This research aims to design a proposed model for a cyber risk insurance policy in the Iraqi market. This is achieved through a comparative analytical study with the cyber insurance policy adopted in the Kingdom of Saudi Arabia, given the rapid expansion of the digital economy and the increasing number of cyber threats. The study is based on the main premise that significant differences exist between cyber insurance policies in the Iraqi and Saudi markets in terms of coverage, compensation mechanisms, liability limits, and cyber incident management. This necessitates the design of an insurance model more suited to the Iraqi context and capable of addressing current shortcomings. The research problem lies in the absence of a standardized cyber insurance policy in the Iraqi market, which limits the ability of insurance companies to manage digital risks and provide specialized coverage that meets the requirements of the digital economy. The research employs a comparative analytical approach supported by content analysis. This involves analyzing the clauses of cyber insurance policies according to technical and legal criteria, including coverage, liability limits, compensation mechanisms, cyber claims management, and the regulatory framework. The research findings revealed a clear gap between the Iraqi and Saudi markets, particularly in the comprehensiveness of insurance coverage and the clarity of technical and regulatory requirements, as well as the weakness of cybersecurity incident management mechanisms in the Iraqi market. Accordingly, a proposed cybersecurity insurance policy model was developed, based on international best practices and modern frameworks for digital risk management, and tailored to the Iraqi context. The research recommends that the Iraqi Insurance Bureau and relevant regulatory bodies establish a comprehensive regulatory framework for cybersecurity insurance. This framework should include the legal and technical foundations governing cybersecurity insurance policies, thereby contributing to the development of specialized insurance products capable of addressing the growing digital risks in Iraq.