New methods for managing and insuring cyber physical risks

Paparis, Georgios; Πάπαρης, Γεώργιος

Νέες μέθοδοι διαχείρισης και ασφάλισης κυβερνοφυσικών κινδύνων

Doctoral Thesis

Author

Paparis, Georgios

Πάπαρης, Γεώργιος

Date

2025

Advisor

Xenakis, Christos
Ξενάκης, Χρήστος

Keywords

Cybersecurity ; Cyber insurance ; Cyber risk management ; Κυβερνοασφάλεια ; Κυβερνοασφάλιση ; Διαχείριση κινδύνων ; Κυβερνοχώρος

Abstract

The increasing integration of digital technologies into critical systems has introduced new challenges in assessing, managing, and mitigating cyber risks. In this research, we investigate novel approaches to evaluating cyber risks, enhancing the effectiveness of cyber insurance, and ensuring data privacy and security within interconnected environments. Addressing the growing concerns of cyber threats, we aim to develop comprehensive methodologies that improve risk assessment accuracy, automate insurance processes, and safeguard sensitive information. To achieve this, we adopt a multi-faceted approach that includes systematic risk identification, evaluation of insurance frameworks, and the development of mechanisms for secure data management. We propose a structured risk assessment model that analyzes vulnerabilities and quantifies the potential impact of cyber threats in interconnected environments. Additionally, we introduce an innovative insurance framework that improves transparency and efficiency in risk coverage and claims handling, integrating mechanisms for robust identification and fraud prevention. Furthermore, we explore privacy-preserving techniques to ensure secure data sharing and compliance with regulatory standards. Our findings demonstrate the necessity of a structured and dynamic approach to cyber risk assessment, revealing significant gaps in conventional methodologies. The proposed insurance framework effectively reduces fraudulent claims, enhances policyholder trust, and streamlines compensation procedures. We also highlight the potential of privacy-preserving mechanisms in strengthening data security while maintaining accessibility and interoperability. The implications of our findings extend to multiple domains, providing a foundation for more resilient cyber risk management strategies. Our research offers valuable insights for policymakers, insurance providers, and cybersecurity professionals, enabling the adoption of more reliable risk assessment techniques, improved insurance models, and enhanced privacy-preserving mechanisms. By addressing the critical gaps in cyber risk evaluation and insurance, we contribute to the advancement of secure and efficient digital ecosystems.