Title: Assessment and insurance of cyber risks as tools for ensuring information security of an organisation (on the example of Russia)

Authors: Dmitriy R. Sergeev; Oksana N. Suslyakova; Gulnaz F. Galieva; Elena E. Kukina; Olga Yu. Frantsisko

Addresses: G.R. Derzhavin Tambov State University, Internationalnaya Str., 33, Tambov, 392000, Russia ' Financial University under the Government of the Russian Federation, Kaluga Branch, Chizhevsky Str., 17, Kaluga, 248016, Russia ' Ufa State Petroleum Technological University, 450064, Kosmonavtov Str., 1, Ufa, Russian Federation; Financial Research Institute of the Ministry of Finance of the Russian Federation, 127006, Nastasinsky Lane, 3, Building 2, Moscow, Russian Federation ' Financial University under the Government of the Russian Federation, Lipetsk Branch, Internatsionalnaya Str., 12b, Lipetsk, 398050, Russia ' Financial University under the Government of the Russian Federation (Krasnodar Branch), Krasnodar, Russia

Abstract: The purpose of the study is to reveal the specifics of cyber risks as a source of reducing the information security of organisation, as well as to develop a methodological approach to the formation of tools for managing cyber risks based on their assessment and insurance. The authors analysed the dynamics of the growth of cyber risks in relation to small, medium and large organisations, and also assessed the possible scale of damage from their occurrence in the global economy. The article offers a methodological approach to the analysis of risk factors that affect the amount of possible damage and the likelihood of cyber risk. The authors formed an algorithm for managing the organisations cyber risks based on their assessment. The analysis of advanced foreign experience allowed the authors to determine the directions of its adaptation in the process of modernisation and improvement of the mechanism of cyber risk insurance.

Keywords: cyber risk; cyber incident; digital economy; cyber risk insurance; information security.

DOI: 10.1504/IJICT.2024.137929

International Journal of Information and Communication Technology, 2024 Vol.24 No.3, pp.330 - 349

Received: 14 Nov 2021
Accepted: 04 Feb 2022
Published online: 11 Apr 2024 *

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