Framework For Modelling Cyber Insurance Market Essay

Figure 2.3 : Framework for modelling cyber-insurance market Through this framework, it can be observed that this framework is more technical that the aforementioned framework. This framework shows how risk are being transferred from the environment to the agents and finally, to the insurer. This model encompasses two natural components, that correspond to the demand from the agents and supply from the insurers. The network environment is controlled by nodes and utility and risk are exchanged with demand. After demand has been fulfilled, the risk is transferred into the insurer. There are also two external components that had been indentified, information structure and the organisational environment. On the other hand, Mukhopadhyay et al (2005) had come up with a utility model in determining the insurability of cyber risks. This model uses insurance as a supplementary tool to help reduce the financial loss due to e-risks. This model works to find the out the price of a company’s premium based on the risk profiles of the clients as well providing the types of e-risk products can be used by a particular company. This model focuses on calculation of risks in response to the premium price offered based on actuarial sciences. The utility model is based on the assumption of the user, having an initial capital of W, and access the internet through an ISP, making him vulnerable to risks of cyber attacks such as hacking and malware, hence, the risk of financial loss (X)Show MoreRelatedThe Plan Of An Insurance Policy1496 Words   |  6 Pagesmentioned earlier, taking insurance policy is a way to help maintain the risk of cyber attacks at an acceptable level. The plan in figu re 2.2 shows an insurance decision plan of action. This plan of action is crucial in illustrating how insurance can help in maintaining the risk. 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