Does Insurance Have a Future in Governing Cybersecurity?

Woods, D. W., & Moore, T. (2020). Does Insurance Have a Future in Governing Cybersecurity?. IEEE Security & Privacy, 18(1), 21-27.

Type

Journal article

Intellectual base

Primary research

Year

2020

Volume

18

Issue

1

Pages

21-27

DOI

10.1109/msec.2019.2935702

DOI registrant

Institute of Electrical and Electronics Engineers

Link

https://doi.org/10.1109/MSEC.2019.2935702

Cited from

economics_finance

Cited by

1 citation across 1 artifact.

Each citation links to the sentence it supports in the citing article.

Primes

• Risk Transfer
  • Moral-hazard mitigation transfers to cybersecurity: insurance copays, deductibles, and exclusions for negligent practices map onto cyber-insurance underwriting that requires demonstrated security controls such as multi-factor authentication and patching, the structural problem being identical — keep the transferor taking care after the trade.

    This sourceShows cyber-insurance underwriting requiring demonstrated security controls (MFA, patching) as moral-hazard mitigation.

    Supported in partVerified against the work's full text

    Woods and Moore discuss post-purchase moral hazard in cyber insurance and weak patching exclusions, but find security obligations are rarely enforced and never mention MFA.

    “Organisations face little additional incentive to comply with the security policy once a policy has been purchased (C3).”

    Read by an automated reader; not a human review. How support was checked

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