Vol. 4 No. 1 (2024): African Journal of Artificial Intelligence and Sustainable Development
Articles

Cyber Insurance for Small and Medium Enterprises (SMEs) in P&C

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  • Ravi Teja Madhala,
  • Sateesh Reddy Adavelli,
  • Nivedita Rahul
Ravi Teja Madhala
Senior Software Developer Analyst at Mercury Insurance Services, LLC, USA
Sateesh Reddy Adavelli
Solution Architect at TCS, USA
Nivedita Rahul
Business Architecture Manager at Accenture, USA
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Published 06-02-2024

Keywords

  • Cyber insurance,
  • SMEs
Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

How to Cite

[1]
Ravi Teja Madhala, Sateesh Reddy Adavelli, and Nivedita Rahul, “Cyber Insurance for Small and Medium Enterprises (SMEs) in P&C”, African J. of Artificial Int. and Sust. Dev., vol. 4, no. 1, pp. 478–498, Feb. 2024, Accessed: Dec. 28, 2024. [Online]. Available: https://africansciencegroup.com/index.php/AJAISD/article/view/234

Abstract

Abstract:
Cyber insurance has become critical for small and medium enterprises (SMEs) in the property and casualty (P&C) insurance sector. As SMEs increasingly adopt digital technologies, they face heightened exposure to cyber risks, including data breaches, ransomware attacks, and business interruptions. These threats can result in significant financial losses, reputational damage, and legal liabilities, making cyber insurance a vital tool for managing these risks. Compared to larger corporations with dedicated resources to combat cyber threats, SMEs often need robust cybersecurity measures, making them prime targets for cybercriminals. Cyber insurance for SMEs provides financial protection by covering costs related to cyber incidents and offers access to resources such as risk assessments, incident response support, and legal advice. In the P&C domain, integrating cyber insurance with existing policies enables SMEs to address the diverse risks they face comprehensively. However, challenges still need to be addressed, including the complexity of coverage terms, limited awareness, and affordability concerns. For insurers, tailoring products to meet the specific needs of SMEs while maintaining profitability is crucial. Effective underwriting, leveraging data analytics, and educating SMEs about cyber risk mitigation are key strategies in building trust and enhancing adoption. As cyber threats evolve, the P&C industry must adapt its offerings, ensuring that SMEs are equipped to navigate the digital landscape confidently. Cyber insurance represents more than just a financial safety net; it is a partnership between insurers and businesses to foster resilience in an increasingly interconnected world.

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