Cyber Insurance from the stakeholder's perspective: A qualitative analysis of barriers and facilitators to adoption

Dawn Branley-Bell, Lynne Coventry, Pam Briggs

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Business disruption from cyber-attacks is a recognized and growing concern, yet the uptake of cyber insurance has been substantially lower than expected. This study aimed to identify what factors may be influencing perceptions and uptake of cyber insurance. In-depth interviews were conducted with two stakeholder groups: those responsible for making cybersecurity decisions within businesses, and those involved in marketing cybersecurity products and/or services including cyber insurance. Thematic analysis generated five themes from the data: High complexity of company-level decision making, Security investment trade-off, Lack of risk data and immaturity of cyber insurance, Mistrust of insurers, and Compliance legislation as a driver for cyber insurance adoption. The results highlight the importance of recognizing that internal organizational decision making involves a complex eco-system which can make the process of obtaining and renewing cyber insurance an effortful process. Legislation may facilitate insurance uptake, but several external factors represent key barriers. There is a need for clearer policy wording, improved processes for cyber risk assessment, improved trust in insurers and lower policy premiums.

Original languageEnglish
Title of host publicationEuroUSEC 2022
Subtitle of host publicationThe 2022 European Symposium on Usable Security
Place of PublicationNew York, US
Number of pages9
ISBN (Electronic)9781450397001
ISBN (Print)9781450397001
Publication statusPublished - 29 Sept 2022
EventEuroUSEC 2022: 2022 European Symposium on Usable Security - Karlsruhe, Germany
Duration: 29 Sept 202230 Sept 2022

Publication series

NameACM International Conference Proceeding Series


ConferenceEuroUSEC 2022
Internet address


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