Cyber risks: Prospective Control Instruments (using the example of Cyber Insurance)

Abstract

The digital society provides great opportunities for the development of public services, business and the financial sector. Consumers of services appreciated the convenience and efficiency. At the same time, with any positive developments, there are also risks. Growing advances in technology have led to the emergence and proliferation of new risks for both government and business, in particular cyber risks. The authors use the example of the insurance industry to demonstrate the importance of the IT sphere in public life and the growing need for effective cyber security tools. The study analyses the risks that pose a threat to the development of society through the example of cyber risks through the prism of the cyber insurance market. The authors argue that cyber risk insurance can reduce these risks. Due to the growing dependence of society and the state on technology and the increasing sophistication of cybercriminals, it is critical for governments and businesses to be proactive in protecting against potential cyber-attacks and other technology-driven threats. In this environment, instruments such as cyber risk insurance provide the necessary protection for the economy and society in the digital age. In addressing this issue, the authors aim to contribute to greater security in the digital world.