Article: https://academic.oup.com/cybersecurity/article/5/1/tyz002/5366419
The article I chose to analyze is titled: Content analysis of cyber insurance policies: how do carriers price cyber risk? The purpose of this article was to conduct effective, qualitative research that assesses the underwriting process for cybersecurity firms and what leads them to their price points for these services. An important step in finding out this information was looking at what losses are covered and what insurance policies are provided by these firms. In the abstract of the article, it is mentioned that cyber attacks are no longer a rare occurrence and can cost millions and thousands of dollars. Studies within the article show that over the years the market for cyber insurance has grown. As of late, premiums can begin at up to 1 billion dollars. They also include that this market will continue to grow to a value of 20 billion by 2025. The number of cyber insurance carriers is also on the rise. About a decade ago there were only a few carriers that offered these insurance products. It is now said that there are over 500 carriers, while some still dominate the field. In the article it is stated that insurance in the USA is regulated at the state level so carriers must file each product with the state. They are also required to acknowledge the price risks along with their policy at the same time. All of these factors and data is included in the article to explain the costs of cyber insurance and its importance. The main reason this article relates to social sciences is because it highlights the future growth of this industry. This is important when analyzing how technology will evolve in the future and its effect on society. As a result of cybersecurity insurance growing , there could potentially be a negative or positive effect on technology in the near future. For example if the price continues to climb, what institutions will be able to protect themselves under these costs.