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Regional Perspective of Using Cyber Insurance as a Tool for Protection of Agriculture 4.0

Author

Listed:
  • Maksym W. Sitnicki

    (Management of Innovation and Investment Activities Department, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine)

  • Nataliia Prykaziuk

    (Department of Insurance, Banking and Risk Management, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine)

  • Humeniuk Ludmila

    (Department of Insurance, Banking and Risk Management, Faculty of Economics, Taras Shevchenko National University of Kyiv, 01033 Kyiv, Ukraine)

  • Olena Pimenowa

    (Department of Agronomy, Faculty of Agriculture and Biotechnology, Bydgoszcz University of Science and Technology, Al. Prof. S. Kaliskiego 7, 85-796 Bydgoszcz, Poland)

  • Florin Imbrea

    (Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania)

  • Laura Șmuleac

    (Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania)

  • Raul Pașcalău

    (Faculty of Agriculture, University of Life Sciences “King Mihai I” from Timisoara, 300645 Timisoara, Romania)

Abstract

The digitalization of the agricultural industry is manifested through the active use of innovative technologies in all its areas. Agribusiness owners have to constantly improve their security to meet new challenges. In this context, the existing cyber risks of the agrarian industry were assessed and their classification by possible consequences, such as data theft or alteration, cyber terrorism, cyber warfare, software hacking or modification, the blocking of markets and transactions on them, was proposed. Cyber insurance is an effective tool for minimizing the likelihood of cyber incidents and for comprehensive post-incident support, with the involvement of cybersecurity specialists. An algorithm for cooperation between an agricultural company and an insurance company when concluding a cyber risk insurance contract is proposed, which takes into account the needs and wishes of insurers at each stage of the interaction. To assess the need to use cyber insurance in agriculture 4.0, a methodology has been developed to evaluate the regional characteristics of cybersecurity and the digitalization of agribusiness. The results of the study show a heterogeneous need for this tool in different regions of the world.

Suggested Citation

  • Maksym W. Sitnicki & Nataliia Prykaziuk & Humeniuk Ludmila & Olena Pimenowa & Florin Imbrea & Laura Șmuleac & Raul Pașcalău, 2024. "Regional Perspective of Using Cyber Insurance as a Tool for Protection of Agriculture 4.0," Agriculture, MDPI, vol. 14(2), pages 1-17, February.
    • Handle: RePEc:gam:jagris:v:14:y:2024:i:2:p:320-:d:1340695
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    References listed on IDEAS

    as
    1. Ousmane Badiane & Tsitsi Makombe, 2014. "The Theory and Practice of Agriculture, Growth, and Development in Africa," WIDER Working Paper Series wp-2014-061, World Institute for Development Economic Research (UNU-WIDER).
    2. Badiane, Ousmane & Makombe, Tsitsi, 2014. "The theory and practice of agriculture, growth, and development in Africa," WIDER Working Paper Series 061, World Institute for Development Economic Research (UNU-WIDER).
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