SaCI: a Blockchain-based Cyber Insurance Approach for the Deployment and Management of a Contract Coverage
Muriel Figueredo Franco, Noah Berni, Eder J. Scheid, Christian Killer, Bruno Rodrigues, Burkhard Stiller · Zenodo (CERN European Organization for Nuclear Research) · 2021
The cyber insurance market is still in its infancy but growing fast. Novel models and standards for this particular insurance market are essential due to the use of modern IT (Information Technology) and since insurance providers need to create suitable models for customers. In this work, a refreshing approach SaCI for the deployment and manage- ment of contract coverage is introduced. SaCI translates relevant infor- mation of a cyber insurance contract to Smart Contracts (SC) running on the Blockchain (BC). Thus, SaCI (i) allows for recording agreements in an immutable way, (ii) simplifies interactions between stakeholders (e.g., customers and insurers), and (iii) ensures a trustworthy and transparent process during the life-cycle of the contract. A case study is provided to show evidence of the feasibility of the approach, which is backed by a cost analysis and discussion regarding especially the application of BCs.