CYBER RISK MANAGEMENT AND PROTECTION SYSTEMS IN INSURANCE COMPANIES

Abstract

Cyber risks have emerged as one of the most significant threats to insurance companies worldwide due to increasing digitization, reliance on information systems, and online financial transactions. Effective cyber risk management is essential to ensure business continuity, protect sensitive data, and maintain customer trust. This study examines cyber risk management practices and protection systems in insurance companies in Uzbekistan, evaluates the role of IT infrastructure, regulatory frameworks, and organizational policies, and identifies key challenges in implementation. Using case studies, regulatory review, and comparative analysis with international best practices, the research highlights strategies such as cybersecurity protocols, risk assessments, employee training, data encryption, and incident response plans. Findings indicate that a proactive, multi-layered approach to cyber risk management improves resilience and reduces operational and reputational risks. The study concludes that integrating advanced cybersecurity technologies, robust governance frameworks, and continuous employee education is crucial for safeguarding insurance companies against evolving cyber threats.