Title: Supply of cyber insurance in banking sector

Authors: Leandro Pereira

Addresses: BRU-Business Research Unit, ISCTE - Instituto Universitário de Lisboa, WINNING LAB, Lisbon, Portugal

Abstract: The development of technology and the way businesses exchange sensitive information all over the world is through IT resources. As a consequence of such reality, cyber events are more likely to occur with the banking sector as one of the major targets. Cyber insurance is one of the possible protection options. The main goal of this research is to assess the supply of cyber insurance among the banking sector operating in Portugal. To obtain the main goal, the research is based on a 'state of the art' literature review of the cyber insurance market in the world and in the country. An empirical study is made through the application of questionnaires to evaluate potential cyber insurance suppliers. The main findings of this study relate to the fact that the topic is relevant, but no one is prepared to provide the service, and there is a huge market to grow.

Keywords: cyber risk; cyber insurance; operational risk; banking sector; insurance sector.

DOI: 10.1504/IJPM.2023.127892

International Journal of Procurement Management, 2023 Vol.16 No.1, pp.151 - 175

Received: 14 Oct 2020
Accepted: 15 May 2021

Published online: 21 Dec 2022 *

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