Cyber Insurance Concepts for the MIS and Business Curriculum

As the twenty-first century advances technologically, the era is also becoming notorious for the rise of organized cybercrime and attacks on business information and operations. Company data and intellectual property are considered the "New Oil" that generates value for organizations and their constituents. With the escalating number of cybersecurity incidents, businesses--especially small and medium-sized enterprises (SMEs)--are increasingly at risk of compromise and economic debilitation. Therefore, current and future business students would benefit from awareness of unfamiliar measures, such as cyber insurance, which can potentially reduce the devastating effects of a cyber incident. In this paper, the authors describe cyber insurance, present a framework that could be incorporated into the classroom to teach risk management techniques, and provide exercise resources.