insurance products are revealed, measures to improve security of banking institutions based on improving their internal control systems and financial security are specified.

scholarly journals Legal problems of insurance protection against cyber risks in space activities

2021 ◽  
pp. 268-276
Author(s):  
Nataliia Krasilich
Keyword(s):  
State Regulation ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Cyber Insurance ◽  
Insurance Contracts ◽  
Cyber Threats ◽  
Risk Insurance ◽  
Cyber Risk ◽  
Space Activities ◽  
Insured Event

General global trends in space activities are largely related to the need to protect space information technology from possible cyber threats. The issue of cybersecurity in space activities needs to be thoroughly studied and resolved, as the current state of space activities and existing mechanisms of international and state regulation do not provide a sufficient solution. Disruption of the process of receiving and exchanging information through space information systems can lead to significant consequences. The growing number of cyber threats is becoming more common and destructive. Therefore, the assessment of cyber vulnerabilities in space systems is an important task that must be addressed both at the stage of creation and development, and in the operation of such systems. This, in turn, requires the availability of tools to address the above tasks and qualified personnel. One of the legal ways to protect against the negative effects of cyber threats, including in the field of space activities, may be cyber risk insurance, as a financial and legal mechanism for compensation, loss of losses caused by cyber attacks. In Ukraine, cyber insurance is in its infancy and needs to develop innovative approaches to further development, taking into account the accumulated positive experience of foreign countries in this area. At the moment, insurance companies are only developing the practice of cyber risk insurance and such insurance contracts are isolated. In the current environment, as a rule, the issue of cyber risk insurance is included in comprehensive property insurance contracts, liability insurance, financial risks, which significantly limits the compensation of damages. The main difficulty in the process of indemnification under a cyber risk insurance contract is to record the fact of the insured event, the amount of damage and prove the causal link between the insured event and the claimed losses, as the amount of damage must not only be calculated but also documented. Space information technologies, which are increasingly penetrating economic and social processes, necessitate the development of a segment of cyber insurance in the field of space activities, which will provide adequate insurance protection and compensation for damages to the insured due to cyber incidents. Cyber risk insurance issues should be reflected in national legislation.

scholarly journals Cyber insurance: the current situation and prospects of development

2020 ◽  
Vol 9 (28) ◽  
pp. 65-73
Author(s):  
Petro Kurmaiev ◽  
Liudmyla Seliverstova ◽  
Olena Bondarenko ◽  
Nataliia Husarevych
Keyword(s):  
Correlation Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Negative Effects ◽  
Cyber Insurance ◽  
Single Standard ◽  
Business Entities ◽  
High Level ◽  
Risk Insurance ◽  
Cyber Risk

The aim of the article is to analyze current trends in the development of cyber insurance. The following methods of scientific research were used in the preparation of the article: generalization, correlation analysis, comparative analysis. The authors analyze in detail the main trends in the spread of cybercrime. The correlation analysis between the number of registered cybercrimes in a particular country and its GDP, the number of business entities, indicated the lack of correlation between the studied indicators. It states that the most common types of cybercrime are: hacking, unauthorized access, accidental exposure, insider and physical theft. The sectoral analysis of the distribution of cybercrime has revealed a decrease in the share of financial companies while increasing the share of health care companies. It is noted that cyber insurance is one of the effective preventive measures that minimize the negative effects of cybercrime intervention. The article presents segmentation of the cyber insurance market by geography and size of insurance companies. The results of the analysis showed the dominance of US companies in the cyber insurance market. It is stated that the sectoral distribution of cybersecurity policy purchasers in general follows the trends of the sectoral distribution of cybercrime. The volume of cyber insurance, expenses of insured legal entities is analyzed. The main trends in the development of cyber insurance have been identified. The factors that hold back the development of cyber risk insurance have been identified. The main ones include the following: high level of information entropy in the process of cyber risk assessment, lack of a single standard for filling insurance services in the field of cyber insurance. It is noted that in the medium term the cyber insurance market is prospective for insurance companies. This is caused by the increasing scale of cyber threats and the costs associated with cyberattacks.

scholarly journals State of the cyber insurance products within Slovenian insurance companies

2019 ◽  
Vol 7 (2) ◽  
pp. 56-68
Author(s):  
Tina Kavcic ◽  
Boštjan Delak
Keyword(s):  
Risk Mitigation ◽  
The United States ◽  
Cyber Attacks ◽  
Insurance Companies ◽  
Technology Infrastructure ◽  
Information Technology Infrastructure ◽  
Cyber Insurance ◽  
Baltic Countries ◽  
The Baltic ◽  
Cyber Risk

With the growing prevalence of cyber threats and cyber attacks enterprises have to manage their cyber risks. There are several risk strategies for cyber risk mitigation. One of them is to transfer the cyber risk to insurance companies through the so called “cyber insurance”. Cyber insurance is an insurance package used to protect companies and individuals from Internet risks, Internet of things risks, and risks associated with information technology infrastructure and activities. It is estimated that approximately 85% to 90% of the cyber insurance market is located in the United States while the European market is estimated to account for approximately 5% to 9%. With the exception of the Baltic countries, smaller countries have problems raising cyber risk awareness within their countries. This paper describes the results of our survey on availability of cyber insurance products in Slovenia. Results show that currently only a few insurance companies even offer cyber insurance products. On the other hand, the survey shows that regulators did not issue any guidelines to insurance companies to develop such insurance products. The aim of this paper is to raise awareness about the potential of cyber insurance products among scholars, insurance stakeholders, regulators, and also among potential clients.

scholarly journals المحددات التي تواجه نظام الرقابة الداخلية في بيئة المصارف التجارية

2017 ◽  
Vol 3 (4) ◽  
pp. 179
Author(s):  
Journals UHD ◽  
Dana Akram Faqe Mahmood ◽  
Shilan Arf Ahmad
Keyword(s):  
Control Systems ◽  
Internal Control ◽  
Commercial Banks ◽  
Banking Sector ◽  
Commercial Banking ◽  
Negative Effects ◽  
Internal Auditor ◽  
Regulatory Systems ◽  
Policies And Procedures ◽  
Banking Institutions

This study was conducted to examine the work of internal control systems in banking institutions. It focused on studying the determinants facing the internal censorship system in the commercial banking sector by identifying the deficiencies and shortcomings in the regulatory systems and their negative effects from financial and administrative failure, the overall weak performances and etc, and also by determining the main reasons and obstacles that prevents the application from development of the internal censorship systems in commercial banks. A practical study had been made on a sample of the commercial banks operating in Sulaymaniyah governorate .In order to achive the goal, five commercial banks were used to collect the data from. The researchers used questionairre while collecting data in which they entered the information and data were processed automatically and through statistical models in order to test hypotheses and prove them. The results of the statistical analysis showed that there is a strong correlation between the variables of the research hypothesis and the internal censorship's objectives and the constraints facing to their application in the commercial banking sector of a degree at (0.607). The results showed that the increase of the determinants of the work of internal censrorship systems affected the achievement of the objectives that pursuied by the internal censorship in commercial banks in specifics. The researchers reccomended that there should be a commitments to the laws , accounting policies and procedures that applied to protect the assets especially by the commercial bank's management and to detect errors , fraud and manipulation to support the independency of the work of internal auditor and activate its role to achieve the objectives targeted by the internal censorship systems in commercial banks.

Cyber Insurance as a Way of Cyber Risks Management

2019 ◽  
Vol 7 (5) ◽  
pp. 35-42
Author(s):  
Александр Суворов ◽  
Aleksandr Suvorov ◽  
Мария Матанцева ◽  
Mariya Matanceva ◽  
Евгения Плотникова ◽  
...  
Keyword(s):  
Cyber Security ◽  
Insurance Industry ◽  
Security Level ◽  
Controversial Issues ◽  
It Infrastructure ◽  
Software Products ◽  
Cyber Insurance ◽  
Risk Insurance ◽  
Commercial Organization ◽  
Cyber Risk

A review of the cyber insurance domain has been carried out with a description of classical terms from the insurance industry. Have been considered two the most comprehensive today definitions of cyber risk in authors’ opinion. A diagram of processes for cyber risk management using insurance has been presented, and the place of cyber-risk among other company’s risks has been demonstrated, i. e. the context of cyber risk among the risks of any commercial organization has been shown. A typical cyber insurance process has been described, and a scheme of cyber insurance processes has been developed. A brief description of problem areas and controversial issues in cyber insurance, with which cyber-risk insurance practices may face, has been presented, as well as a table showing at which stage of cyber-insurance the specific problems may arise. Has been provided the basic economic utility function, which formalizes decision making for agents with a different attitude to risk. Standards in cyber security, and various software products that can be used as a tool for assessing the security level of an enterprise’s IT infrastructure have been presented, and it has been demonstrated how these products can help in cyber risk assessment. Different methods used at each stage of cyber insurance have been shown.

scholarly journals ADAPTATION OF INSURANCE DISTRIBUTION TO THE NEW CHALLENGES

2021 ◽  
Author(s):  
Nataliia PRYKAZIUK ◽  
Tetiana MOTASHKO ◽  
Oksana LOBOVA
Keyword(s):  
Distribution System ◽  
European Countries ◽  
Insurance Companies ◽  
The Sustainable Development ◽  
Current Trends ◽  
Proposed Model ◽  
Analysis And Synthesis ◽  
Development Goals ◽  
New Challenges

Purpose – new challenges, including those induced by the Covid-19 pandemic and digital power, are exac-erbating instability for each entity and increasing the role of insurance, while necessitating the reformatting of existing approaches to insurance distribution. The purpose of the article is to develop a model of adaptation of the insurance distribution system to new challenges by elucidating the distribution channels transformation during the last decade in European countries, establishing causal links, identifying factors that determine current trends in insurance distribution. Research methodology – the economic and statistical methods of collecting and processing the information, methods of structural and dynamic analysis, analysis and synthesis, empirical methods are usedto achieve the stated goal of the article. Findings – a model for adapting the insurance distribution to new challenges, including the Covid-19 pandemic and digital power, which is based on the current trends and transformation processes of insurance distribution in European countries, the features of the insurance distribution system, aimed at innovation and the establishment of insurance ecosystemsis developed. Research limitations – limitations of the study are represented by the gaps in available statistical information for indi-vidual countries. Practical implications – the results of the study, including the proposed model, can help insurance companies achieving the sustainable development goals, taking into account new challenges. Originality/Value – this study delivers its contribution by demonstrating the trends, drivers and ways to adapt the in-surance distribution in the new realities.

scholarly journals Cyber Insurance Ratemaking: A Graph Mining Approach

Risks ◽  
2021 ◽  
Vol 9 (12) ◽  
pp. 224
Author(s):  
Yeftanus Antonio ◽  
Sapto Wahyu Indratno ◽  
Rinovia Simanjuntak
Keyword(s):  
Graph Mining ◽  
Risk Model ◽  
Critical Issue ◽  
Insurance Companies ◽  
Infection Rates ◽  
Network Characteristics ◽  
Cyber Insurance ◽  
Competitive Prices ◽  
Unweighted Network ◽  
Cyber Risk

Cyber insurance ratemaking (CIRM) is a procedure used to set rates (or prices) for cyber insurance products provided by insurance companies. Rate estimation is a critical issue for cyber insurance products. This problem arises because of the unavailability of actuarial data and the uncertainty of normative standards of cyber risk. Most cyber risk analyses do not consider the connection between Information Communication and Technology (ICT) sources. Recently, a cyber risk model was developed that considered the network structure. However, the analysis of this model remains limited to an unweighted network. To address this issue, we propose using a graph mining approach (GMA) to CIRM, which can be applied to obtain fair and competitive prices based on weighted network characteristics. This study differs from previous studies in that it adds the GMA to CIRM and uses communication models to explain the frequency of communications as weights in the network. We used the heterogeneous generalized susceptible-infectious-susceptible model to accommodate different infection rates. Our approach adds up to the existing method because it considers the communication frequency and GMA in CIRM. This approach results in heterogeneous premiums. Additionally, GMA can choose more active communications to reflect high communications contribution in the premiums or rates. This contribution is not found when the infection rates are the same. Based on our experimental results, it is apparent that this method can produce more reasonable and competitive prices than other methods. The prices obtained with GMA and communication factors are lower than those obtained without GMA and communication factors.

The stewardship organization: essential characteristics and conditions of feasibility

2020 ◽  
Vol 35 (3/4) ◽  
pp. 175-190
Author(s):  
Mark Lehrer ◽  
Lydia Segal
Keyword(s):  
Control Systems ◽  
Internal Control ◽  
Design Methodology ◽  
Content Type ◽  
Agent Behavior ◽  
Bona Fide ◽  
Facilitating Conditions ◽  
Stewardship Behavior ◽  
Practical Implications

PurposeThe paper explores the nature and facilitating conditions of “stewardship organizations,” that is, organizations in which stewardship behavior rather than principal–agent behavior defines the operative principles of management.Design/methodology/approachThe paper falls into two parts: the first part of the analysis develops a theory of the stewardship organization, and the second part develops a contingency framework concerning the feasibility of stewardship organizations.FindingsStewardship organizations are characterized by three interlocking traits: (1) the overall mission of the organization, (2) the organization's internal control systems and (3) the “motivational environment” of the stewardship organization. Since stewardship organizations cannot be identified on the basis of stated mission alone, it is necessary to determine whether the mission involves a higher calling that has been internalized by organizational members to the point of constituting a vital part of how the organization runs on a day-to-day basis.Practical implicationsOne key role of leadership in such organizations is to manage mission drift and to reduce the ambiguity of the mission and organization goals.Social implicationsLitmus tests are proposed for identifying an authentic stewardship organization in contradistinction to those whose socially minded values are ancillary or a marketing ploy.Originality/valueThis is the first systematic attempt to characterize the stewardship organization. After providing three specific examples of such organizations, the contribution identifies key markers of bona fide stewardship organizations.

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