AN EVALUATION OF THE CYBER RISK INSURANCE IN TURKEY

Abstract

Along with the technological developments, various of crimes have been transferred to the virtual environment. They can be committed  via the internet, without any physical contact of criminals with their victims. Insurance companies have taken action due to the increasing number of cyber attacks happening around the world. In order to protect individuals and businesses against these risks, “cyber insurance” has been presented as a product of the insurance industry. In this study; cyber threats, cyber attack types were announced, then “cyber insurance”  has researched for Turkey. The study reached the following conclusions: there are products offered against cyber risks in Turkey.  However, awareness of these products should be increased. Especially as a result of cyber attacks that businesses are exposed to; data breaches, financial damages, loss of reputation are serious problems. Small businesses should pay due attention to cyber risks. This is because attackers often target small businesses and can leak data from large businesses that operate with them. Therefore, the protection of businesses against cyber threats should be provided with cyber insurance.