A Survey on Cyber-Insurance

Cyber insurance is a young and rapidly developing area which draws more and more attention of practitioners and researchers. Insurance, an alternative way to deal with residual risks (next to simple risk acceptance), was only recently applied to cyber world. The immature cyber insurance market faces a number of unique challenges on the way of its development. In this paper we summarise the basic knowledge about cyber insurance available so far from both market and scientific perspectives. We provide a common background explaining basic terms and formalisation of the area. We discuss the issues which make this type of insurance unique and show how different technologies are affected by these issues. We compare the available scientific approaches to analysis of cyber insurance market and summarise their findings with a common view. Finally, we propose directions for further advances in the research on cyber insurance.