A STUDY ON CYBER ATTACK PREVENTIONS AND NEED OF CYBER INSURANCE

The Cyber risk landscape is developing rapidly in multitude areas. Report to cyber attacks dominates the headlines. It is seemingly becoming more frequent and more sophisticated than ever. Businesses across the wide spectrum of industries are exposing to potentially enormous losses as result of cyber attacks and data breaches. Banks, manufacturing companies, universities, the government even the US military have been attacked. In 2013 more than 600 organizations publically disclosed data breaches revealing that nearly 92 million records have been expose. Security researchers found the fact that technical security solutions alone will not result in robust cyberspace. So, some researchers proposed cyber insurance as an acceptable risk management technique to financially protect the cyber space after Cyber Attack. In this regard we theoretically investigate the following important questions (1) What are the Cyber Risks (2) How to prevent cyber attack (3) why we need cyber insurance when we have advanced technical solutions to protect out network and data, To address these questions we examine how cyber insurance plays an important role for making a robust cyberspace