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Download - Insurability of Electronic Commerce Risks

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Insurability of Electronic Commerce Risks Torsten GrzebielaAlbert-Ludwigs-University Freiburg Institute for Computer Sciences and Social Studies, Telematics Dept. Friedrichstrasse 50 – 79098 Freiburg i. Br. – Germany grzebiela@iig.uni-freiburg.de Tel.: +49 – 761 – 2035703 Fax: +49 – 761 – 2034929 The consequences of the loss of data crucial to the Abstract enterprises can be of enormous extent depending on the New kinds of risks increasingly threaten electronic sector and on the size of the enterprise. Studies on data commerce. The traditional instrument for risk transfer is security made by Hewlett-Packard show that the costs of insurance. Research is needed to determine whether new stagnation, replacement and resulting competitive disad-Internet risks are insurable. vantages, etc. can amount to $ 7,3 million per hour. The In this article, starting with damage scenarios and study further concludes that up to 94% of the enterprises damage dimensions, Internet risks are classified and their would not survive the following two fiscal years in the properties are evaluated by means of decision-oriented event of complete loss of their data [40]. A current survey insurability criteria. The definition of basic goal-oriented of [22] reveals that almost every other German enterprise risk sees risk as a violation of the technical protection fears hackers as the biggest security risk for its e-com-goals of the multilateral security concept (confidentiality, merce system. 11% of the surveyed enterprises said that integrity, availability, accountability). These technical they have experienced security violations during the past security risks, which form the foundation for further twelve months. However, these are only the discovered economic and social risks, are being further examined. and reported cases. The estimated number of undiscov-On the basis of the protection goals of multilateral ered cases is probably much higher. security, existing insurance offers are analysed and In the information era, security measures and insur-statements regarding the insurability of potential ances against Internet risks grow increasingly important. violation of individual protection goals are made. The Recently, special Internet insurances have started to be article works out problems resulting from insurability and available. In this context, one problem arises: Are all risks shows solution approaches regarding the insurability. related to the Internet generally insurable or are there risks that cannot be transferred to the insurer? 1. Scenarios and dimensions of damage 2. Classification of internet risks High turnover rates and great future perspectives are forecast for e-commerce which characterizes businessof risk2.1. Definition practice via the open world wide web. On the one hand the Internet offers great opportunities, on the other hand it The understanding of the term risk is not unified in harbors a high potential of damages. Individuals as well literature [24, p. 23]. A generally recognized definition of as enterprises are affected by loss of data due to attacks risk does not exist [38, p. 2038]. Economic risk theory is by hackers or viruses, industrial espionage or profile meanwhile no longer attempting to define risk; risk is formation. The distributed-denial-of-service-attack on rathermore defined by its essential properties [18, p.2] Yahoo, E-Bay and E-Trade on February 8, 2000, for [41, p.7]. The goal-oriented risk interpretation in this instance, generated a turnover loss of $ 250 million [42]. paper views risk as a danger of a negative goal i.e. Furthermore, it entailed a loss of their stock exchange expectation deviation [11] [13] [37]. In contrast to the value of $ 2,5 billion [14]. According to estimations, the distribution-oriented definitions, this understanding also spreading of the “I LOVE YOU”-virus in May 2000 enables the consideration of qualitative aspects. caused a total loss of up to $ 30 billion worldwide [17].
Proceedings of the 35th Annual Hawaii International Conference on System Sciences (HICSS-3502) 0-7695-1435-9/02 $17.00 © 2002IEEE
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