Overview of Global Trends in the Development of Cyber Insurance

Abstract

The development of information technologies has inevitably led to the spread of cybercrime, which is becoming increasingly widespread both in the global space and within individual countries and entails not only colossal direct losses, but also increasing amounts of cybersecurity costs. Against this background, insurance is becoming more and more in demand, performing not only a compensating function, but also a preventive one. At the same time, the formation and further development of the cyber insurance market is important not only from the point of view of meeting the increasing demand from developers and users of information systems, but also is a significant stage in the transformation of the global insurance space. The demand for cyber insurance is predetermined by the intensification of the digitalization process, but its qualitative development is quite complex and is accompanied by a number of objective problems. The authors identified and presented five major global trends in the development of cyber insurance, which determine the trends of national markets in the near future. It is noted that the growth of insurance tariffs with a simultaneous decrease in the volume of insurance protection offered, the expansion of the list of restrictions and the involvement of consumers of insurance services in self-covering risks will inevitably lead to a reversal of the trend of increasing demand for cyber insurance products.