Methods for Assessing Cyber Risks for Insurance Purposes

The article examines methods for assessing cyber risks from the perspective of their application in insurance. The main groups of cyber risk assessment methods are systematized, and a methodological approach to selecting and combining these methods for insurance purposes is proposed, based on the principle of «methods from tasks». Within this approach, a system of criteria for the suitability of methods for insurance companies is developed, including requirements for data, scalability, and sensitivity to preventive information security measures, interpretability for underwriters and actuaries, as well as the ability to account for aggregate and systemic cyber risk at the portfolio level. The areas of application for various cyber risk assessment methods are demonstrated in the tasks of underwriting, rate-setting, limit selection, deductible configuration et al.

1. Alifanova E. N., Maniakhin T. V. Methodological approach to developing a risk management system for the development of the Russian stock market // Finance: Theory and Practice. 2024;28(6):80–97. (In Russ.) https://doi.org/10.26794/2587-5671-2024-28–6-80-97

2. Karanina E. V., Kotandzhyan A. V., Korshunov V. L. Riskoriented approach to assessing the information and digital component of economic security of small business entities // Issues of Risk Analysis. 2025;22(1):34–45. (In Russ.) EDN: UUYVDK

3. Bryzgalov D. V., Gryzenkova Yu.V., Tsyganov A. A. Prospects for digitalization of the insurance business in Russia // Financial Journal. 2020;12(3):76–90. (In Russ.). EDN: LBRPEH

4. Efimenko E.A., Rumiantceva, E.A. Methods and models for risk assessment of natural and technical systems // Issues of Risk Analysis. 2025;22(6):46–55. (In Russ.). EDN: XUJHUH

5. Mullerova Ja., Nemec V. Risk assessment RM/RA CRAMM — quantitative method for environmental, technology and social threats: 19th International Scientific GeoConference SGEM 2019, Vienna, 09–11 декабря 2019 г. Vol. 19.— Vienna: STEF92 Technology, 2019. P. 279–288. https://doi.org/10.5593/sgem2019V/4.2/S06.038. EDN: ZYBKTE

6. Lyzhova, E. I., Matveev, A.V. Modern methods of evaluation and analysis of information risks // Fundamental and Applied Research in the Modern World. 2020;(28):84–87. (In Russ.). EDN: DGWVXN

7. Orlova L. N., Sayakhetdinov, A. R. Methods for quantitative risk assessment based on var: comparative analysis // Intellect. Innovations. Investments. 2023;(2):63–74. (In Russ.). https://doi.org/10.25198/2077-7175-2023-2-63 EDN: LGSRSH

8. Voevodin V.A. On assessing the sustainability of functioning of microparametric cyber risk insurance facilities // Herald of Dagestan State Technical University. Technical Sciences. 2024;51(4):40–49. (In Russ.) https://doi.org/10.21822/2073-6185-2024-51-4-40-49

9. Voevodin V. A. On the task of assessing the stability of the functioning of information infrastructure elements exposed to information security threats. I. Problem statement // Proceedings of Universities. Electronics. 2024;29(2):249–256. (In Russ.) https://doi.org/10.24151/1561-5405-2024-29-2-249–256 EDN: IBJUA

10. Signoret JP., Leroy, A. (2021). Fault Tree Analysis (FTA). In: Reliability Assessment of Safety and Production Systems. Springer Series in Reliability Engineering. Springer, Cham. https://doi.org/10.1007/978-3-030-64708-7_16

11. Fomin D. A., Reva I. L. Development of a breach and attack simulation system for vulnerability detection // Digital Technology Security. 2025;(3):40–61. (In Russ.) https://doi.org/10.17212/2782-2230-2025-3-40-61 EDN SXTTKP

12. Belousova T. A. Cyber risks: prospects for the development of cyber insurance // Finance and Financial Markets in the Context of Digitalization 2022 (FFMD2022): Proceedings of the III International Scientific and Practical Conference, Moscow, March 4, 2022 / Peoples’ Friendship University of Russia (RUDN University). M.: RUDN University, 2022. P. 4–10. (In Russ.) EDN: LFDQQK

13. Tsyganov A. A., Bryzgalov D. V. Risk management in insurance organizations: business processes in accordance with Solvency II and regulatory requirements in Russia. M.: KnoRus, 2022. 230 p. ISBN 978-5-406-09528-7. (In Russ.). EDN: UHNUAW

14. Insurance in the Digital Economy: Science, Practice, Education / N. G. Adamchuk, R. S. Azimov, T. A. Belousova [et al.]. M.: INFRA-M, 2022. 258 p. (Scientific Thought). ISBN 978-5- 16-016847-0. (In Russ.). https://doi.org/10.12737/1816154 EDN: ARQXFE