Cyber Insurance and Information Sharing As Prevention From Cyber-Attacks – Pilot Study

Frequency and severity of claims in a fast-growing cyber insurance market are increasing, the European cyber insurance market is projected to grow by 20% each year. Therefore, this research addresses the following research question: Might cyber insurance market influence regulations? To answer this question, we conducted the pilot study, the survey in 2022. The survey included people involved in offering insurance products, policymakers and people working in insurance companies. Our research results indicated that 58% of respondents saw an increase in interest in a cyberinsurance. As a reason for this phenomenon, they indicated increase in rise in cyber-attacks. However, the respondents do not see the General Data Protection Regulation as a reason of increased interest in cyber insurance. As the biggest challenge of cyber insurance market, they point lack of knowledge and lack of experts. Interestingly, 63 % or respondents believe the cyber insurance market should be regulated. Especially, the issue oof data collection and sharing