Cyber risk and cybersecurity: a systematic review of data availability

Frank Cremer, Barry Sheehan (), Michael Fortmann, Arash N. Kia, Martin Mullins, Finbarr Murphy and Stefan Materne
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Frank Cremer: University of Limerick
Barry Sheehan: University of Limerick
Michael Fortmann: TH Köln University of Applied Sciences
Arash N. Kia: University of Limerick
Martin Mullins: University of Limerick
Finbarr Murphy: University of Limerick
Stefan Materne: TH Köln University of Applied Sciences

The Geneva Papers on Risk and Insurance - Issues and Practice, 2022, vol. 47, issue 3, No 9, 698-736

Abstract: Abstract Cybercrime is estimated to have cost the global economy just under USD 1 trillion in 2020, indicating an increase of more than 50% since 2018. With the average cyber insurance claim rising from USD 145,000 in 2019 to USD 359,000 in 2020, there is a growing necessity for better cyber information sources, standardised databases, mandatory reporting and public awareness. This research analyses the extant academic and industry literature on cybersecurity and cyber risk management with a particular focus on data availability. From a preliminary search resulting in 5219 cyber peer-reviewed studies, the application of the systematic methodology resulted in 79 unique datasets. We posit that the lack of available data on cyber risk poses a serious problem for stakeholders seeking to tackle this issue. In particular, we identify a lacuna in open databases that undermine collective endeavours to better manage this set of risks. The resulting data evaluation and categorisation will support cybersecurity researchers and the insurance industry in their efforts to comprehend, metricise and manage cyber risks.

Keywords: Cyber insurance; Cyber risk; Open data; Systematic review; Cybersecurity (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (5)

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DOI: 10.1057/s41288-022-00266-6

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