Risky Business: Lessons for Mitigating Cyber Attacks from the International Insurance Law on Piracy

Minnesota Journal of International Law Online (2015 Forthcoming)

12 Pages Posted: 14 Oct 2014

See all articles by Scott Shackelford

Scott Shackelford

Indiana University - Kelley School of Business - Department of Business Law; Harvard Kennedy School Belfer Center for Science & International Affairs; Center for Applied Cybersecurity Research; Stanford Center for Internet and Society; Stanford Law School

Scott Russell

Indiana University Bloomington - Center for Applied Cybersecurity Research

Date Written: October 13, 2014

Abstract

Organizations of all sizes have increasingly been investigating the prospect of investing in cyber risk insurance to better manage the multifaceted cyber threat. But how useful is cyber risk insurance? Is international insurance law impacting the cyber risk insurance market? And what lessons can be taken from other analogies such as the maritime piracy context? This Article discusses the impact of cyber attacks on the private sector along with analyzing the benefits and drawbacks of relying on cyber risk insurance to enhance cybersecurity by drawing from the maritime insurance industry’s response to piracy. We argue that firms must take a proactive stance to managing cyber attacks for their competitive wellbeing as well as to help secure critical international infrastructure, but that stakeholders should learn from past experiences and begin by defining “cyber attacks” and international cybersecurity due diligence norms.

Keywords: cybersecurity, insurance, piracy, cyber attack, cyber threat, cyber risk insurance

Suggested Citation

Shackelford, Scott J. and Russell, Scott, Risky Business: Lessons for Mitigating Cyber Attacks from the International Insurance Law on Piracy (October 13, 2014). Minnesota Journal of International Law Online (2015 Forthcoming). Available at SSRN: https://ssrn.com/abstract=2509428

Scott J. Shackelford (Contact Author)

Indiana University - Kelley School of Business - Department of Business Law ( email )

Bloomington, IN 47405
United States

Harvard Kennedy School Belfer Center for Science & International Affairs ( email )

79 JFK Street
Cambridge, MA 02138
United States

Center for Applied Cybersecurity Research ( email )

Wylie Hall 105
100 South Woodlawn
Bloomington, IN 47405
United States

Stanford Center for Internet and Society ( email )

Palo Alto, CA
United States

Stanford Law School ( email )

Stanford, CA 94305
United States

Scott Russell

Indiana University Bloomington - Center for Applied Cybersecurity Research ( email )

Wylie Hall 105
100 South Woodlawn
Bloomington, IN 47405
United States

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