Cyberguard: Cybercrime Risk Management And Insurance, Compensation, Punishment Model In The Digital Realm

Abstract

Cybercrime risks necessitate a comprehensive strategy to safeguard against evolving threats and potential impacts effectively. The researcher has proposed the research methodology to conduct research on cyber security risk, compensation and insurance to the victim of cyber-crime and punishment to the hacker. Researcher proposed The Cyber Risk Functional Model for cybercrime identification, projection, risk abatement, surveillance and governance strategy, formulating the design of data structure and algorithm for it and creating the instance for it using the data structure and proposed algorithms. This paper also explores the proposed Insurance Calculation Algorithms and Cyber Compensation Algorithm for cyber victims, compensating for the loss caused by cyber-attacks, and then proposes the algorithm for the calculation of punishment in terms of imprisonment and fines for cybercriminals for inclusion in cyber laws. In the digital realm, achieving algorithmic justice requires a delicate balance between mitigating risks, compensating cyber victims, and punishing cybercriminals. Cyber compensation algorithms have accurately assessed damages, including tangible and intangible losses, using data analytics and proposed algorithms for fair reimbursement. Similarly, algorithms for cyber insurance have   considered breach severity and security measures to incentivize proactive cyber security. Proposed Punishment algorithms based on the gravity of the cyber crime will balance deterrence and rehabilitation, considering factors like intent and criminal history for fair sentencing. Transparency and accountability are crucial in algorithm development to ensure unbiased decisions. Harmonizing compensation and punishment can foster a digital ecosystem promoting fairness and trust. The proposed algorithms offers several benefits  like comprehensive approach, tailored decision-making flexibility and adaptability, enhanced victim support and deterrent effect over statutory provisions alone. Lastly the researcher enumerates the various sections of IPC 1860, BNS2023, Cr.PC 1973 and ITA 2000 which foster the compensation, insurance and punishment for crimes with future research directions in the this research.