Cyber Insurance (CI) is an important cyber risk management tool in industry and academia. Despite several commitments, its adoption rate is meagre. This research provides significant insights and analysis into the complex issues of i) identifying the key challenges in the cyber insurance (CI) market and ii) understanding how these influential challenges and their cause-effect relationships can inform policymakers to improve the CI ecosystem. An extensive literature review identified twenty-three challenges in the cyber insurance market. Industry experts in this field further validated these challenges, filtering them down to eleven major challenges for further analysis. The cause-effect analysis of the challenges is determined using the fuzzy DEMATEL (FDEMATEL) approach. Finally, this study concludes that for a cyber insurance (CI) ecosystem to be successful, it is crucial to a) tackle the significant challenges posed by the cascading effects of correlated cyber risks and b) ensure the active participation of Chief Information Security Officers (CISOs) to grasp the CI value chain.
Analyzing the Critical Challenges of Cyber Insurance Market: A Fuzzy DEMATEL Approach
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