ETHICAL DECISION-MAKING AND GAME THEORY APPLICATIONS FOR CYBER SECURITY IN THE INSURANCE MARKETS: A SURVEY
ETHICAL DECISION-MAKING AND GAME THEORY APPLICATIONS FOR CYBER SECURITY IN THE INSURANCE MARKETS: A SURVEY

Summary/Abstract: Over the years, the application of game theory in social sciences has gained interest amongst researchers and has been used as a method of applied mathematics for understanding various phenomena and strategic interactions between agents in fields such as economics, politics, biology, computer science. The process of ranking alternatives, choosing the one which maximize oneself payoff and act accordingly, has unnoticeably collided with the modern hedonism and in some cases, caused deviant workplace behavior. Insurance companies accumulate considerable amounts of private and confidential policyholder information which obligates insurers to deliver protection of the integrity and confidentiality, transparency and accuracy of the gathered data as primary data protection principles of the industry. By providing a comprehensive overview of the recent game-theory applications, the aim of this paper is to identify a link between game theory and corporate ethics in the insurance industry, and thus, explore various approaches and possibilities of applying game theory for determining the cyber risks and privacy issues in the insurance industry to achieve equilibrium strategy to persevere unanticipated cyber-attacks and data breaches.

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