Sunday, May 24, 2020
The Prospect And Challenges Of Cyber Security Insurance
2.0 Introduction This chapter presents the prospect and challenges of cyber security insurance among It practitioners in the United Kingdom based on the literature that had been reviewed in the process of writing this paper. This chapter will draw upon results of earlier studies and reports to provide a theoretical framework to answer the research questions of the paper. 2.1. Cyber security and its importance to the modern lives In line with technological advances and the evolution of the internet, more and more transactions are conducted online. This brings convenience to businesses, financial institutions as well as their customers. However, this reliance towards online transactions has brought cyber risks such as fraud, identity thefts as well as cyber attacks. Biener, Eling Warfs (2015) defined cyber risk as a multitude of risks from different sources that affect the information and technology assets of a firm. Cyber attacks and cyber risks are well documented in many articles such as Kim-Kwang (2011) Kolodzinski (2002), which reported on cyber threats faced by businesses ; as well as Seigel,Sagalow Serritella (2002) which reported that businesses reported losses up to millions of dollars, as well as the breakdown of Internet Service providers, which immobilised billons of internet users all around the world . McGregor (2014) reported that cyber criminals, or hackers had infiltrated many notable e-commerce sites such as Ebay and Target. Such attacks did notShow MoreRelatedCyber Security And Cyber Threats Essay1510 Words  | 7 Pageshas been confronting issues of cyber-attacks to such an extent that majority of the patients feel every moment that they are at great risk and thus their treatment processes suffer a lot.(Hacking Healthcare IT in 2016) The small sized clinics do not have many resources to enhance their information security systems. 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