Blockchain Applications in Cyber Liability Insurance
Year: 2024
Type: article
Abstract: Blockchain technology is revolutionizing cyber liability insurance (CLI) by addressing key challenges in underwriting, risk assessment, and claims management. As cyber-attacks become more frequent and complex, the demand for effective CLI solutions has surged. Traditional insurance practices often fall short in this rapidly evolving landscape. Blockchain offers a decentralized, secure, and transparent approach, enhancing the accuracy of risk assessments and preventing fraudulent claims. By maintaining an immutable ledger of historical claims, blockchain allows for better comparison of new claims against past data. Additionally, smart contracts within blockchain frameworks can automate claims processing, reducing administrative tasks and speeding up resolutions. Blockchain also enables decentralized, peer-to-peer insurance platforms, allowing multiple insurers to pool resources and share risks in a transparent, efficient manner. This study explores how blockchain can transform CLI, improving efficiency and security across the industry.
Authors: Shreyas Kumar, Luis Loo, Leah Kocian
Language: English
Subfield: Information Systems
Field: Computer Science
Domain: Physical Sciences
Open Access status: diamond
OpenAlex ID: W4403185201