Cyber risks for insurance company

Abstract

The relevance of the contribution is due to the fact that financial intermediaries are among the most advanced companies using all modern IT-technologies. They are influenced by a high level of competition in this area, as well as by the requirements of the regulator (electronic reporting system, electronic sale of compulsory insurance policies, developed marketplace program). Digitalization, in addition to tangible benefits, comes laden with a number of risks, including the loss of business. The specific nature of the insurer increases the significance of these risks. In this regard, this contribution is aimed at identifying cyber risks for the insurance company as part of its specific business processes. The leading approach to the study of this problem was a systematic approach that allows considering business processes separately and insurance companies’ activity in conjunction with cyber risks arising within each process. The authors systematize the factors causing an increased level of cyber risks for the insurer, carry out risk mapping and cyber risks for insurer’s business processes, and identify business processes that are most at cyber risks. This allows getting the most adequate system for managing both risks in general and information security risks. The materials of the contribution are of practical value for insurance companies, since the consideration of the most dangerous risks for each business process will allow forming a relevant information security in the company.