Barriers and drivers to the adoption of personal cyber insurance in India: a DEMATEL approach

Purpose Despite the growing incidents of cyberattacks worldwide, the adoption of personal cyber insurance (henceforth, cyber insurance) remains sluggish, particularly in emerging economies such as India. Therefore, this paper aims to explore the barriers and drivers to the adoption of cyber insurance within the Indian context. Design/methodology/approach This paper use a mixed-method approach. First, this paper conduct a semi-structured review of the extant literature to identify barriers and drivers to cyber insurance adoption. Next, this paper interview 12 experts to rank these factors. And finally, through an online survey, this paper classifies these factors into “cause” and “effect” groups. Responses to the identified factors are analyzed using the Decision-Making Trial and Evaluation Laboratory (DEMATEL) technique. Findings This paper finds that the key barriers to the adoption of cyber insurance include a limited understanding of cyber risks, policy complexities and fallacies regarding cybersecurity responsibility. On the flip side, drivers such as media coverage, educational outreach and the perceived risks of digital reliance are crucial to the adoption of cyber insurance adoption. Therefore, awareness about the benefits of cyber insurance, streamlining policy frameworks and enhanced transparency can foster the adoption of personal cyber insurance. Originality/value This study is unique and amongst only a few in the context of cyber insurance adoption, particularly in India.