Cyber insurance: state of the art, trends and future directions

Abstract

Society has become increasingly dependent on IT infrastructure and services. Additionally, the pandemic of COVID-19 forced the transition of the traditional way of working (i.e., physical presence) into a more modern and flexible one (i.e., working remotely). This has led to an increase of cyberattacks, as a direct consequence of the increase of the attack surface but subsequently also led to an increased necessity for the protection of information systems. Toward the protection of information systems, cyber insurance is considered as a strategy for risk management, where necessary. Cyber insurance is emerging as an important tool to protect organizations against cyberattack-related losses. In this work, we extensively examine the relevant literature on cybersecurity insurance, research and practice, in order to draft the current landscape and present the trends.