Aimed at supporting cyber insurances in Iran, the research project titled “Introductory Study into the Other Countries’ Experiences in Cyber Risks and Insurances” comprises of three sections that has been conducted by Dr. Asma Hamzeh, Director of Modern Insurance Technologies Department, with the collaboration of Dr. Somayeh Mireh, Mohammad Dibaee, Dr. Rouhollah Abujafari, and Dr. Yaghoub Mahmoudian.
The first section of the project deals with the generals and the second section explores the cyber crimes and disasters in Iran and across the world. The main goal of these two sections is to highlight the significance of cyber risks and their management.
The final section of the project addresses the conceptual aspects of the ‘cyber’ including cyber events, cyber-attacks, cyber disasters, and cyber risk and a classification of various cyber risks and events are also provided.
In today’s world, companies across all the economic sectors are more or less dependent on a digital platform in one way or another. A rapid transition to remote work and the fast adoption of the digital by the economy following COVID-19 has fostered this trend. All the businesses from small startups to huge global companies are increasingly and heavily reliant on intricate digital networks. While this trend has provided enormous benefits and opportunities, it has its own downside the most significant of which are cyber risks. Cyber risks include risks to the digital assets and data of a company, government, or even individuals. They may also lead to major and prevalent unpleasant consequences across all businesses. The more the risks, the more the demands for its coverage spur. Cyber insurance is one of the strategies that businesses adopt to mitigate such risks and enhance cybersecurity.
Although insurance pays for cyber losses, increasing awareness about cyber risks, supporting corporate risk management, encouraging investment in risk mitigation projects and providing support in order to respond to cyber risks, all play a major role in cyber risk management.
Based on these issues, the aforementioned research project was set into IRC’s agenda. The project was also after providing a formal definition for cyber risk, classification of cyber risks and their insurability, and various types of cyber insurances. One of the results of the project is the development of cyber policies for Iran using other countries’ experiences such as U.S., Australia, Germany, England, India, and Singapore.
Those interested to access and download the Persian full text with English abstract of the aforementioned research project, please click on the following web address: https://www.irc.ac.ir/fa-IR/Irc/4944/Articles/view/16040/1643/.