The Challenges of Cyber-Insurance: The Case of Greece

This paper examines the current state of the cyber-insurance market in Greece and identifies the main challenges and policy implications affecting its uptake. Drawing on qualitative research conducted through a focus group with insurance experts, the study explores the supply-side perspective on cyber-insurance adoption, cybersecurity maturity, regulatory influence and cyber resilience.

The findings indicate that the slow uptake of cyber-insurance in Greece is primarily linked to the limited maturity of businesses in identifying and assessing cyber risks. Key challenges include low cybersecurity awareness and business culture, a shortage of cyber experts, complex insurance application processes, high initial cybersecurity investment costs and gaps in regulatory readiness and enforcement.

The paper also discusses the influence of EU regulatory frameworks, including GDPR, NIS, NIS2 and DORA, and proposes policy measures aimed at improving cyber risk awareness, supporting SMEs and strengthening the cyber resilience and cyber-insurance market in Greece.