BlockCIS—A Blockchain-Based Cyber Insurance System

Abstract

While the cyber insurance market has been growing significantly in recent years, its insurance providers face several challenges: first, there is a lack of standardized frameworks to rate ""cyber""; second, there's a shortage of relevant data to calculate premiums; and third, security postures of insured organizations constantly change. Unlike other types of insurance, cyber insurance requires creating a continuous feedback loop between customers and insurers. In this article, we introduce BlockCIS, a blockchain-based continuous monitoring and processing system for cyber insurance. BlockCIS aims to realize an automated, real-time, and immutable feedback loop between the insurer, its customer, third parties and potential auditors. As an example instantiation, we prototype BlockCIS using the open source Hyperledger Composer blockchain framework.