Necessity of Cyber Insurance Regulation to Face New Challenges

Abstract

The new realities are imposed by the technological evolution and implicitly, by the evolution of crime in virtual space. Given that real space overlaps with cybernetic space in many areas, the tools from real space must be imported in such a way as to meet immediate and long-term needs. Related to cyber risk insurance, we can mention that an adaptation and a structural repositioning of the concepts in the field of classical insurance is necessary because one of the problems that must be answered is related to the valorization of informational assets and their accounting. Another problem that requires an answer is related to the prior auditing of IT systems, before the conclusion of the insurance contract, and last but not least, perhaps one of the most important questions refers to the post-incident evaluation, after the occurrence of the insured risk. Added to all this is the uneven fluctuation of the registration value of IT data and those related to property rights. Therefore, in this article we will try to argue and demonstrate, as best as possible, the need to establish a unitary regulatory framework related to cyber risks and their insurance