Browsing by Subject "Produktionsfaktor"

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Management von Cyber-Risiken und Möglichkeiten des Risikotransfers : eine ökonomische und versicherungstechnische Analyse
(2016) Haas, Andreas; Schiller, Jörg
In a data-based economy cyber-risks are an emerging operational risk. Data breaches, data destruction or business interruption resulting from a cyber attack, can lead to unexpectedly high costs. The increasing exposure of companies to cyber risks is the consequence of a lasting change in the digital economy. At the same time, continuous investments in technological prevention measures to reduce the cyber-damage risk may come to an economic limitation. With the growing use of cloud services in businesses, the cyber-risk exposure increases, especially when sensitive digital information is processed. The problem with cyber-risks regarding cloud services is that the possibilities of technological IT risk management are limited. Moreover, the financial consequences of a cyber attack may exceed the risk-bearing capacity of the affected company. Therefore, risk transfer instruments such as cyber-insurance can reduce the financial risk of cyber attacks. But despite an increased use of cloud services and a significantly rising number of cyber attacks, the cyber insurance market in Germany remains at a very low level. The aim of this work is the economic analysis of the management of cyber risks. For this purpose, cyber risks are explained in detail, and a market analysis of existing cyber insurance concepts in Germany is conducted. We find explanations for the low demand for cyber insurance products in Germany: Especially existing gaps in current coverage are identified as a market barrier. To improve cyber insurance coverage, technological development, and changes should be anticipated and implemented faster into the coverage of cyber insurance products. We developed new approaches to identify and analyze new technological risks in the context of emerging technologies like Cloud-Computing and the Internet of Things. Based on that analysis we highlight the importance of an insurance-based risk transfer. As we identify incentives for companies to externalize the costs of cyber attacks, we discuss regulatory measures to increase the general risk perception in the market to avoid such behavior. With the internalization of the financial consequences of cyber-attacks, the relevance of cyber-insurance as a complementary element in risk management increases.