Information Security and Privacy (SIG SEC)

Paper Type

ERF

Paper Number

1110

Description

Cyber insurance is a risk management tool for mitigating the negative financial impacts of cyber risks. Despite rapid growth of the cyber insurance market globally, the penetration rate of cyber policies among businesses is still low. Based on the results of a questionnaire survey among 376 managers of medium and large enterprises (MLEs) from Poland, we aim to investigate the factors determining why firms insure against cyber risk. In particular, we focus on managerial cyber risk perception and combine it with selected features of firms, such as firm size, firm age, or business type. We apply univariate statistical tests and a multivariate approach using multiple correspondence analysis (MCA). Our findings show the significance of cyber risk perception and the availability heuristic in cyber insurance decision-making.

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Aug 9th, 12:00 AM

"How do behavioral factors influence the purchase of cyber insurance? Empirical evidence from Polish companies"

Cyber insurance is a risk management tool for mitigating the negative financial impacts of cyber risks. Despite rapid growth of the cyber insurance market globally, the penetration rate of cyber policies among businesses is still low. Based on the results of a questionnaire survey among 376 managers of medium and large enterprises (MLEs) from Poland, we aim to investigate the factors determining why firms insure against cyber risk. In particular, we focus on managerial cyber risk perception and combine it with selected features of firms, such as firm size, firm age, or business type. We apply univariate statistical tests and a multivariate approach using multiple correspondence analysis (MCA). Our findings show the significance of cyber risk perception and the availability heuristic in cyber insurance decision-making.