Regional Perspective of Using Cyber Insurance as a Tool for Protection of Agriculture 4.0

Maksym W. Sitnicki, Nataliia Prykaziuk, Humeniuk Ludmila, Olena Pimenowa (), Florin Imbrea (), Laura Șmuleac and Raul Pașcalău
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Maksym W. Sitnicki: Management of Innovation and Investment Activities Department, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine
Nataliia Prykaziuk: Department of Insurance, Banking and Risk Management, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine
Humeniuk Ludmila: Department of Insurance, Banking and Risk Management, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine
Olena Pimenowa: Department of Agronomy, Faculty of Agriculture and Biotechnology, Bydgoszcz University of Science and Technology, Al. Prof. S. Kaliskiego 7, 85-796 Bydgoszcz, Poland
Florin Imbrea: Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania
Laura Șmuleac: Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania
Raul Pașcalău: Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania

Agriculture, 2024, vol. 14, issue 2, 1-17

Abstract: The digitalization of the agricultural industry is manifested through the active use of innovative technologies in all its areas. Agribusiness owners have to constantly improve their security to meet new challenges. In this context, the existing cyber risks of the agrarian industry were assessed and their classification by possible consequences, such as data theft or alteration, cyber terrorism, cyber warfare, software hacking or modification, the blocking of markets and transactions on them, was proposed. Cyber insurance is an effective tool for minimizing the likelihood of cyber incidents and for comprehensive post-incident support, with the involvement of cybersecurity specialists. An algorithm for cooperation between an agricultural company and an insurance company when concluding a cyber risk insurance contract is proposed, which takes into account the needs and wishes of insurers at each stage of the interaction. To assess the need to use cyber insurance in agriculture 4.0, a methodology has been developed to evaluate the regional characteristics of cybersecurity and the digitalization of agribusiness. The results of the study show a heterogeneous need for this tool in different regions of the world.

Keywords: agriculture 4.0; food security; cybersecurity; cyber risk; cyber insurance (search for similar items in EconPapers)
JEL-codes: Q1 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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