خلاصة:
This study draws attention to the ubiquitous and borderless nature of cybercrime. It examines the prospect of introducing custom ized cyber insurance policy in the Nigerian market. As secondary data w as not available, the study conducted a survey by administering three sets of questionnaire to purposively selected top executives in four Trade Groups that rely heavily on Internet transactions for their operations. The study found that the rate of usage of the Internet and the attendant exposures to cyber-attacks among the various Trade Groups are quite high. Findings also show that the traditional policies have limitations with respect to protection against cyber risks and that there is a prospect for marketing a specifically designed cyber insurance policy in Nigeria
ملخص الجهاز:
As secondary data w as not available, the study conducted a survey by administering three sets of questionnaire to purposively selected top executives in four Trade Groups that rely heavily on Internet transactions for their operations.
Other reasons identified as the major constraints of cyber insurance include lack of industry data on cyber-crimes and related losses, the ambiguous and volatile nature of cyber risk, high correlation of one type of cyber risk with another, lack of underwriting experience and lack of awareness (Gordon and Loeb, 2003; Bohme, 2005a; Karhade, 2005; Briody, 2007; Hauserman, 2007).
Indeed, by January 2002, Bohme (2005b), citing CSO magazine, reported that primary insurance companies started to explicitly exclude cyber-risks from existing contracts.
Logist ic Regr ession an alyzes bin omi ally distributed data of the form: RESULTS AND DISSCUSSION An analysis of the responses from the survey shows that banks and IT companies seem to depend heavily on the Internet for their business transactions while Conglomerates and the Insurance Groups appear not to be totally dependent.
3 per cent of the respondents in the Conglomerates sampled affirm that their companies have some form of insurance policy covering their computer and cyber risks, only 58.
However, the study reveals a general realization among the different Trade Groups that the existing insurance policies have limitations where protection against cyber risks is concerned.
It also reveals that they are willing to pay a higher premium than that being charged by the existing policies so as to avail them of insurance specifically designed to cover cyber risks, if such a policy can be put in place.