Smart Home Cyber Insurance Pricing
Fuente:
arXiv
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| Main Authors: | , , |
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| Format: | Preprint |
| Published: |
2024
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| Subjects: | |
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| _version_ | 1866916368937385984 |
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| author | Zhang, Xiaoyu Xu, Maochao Xu, Shouhuai |
| author_facet | Zhang, Xiaoyu Xu, Maochao Xu, Shouhuai |
| contents | Our homes are increasingly employing various kinds of Internet of Things (IoT) devices, leading to the notion of smart homes. While this trend brings convenience to our daily life, it also introduces cyber risks. To mitigate such risks, the demand for smart home cyber insurance has been growing rapidly. However, there are no studies on analyzing the competency of smart home cyber insurance policies offered by cyber insurance vendors (i.e., insurers), where `competency' means the insurer is profitable and smart home owners are not overly charged with premiums and/or deductibles. In this paper, we propose a novel framework for pricing smart home cyber insurance, which can be adopted by insurers in practice. Our case studies show, among other things, that insurers are over charging smart home owners in terms of premiums and deductibles. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2408_13681 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Smart Home Cyber Insurance Pricing Zhang, Xiaoyu Xu, Maochao Xu, Shouhuai Computational Engineering, Finance, and Science Social and Information Networks Our homes are increasingly employing various kinds of Internet of Things (IoT) devices, leading to the notion of smart homes. While this trend brings convenience to our daily life, it also introduces cyber risks. To mitigate such risks, the demand for smart home cyber insurance has been growing rapidly. However, there are no studies on analyzing the competency of smart home cyber insurance policies offered by cyber insurance vendors (i.e., insurers), where `competency' means the insurer is profitable and smart home owners are not overly charged with premiums and/or deductibles. In this paper, we propose a novel framework for pricing smart home cyber insurance, which can be adopted by insurers in practice. Our case studies show, among other things, that insurers are over charging smart home owners in terms of premiums and deductibles. |
| title | Smart Home Cyber Insurance Pricing |
| topic | Computational Engineering, Finance, and Science Social and Information Networks |
| url | https://arxiv.org/abs/2408.13681 |