Enhancing the Role of Insurance in Cyber Risk Management

Enhancing the Role of Insurance in Cyber Risk Management PDF Author: OECD
Publisher: OECD Publishing
ISBN: 9264282149
Category :
Languages : en
Pages : 142

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Book Description
This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges.

Enhancing the Role of Insurance in Cyber Risk Management

Enhancing the Role of Insurance in Cyber Risk Management PDF Author: OECD
Publisher: OECD Publishing
ISBN: 9264282149
Category :
Languages : en
Pages : 142

Get Book Here

Book Description
This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges.

Enhancing the Role of Insurance in Cyber Risk Management

Enhancing the Role of Insurance in Cyber Risk Management PDF Author: Organization for Economic Cooperation and Development
Publisher: Organization for Economic Co-Operation & Development
ISBN: 9789264282131
Category : Computer crimes
Languages : en
Pages : 0

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Book Description
The digital transformation of economic activities is creating significant opportunities for innovation, convenience and efficiency. However, recent major incidents have highlighted the digital security and privacy protection risks that come with an increased reliance on digital technologies. While not a substitute for investing in cyber security and risk management, insurance coverage for cyber risk can make a significant contribution to the management of cyber risk by promoting awareness about exposure to cyber losses, sharing expertise on risk management, encouraging investment in risk reduction and facilitating the response to cyber incidents. This report provides an overview of the financial impact of cyber incidents, the coverage of cyber risk available in the insurance market, the challenges to market development and initiatives to address those challenges. It includes a number of policy recommendations which support the development of the cyber insurance market and contribute to improving the management of cyber risk.

Security Risk Models for Cyber Insurance

Security Risk Models for Cyber Insurance PDF Author: David Rios Insua
Publisher: CRC Press
ISBN: 1000336220
Category : Mathematics
Languages : en
Pages : 168

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Book Description
Tackling the cybersecurity challenge is a matter of survival for society at large. Cyber attacks are rapidly increasing in sophistication and magnitude—and in their destructive potential. New threats emerge regularly, the last few years having seen a ransomware boom and distributed denial-of-service attacks leveraging the Internet of Things. For organisations, the use of cybersecurity risk management is essential in order to manage these threats. Yet current frameworks have drawbacks which can lead to the suboptimal allocation of cybersecurity resources. Cyber insurance has been touted as part of the solution – based on the idea that insurers can incentivize companies to improve their cybersecurity by offering premium discounts – but cyber insurance levels remain limited. This is because companies have difficulty determining which cyber insurance products to purchase, and insurance companies struggle to accurately assess cyber risk and thus develop cyber insurance products. To deal with these challenges, this volume presents new models for cybersecurity risk management, partly based on the use of cyber insurance. It contains: A set of mathematical models for cybersecurity risk management, including (i) a model to assist companies in determining their optimal budget allocation between security products and cyber insurance and (ii) a model to assist insurers in designing cyber insurance products. The models use adversarial risk analysis to account for the behavior of threat actors (as well as the behavior of companies and insurers). To inform these models, we draw on psychological and behavioural economics studies of decision-making by individuals regarding cybersecurity and cyber insurance. We also draw on organizational decision-making studies involving cybersecurity and cyber insurance. Its theoretical and methodological findings will appeal to researchers across a wide range of cybersecurity-related disciplines including risk and decision analysis, analytics, technology management, actuarial sciences, behavioural sciences, and economics. The practical findings will help cybersecurity professionals and insurers enhance cybersecurity and cyber insurance, thus benefiting society as a whole. This book grew out of a two-year European Union-funded project under Horizons 2020, called CYBECO (Supporting Cyber Insurance from a Behavioral Choice Perspective).

Cyberinsurance Policy

Cyberinsurance Policy PDF Author: Josephine Wolff
Publisher:
ISBN: 9780262370752
Category : Computer crimes
Languages : en
Pages : 0

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Book Description
"Traces the cyberinsurance industry's history, challenges, and legal disputes to understand why insurance has not helped to strengthen cybersecurity and what governments could do to make it a more effective tool for cyber risk management"--

The Risk Management Role of Insurance in Energy Infrastructure Security and Resilience

The Risk Management Role of Insurance in Energy Infrastructure Security and Resilience PDF Author: David Favaloro
Publisher: Nova Science Publishers
ISBN: 9781628089363
Category : Disaster insurance
Languages : en
Pages : 0

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Book Description
This book examines key risks that the Nations critical energy infrastructure is confronting and the ways in which the insurance industry can help manage these risks, including how it identifies, assesses, and manages them and their potential impacts. Today, weather-related incidents account for the majority of economic losses in the insurance industry as well as in the critical infrastructure sectors. In addition to the traditionally-recognised natural hazards, critical energy infrastructure faces significant emerging threats, including cybersecurity and space weather risks. While the United States has a large, mature insurance market, developing insurance mechanisms for protecting critical infrastructure from these emerging risks remains a significant challenge. The lack of historical data on the frequency and severity of these events, the changing nature of technologies impacted by them, as well as the inherent uncertainties posed by these risks make it difficult to accurately assess these emerging risks and develop proper insurance products. Insurance instruments can be a useful risk mitigation tool for critical infrastructure by encouraging resilience-enhancing investments and acilitating recovery after a disaster. However, due to the increased interdependencies across various critical infrastructure systems and sectors as well as the growing dependence of todays society on the critical infrastructure functions and advanced technologies, the question of insurability of critical infrastructure against emerging risks faces new challenges.

Cyber Risk, Market Failures, and Financial Stability

Cyber Risk, Market Failures, and Financial Stability PDF Author: Emanuel Kopp
Publisher: International Monetary Fund
ISBN: 1484314131
Category : Computers
Languages : en
Pages : 36

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Book Description
Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk.

The Role of Cyber Insurance in Risk Management

The Role of Cyber Insurance in Risk Management PDF Author: United States. Congress
Publisher: Createspace Independent Publishing Platform
ISBN: 9781976222924
Category :
Languages : en
Pages : 54

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Book Description
The role of cyber insurance in risk management : hearing before the Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies of the Committee on Homeland Security, House of Representatives, One Hundred Fourteenth Congress, second session, March 22, 2016.

Global Cyber Security Labor Shortage and International Business Risk

Global Cyber Security Labor Shortage and International Business Risk PDF Author: Christiansen, Bryan
Publisher: IGI Global
ISBN: 1522559280
Category : Business & Economics
Languages : en
Pages : 467

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Book Description
Global events involving cybersecurity breaches have highlighted the ever-growing dependence on interconnected online systems in international business. The increasing societal dependence on information technology has pushed cybersecurity to the forefront as one of the most urgent challenges facing the global community today. Poor cybersecurity is the primary reason hackers are able to penetrate safeguards in business computers and other networks, and the growing global skills gap in cybersecurity simply exacerbates the problem. Global Cyber Security Labor Shortage and International Business Risk provides emerging research exploring the theoretical and practical aspects of protecting computer systems against online threats as well as transformative business models to ensure sustainability and longevity. Featuring coverage on a broad range of topics such as cybercrime, technology security training, and labor market understanding, this book is ideally designed for professionals, managers, IT consultants, programmers, academicians, and students seeking current research on cyber security’s influence on business, education, and social networks.

Solving Cyber Risk

Solving Cyber Risk PDF Author: Andrew Coburn
Publisher: John Wiley & Sons
ISBN: 1119490936
Category : Business & Economics
Languages : en
Pages : 384

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Book Description
The non-technical handbook for cyber security risk management Solving Cyber Risk distills a decade of research into a practical framework for cyber security. Blending statistical data and cost information with research into the culture, psychology, and business models of the hacker community, this book provides business executives, policy-makers, and individuals with a deeper understanding of existing future threats, and an action plan for safeguarding their organizations. Key Risk Indicators reveal vulnerabilities based on organization type, IT infrastructure and existing security measures, while expert discussion from leading cyber risk specialists details practical, real-world methods of risk reduction and mitigation. By the nature of the business, your organization’s customer database is packed with highly sensitive information that is essentially hacker-bait, and even a minor flaw in security protocol could spell disaster. This book takes you deep into the cyber threat landscape to show you how to keep your data secure. Understand who is carrying out cyber-attacks, and why Identify your organization’s risk of attack and vulnerability to damage Learn the most cost-effective risk reduction measures Adopt a new cyber risk assessment and quantification framework based on techniques used by the insurance industry By applying risk management principles to cyber security, non-technical leadership gains a greater understanding of the types of threat, level of threat, and level of investment needed to fortify the organization against attack. Just because you have not been hit does not mean your data is safe, and hackers rely on their targets’ complacence to help maximize their haul. Solving Cyber Risk gives you a concrete action plan for implementing top-notch preventative measures before you’re forced to implement damage control.

Managing Cyber Risk

Managing Cyber Risk PDF Author: Ariel Evans
Publisher: Routledge
ISBN: 0429614268
Category : Business & Economics
Languages : en
Pages : 134

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Book Description
Cyber risk is the second highest perceived business risk according to U.S. risk managers and corporate insurance experts. Digital assets now represent over 85% of an organization’s value. In a survey of Fortune 1000 organizations, 83% surveyed described cyber risk as an organizationally complex topic, with most using only qualitative metrics that provide little, if any insight into an effective cyber strategy. Written by one of the foremost cyber risk experts in the world and with contributions from other senior professionals in the field, Managing Cyber Risk provides corporate cyber stakeholders – managers, executives, and directors – with context and tools to accomplish several strategic objectives. These include enabling managers to understand and have proper governance oversight of this crucial area and ensuring improved cyber resilience. Managing Cyber Risk helps businesses to understand cyber risk quantification in business terms that lead risk owners to determine how much cyber insurance they should buy based on the size and the scope of policy, the cyber budget required, and how to prioritize risk remediation based on reputational, operational, legal, and financial impacts. Directors are held to standards of fiduciary duty, loyalty, and care. These insights provide the ability to demonstrate that directors have appropriately discharged their duties, which often dictates the ability to successfully rebut claims made against such individuals. Cyber is a strategic business issue that requires quantitative metrics to ensure cyber resiliency. This handbook acts as a roadmap for executives to understand how to increase cyber resiliency and is unique since it quantifies exposures at the digital asset level.