Authors: N. Prykaziuk, Doctor of Economics, Prof., ORCID ID 0000-0002-7813-8590,
Taras Shevchenko National University of Kyiv, Kyiv, Ukraine
L. Gumenyuk, PhD Student, ORCID ID 0000-0002-2803-913X, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine
Annotation: The COVID-19 pandemic was a turning point for all participants in economic relations. The insurance market has faced
new challenges related to the format of cooperation with clients changing, as well as the transformation of clients’ business.
Remote work has identified threats that can not only stop the industry but also destroy it. One of the examples of such threats is
DDoS-attacks, targeted at stopping the computer systems of the victims of the attack. In 2021, the share of organizations that
suffered losses after DDoS-attack increased to 86.2 %, 9 pp more than before the COVID-19 pandemic. IT administrators sometimes
don’t notice the consequences of attacks, so they can’t assess the state of their business entirely. Cybersecurity experts should
be involved in this monitoring, but often they only restore IT systems, without compensation. The set of services in cyber-insurance
policy consists of: monitoring the client’s IT systems, providing recommendations for its improvement, assistance in case of
DDOS-attack, payment of compensation, and restoration of reputation. Therefore, DDoS-attacks insurance has become more popular
during the COVID-19 pandemic. The volume of the cyber-insurance market grew by 39 % in 2020 and reached $7 billion vs 2018. The
primary insurers in this area are media and publications, as all their activities are built on Internet-based systems.
The article examines the transformation of the cyber insurance market in the world before and after the beginning of the COVID-19
pandemic. The state and prospects of DDoS-attacks insurance are considered, and the necessity of developing of this type of
insurance in Ukraine is proved. Recommendations are provided for the introduction of cyber DDoS-attacks insurance products in
the portfolio of Ukrainian insurance companies in the context of the Digital Strategy of Ukraine 2030.
Keywords: insurance; cyber insurance; cyber risk; DDoS-attack; digital transformation.
Received: 19/04/2022
1st Revision: 12/05/2022
Accepted: 30/05/2022
DOI: https://doi.org/10.17721/1728-2667.2022/218-1/6
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